Commercial Metals (NYSE:CMC) Stock Rating Upgraded by Wolfe Research

Commercial Metals (NYSE:CMC) was upgraded by research analysts at Wolfe Research from a “hold” rating to a “strong-buy” rating in a research note issued on Wednesday, Zacks.com reports.

Other research analysts have also recently issued reports about the stock. Jefferies Financial Group assumed coverage on shares of Commercial Metals in a report on Tuesday, September 3rd. They set a “buy” rating and a $65.00 price objective for the company. Bank of America decreased their price objective on Commercial Metals from $70.00 to $69.00 and set a “buy” rating for the company in a report on Wednesday, June 26th. Finally, StockNews.com lowered Commercial Metals from a “buy” rating to a “hold” rating in a report on Thursday, June 20th. Three equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Commercial Metals has a consensus rating of “Moderate Buy” and a consensus target price of $61.40.

Commercial Metals Price Performance

CMC stock opened at $54.49 on Wednesday. The company has a quick ratio of 2.83, a current ratio of 4.24 and a debt-to-equity ratio of 0.27. The firm has a market cap of $6.27 billion, a price-to-earnings ratio of 11.35 and a beta of 1.15. The company’s fifty day simple moving average is $54.22 and its 200 day simple moving average is $54.68. Commercial Metals has a 12-month low of $39.85 and a 12-month high of $61.26.

Commercial Metals (NYSE:CMC) last announced its quarterly earnings data on Thursday, June 20th. The basic materials company reported $1.02 EPS for the quarter, topping the consensus estimate of $1.00 by $0.02. The company had revenue of $2.08 billion during the quarter, compared to the consensus estimate of $2.02 billion. Commercial Metals had a net margin of 6.95% and a return on equity of 14.62%. The company’s quarterly revenue was down 11.4% on a year-over-year basis. During the same quarter last year, the firm posted $2.02 EPS. On average, analysts expect that Commercial Metals will post 4.33 earnings per share for the current year.

Hedge Funds Weigh In On Commercial Metals

A number of institutional investors have recently made changes to their positions in CMC. Norges Bank bought a new stake in shares of Commercial Metals in the 4th quarter worth approximately $94,722,000. UBS Group AG boosted its position in Commercial Metals by 30.0% during the fourth quarter. UBS Group AG now owns 134,549 shares of the basic materials company’s stock valued at $6,733,000 after buying an additional 31,018 shares during the period. Coldstream Capital Management Inc. bought a new position in shares of Commercial Metals during the fourth quarter valued at about $220,000. Clearbridge Investments LLC grew its stake in shares of Commercial Metals by 0.7% during the fourth quarter. Clearbridge Investments LLC now owns 220,719 shares of the basic materials company’s stock valued at $11,045,000 after buying an additional 1,520 shares during the last quarter. Finally, Trexquant Investment LP increased its holdings in shares of Commercial Metals by 86.4% in the fourth quarter. Trexquant Investment LP now owns 79,795 shares of the basic materials company’s stock worth $3,993,000 after buying an additional 36,985 shares during the period. Institutional investors own 86.90% of the company’s stock.

About Commercial Metals

Commercial Metals Company manufactures, recycles, and fabricates steel and metal products, and related materials and services in the United States, Poland, China, and internationally. It operates through two segments, North America and Europe. The company processes and sells ferrous and nonferrous scrap metals to steel mills and foundries, aluminum sheet and ingot manufacturers, brass and bronze ingot makers, copper refineries and mills, secondary lead smelters, specialty steel mills, high temperature alloy manufacturers, and other consumers.