Commercial Metals (NYSE:CMC) Given New $62.00 Price Target at Jefferies Financial Group

Commercial Metals (NYSE:CMC) had its price objective reduced by investment analysts at Jefferies Financial Group from $65.00 to $62.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the basic materials company’s stock. Jefferies Financial Group’s target price points to a potential upside of 26.82% from the company’s current price.

Several other equities research analysts have also issued reports on the stock. Wolfe Research lowered shares of Commercial Metals from an “outperform” rating to a “peer perform” rating in a research report 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 price objective for the company. BMO Capital Markets reduced their target price on Commercial Metals from $62.00 to $58.00 and set a “market perform” rating on the stock in a research note on Friday. BNP Paribas lowered Commercial Metals from an “outperform” rating to a “neutral” rating in a research note on Friday. Finally, The Goldman Sachs Group began coverage on Commercial Metals in a research report on Monday, December 2nd. They set a “buy” rating and a $75.00 price objective on the stock. One research analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Commercial Metals presently has a consensus rating of “Hold” and an average target price of $64.17.

Commercial Metals Trading Down 0.5 %

Commercial Metals stock opened at $48.89 on Monday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.78 and a current ratio of 3.94. Commercial Metals has a fifty-two week low of $47.42 and a fifty-two week high of $64.53. The stock has a market cap of $5.57 billion, a P/E ratio of 11.81, a PEG ratio of 2.74 and a beta of 1.19. The firm’s fifty day moving average price is $57.06 and its 200-day moving average price is $55.03.

Commercial Metals (NYSE:CMC) last released its quarterly earnings results on Monday, January 6th. The basic materials company reported $0.78 earnings per share for the quarter, meeting the consensus estimate of $0.78. Commercial Metals had a return on equity of 12.20% and a net margin of 6.13%. The firm had revenue of $1.91 billion for the quarter, compared to analysts’ expectations of $1.85 billion. During the same quarter last year, the firm posted $1.49 EPS. The company’s revenue was down 4.7% compared to the same quarter last year. Equities research analysts forecast that Commercial Metals will post 4.26 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Commercial Metals

Institutional investors have recently bought and sold shares of the stock. State Street Corp lifted its position in Commercial Metals by 0.4% in the third quarter. State Street Corp now owns 5,830,412 shares of the basic materials company’s stock valued at $320,439,000 after purchasing an additional 24,665 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Commercial Metals by 1.0% in the third quarter. Geode Capital Management LLC now owns 2,839,601 shares of the basic materials company’s stock worth $156,093,000 after buying an additional 28,019 shares during the period. Victory Capital Management Inc. raised its holdings in Commercial Metals by 1.9% during the 3rd quarter. Victory Capital Management Inc. now owns 2,176,959 shares of the basic materials company’s stock valued at $119,646,000 after buying an additional 41,206 shares during the last quarter. Principal Financial Group Inc. boosted its position in Commercial Metals by 1.1% during the 3rd quarter. Principal Financial Group Inc. now owns 1,714,116 shares of the basic materials company’s stock valued at $94,208,000 after buying an additional 17,931 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in Commercial Metals by 1.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,462,317 shares of the basic materials company’s stock worth $80,369,000 after acquiring an additional 18,262 shares during the last quarter. 86.90% of the stock is currently owned by hedge funds and other institutional investors.

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.