Commercial Metals (NYSE:CMC) Given New $58.00 Price Target at BMO Capital Markets

Commercial Metals (NYSE:CMC) had its price target reduced by stock analysts at BMO Capital Markets from $62.00 to $58.00 in a report issued on Friday,Benzinga reports. The firm currently has a “market perform” rating on the basic materials company’s stock. BMO Capital Markets’ price target suggests a potential upside of 19.76% from the company’s previous close.

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

Commercial Metals Stock Performance

CMC stock traded down $0.72 during trading on Friday, reaching $48.43. The stock had a trading volume of 99,349 shares, compared to its average volume of 439,233. The stock’s 50 day moving average is $57.13 and its two-hundred day moving average is $54.98. The firm has a market cap of $5.52 billion, a PE ratio of 11.70, a PEG ratio of 2.74 and a beta of 1.15. Commercial Metals has a 52 week low of $47.42 and a 52 week high of $64.53. The company has a current ratio of 3.94, a quick ratio of 2.78 and a debt-to-equity ratio of 0.27.

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

Hedge Funds Weigh In On Commercial Metals

Several hedge funds have recently added to or reduced their stakes in the company. nVerses Capital LLC bought a new stake in Commercial Metals in the third quarter worth about $66,000. GAMMA Investing LLC lifted its stake in shares of Commercial Metals by 56.6% during the 4th quarter. GAMMA Investing LLC now owns 2,611 shares of the basic materials company’s stock worth $130,000 after acquiring an additional 944 shares during the last quarter. KBC Group NV boosted its holdings in Commercial Metals by 15.9% during the 3rd quarter. KBC Group NV now owns 3,099 shares of the basic materials company’s stock valued at $170,000 after acquiring an additional 425 shares during the period. Highland Capital Management LLC bought a new position in Commercial Metals in the 3rd quarter valued at $206,000. Finally, Harbor Capital Advisors Inc. increased its stake in Commercial Metals by 29.7% in the third quarter. Harbor Capital Advisors Inc. now owns 3,798 shares of the basic materials company’s stock worth $209,000 after purchasing an additional 870 shares during the period. 86.90% of the stock is currently owned by 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.