BMO Capital Markets Has Lowered Expectations for Commercial Metals (NYSE:CMC) Stock Price

Commercial Metals (NYSE:CMC) had its price target reduced by BMO Capital Markets from $62.00 to $58.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has a “market perform” rating on the basic materials company’s stock. BMO Capital Markets’ target price would suggest a potential upside of 18.63% from the stock’s previous close.

A number of other research firms also recently weighed in on CMC. The Goldman Sachs Group assumed coverage on Commercial Metals in a research report on Monday, December 2nd. They issued a “buy” rating and a $75.00 target price for the company. Wolfe Research cut shares of Commercial Metals from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, October 9th. Morgan Stanley initiated coverage on shares of Commercial Metals in a report on Thursday, December 19th. They set an “equal weight” rating and a $65.00 target price on the stock. BNP Paribas lowered shares of Commercial Metals from an “outperform” rating to a “neutral” rating in a research report on Friday. Finally, UBS Group reissued a “sell” rating and issued a $56.00 target price (down previously from $62.00) on shares of Commercial Metals in a research note on Thursday, December 12th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Commercial Metals has a consensus rating of “Hold” and a consensus price target of $64.67.

Commercial Metals Price Performance

Shares of NYSE:CMC opened at $48.89 on Friday. Commercial Metals has a one year low of $47.42 and a one year high of $64.53. The company has a debt-to-equity ratio of 0.27, a current ratio of 3.94 and a quick ratio of 2.78. The firm has a market capitalization of $5.57 billion, a price-to-earnings ratio of 11.81, a PEG ratio of 2.74 and a beta of 1.19. The company’s fifty day moving average price is $57.06 and its 200-day moving average price is $55.00.

Commercial Metals (NYSE:CMC) last released its earnings results on Thursday, October 17th. The basic materials company reported $0.90 EPS for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.01). Commercial Metals had a net margin of 6.13% and a return on equity of 12.20%. The firm had revenue of $2 billion during the quarter, compared to the consensus estimate of $2.07 billion. On average, equities research analysts anticipate that Commercial Metals will post 4.26 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Commercial Metals

Several institutional investors and hedge funds have recently bought and sold shares of the business. Commonwealth Equity Services LLC raised its holdings in shares of Commercial Metals by 2.6% during the second quarter. Commonwealth Equity Services LLC now owns 17,604 shares of the basic materials company’s stock valued at $968,000 after acquiring an additional 440 shares in the last quarter. Arizona State Retirement System lifted its position in shares of Commercial Metals by 1.3% in the 2nd quarter. Arizona State Retirement System now owns 32,393 shares of the basic materials company’s stock worth $1,781,000 after purchasing an additional 407 shares during the period. Ballentine Partners LLC purchased a new stake in shares of Commercial Metals in the 2nd quarter worth about $237,000. Quest Partners LLC boosted its stake in shares of Commercial Metals by 525.3% during the 2nd quarter. Quest Partners LLC now owns 13,706 shares of the basic materials company’s stock valued at $754,000 after purchasing an additional 11,514 shares in the last quarter. Finally, Choreo LLC purchased a new position in shares of Commercial Metals during the second quarter valued at about $566,000. Hedge funds and other institutional investors own 86.90% of the company’s stock.

Commercial Metals Company Profile

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.