Commercial Metals (NYSE:CMC) was downgraded by research analysts at Bank of America from a “neutral” rating to an “underperform” rating in a note issued to investors on Tuesday, AR Network reports. They currently have a $21.00 price objective on the basic materials company’s stock. Bank of America‘s price objective would indicate a potential downside of 4.76% from the company’s previous close.
Several other equities analysts also recently commented on the stock. Deutsche Bank Aktiengesellschaft downgraded shares of Commercial Metals from a “buy” rating to a “hold” rating and set a $22.00 price target on the stock. in a research note on Friday, January 8th. Citigroup upped their price target on shares of Commercial Metals from $21.00 to $24.00 and gave the company a “neutral” rating in a research note on Friday, October 16th. BidaskClub upgraded shares of Commercial Metals from a “sell” rating to a “hold” rating in a research note on Wednesday, January 6th. Zacks Investment Research raised shares of Commercial Metals from a “hold” rating to a “strong-buy” rating and set a $23.00 price objective for the company in a research report on Monday, September 28th. Finally, BNP Paribas cut shares of Commercial Metals from an “outperform” rating to a “neutral” rating and set a $21.00 price objective for the company. in a research report on Thursday, December 3rd. Two research analysts have rated the stock with a sell rating, six have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. Commercial Metals has an average rating of “Hold” and an average price target of $22.44.
NYSE:CMC opened at $22.05 on Tuesday. Commercial Metals has a one year low of $10.76 and a one year high of $24.16. The company has a market cap of $2.65 billion, a P/E ratio of 9.46, a P/E/G ratio of 3.52 and a beta of 1.24. The firm’s fifty day moving average price is $20.66 and its two-hundred day moving average price is $20.81. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.97 and a quick ratio of 2.13.
Commercial Metals (NYSE:CMC) last released its quarterly earnings results on Sunday, January 10th. The basic materials company reported $0.58 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.53 by $0.05. Commercial Metals had a net margin of 5.10% and a return on equity of 17.74%. The business had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.37 billion. During the same period in the prior year, the company posted $0.73 earnings per share. Commercial Metals’s revenue was down 1.8% compared to the same quarter last year. As a group, equities research analysts expect that Commercial Metals will post 1.88 earnings per share for the current year.
In other news, COO Tracy L. Porter sold 51,918 shares of the stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $20.81, for a total value of $1,080,413.58. Following the completion of the transaction, the chief operating officer now owns 10 shares of the company’s stock, valued at $208.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Barbara Smith sold 82,082 shares of the stock in a transaction dated Wednesday, January 6th. The stock was sold at an average price of $22.87, for a total transaction of $1,877,215.34. Following the completion of the transaction, the chief executive officer now directly owns 769,105 shares of the company’s stock, valued at approximately $17,589,431.35. The disclosure for this sale can be found here. 1.40% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of CMC. Point72 Hong Kong Ltd bought a new position in Commercial Metals in the 2nd quarter valued at approximately $88,000. Skandinaviska Enskilda Banken AB publ bought a new position in Commercial Metals in the 3rd quarter valued at approximately $98,000. Steward Partners Investment Advisory LLC raised its holdings in Commercial Metals by 20.0% in the 3rd quarter. Steward Partners Investment Advisory LLC now owns 5,880 shares of the basic materials company’s stock valued at $117,000 after buying an additional 978 shares during the last quarter. Ellevest Inc. raised its holdings in Commercial Metals by 19.8% in the 3rd quarter. Ellevest Inc. now owns 6,214 shares of the basic materials company’s stock valued at $124,000 after buying an additional 1,026 shares during the last quarter. Finally, Glenmede Trust Co. NA raised its holdings in Commercial Metals by 15.9% in the 2nd quarter. Glenmede Trust Co. NA now owns 6,952 shares of the basic materials company’s stock valued at $141,000 after buying an additional 952 shares during the last quarter. Institutional investors and hedge funds own 84.15% 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, Germany, and internationally. 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.
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