BMO Capital Markets Lowers Commercial Metals (NYSE:CMC) Price Target to $55.00

Commercial Metals (NYSE:CMC) had its target price reduced by equities researchers at BMO Capital Markets from $57.00 to $55.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “market perform” rating on the basic materials company’s stock. BMO Capital Markets’ price objective points to a potential upside of 10.23% from the stock’s current price.

Several other research analysts have also weighed in on CMC. Morgan Stanley restated an “equal weight” rating on shares of Commercial Metals in a research note on Friday. Jefferies Financial Group reiterated a “buy” rating on shares of Commercial Metals in a report on Friday. JPMorgan Chase & Co. initiated coverage on Commercial Metals in a research note on Friday, May 30th. They issued a “neutral” rating and a $52.00 price objective on the stock. Wolfe Research raised Commercial Metals from a “peer perform” rating to an “outperform” rating in a research report on Friday. Finally, UBS Group reissued a “neutral” rating on shares of Commercial Metals in a report on Friday. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $58.13.

Commercial Metals Stock Up 1.3%

Shares of NYSE:CMC traded up $0.63 during midday trading on Tuesday, reaching $49.90. The company had a trading volume of 403,092 shares, compared to its average volume of 983,022. Commercial Metals has a 1-year low of $37.92 and a 1-year high of $64.53. The stock has a market cap of $5.64 billion, a PE ratio of 83.16, a P/E/G ratio of 2.70 and a beta of 1.27. The company has a quick ratio of 1.94, a current ratio of 2.82 and a debt-to-equity ratio of 0.29. The business’s 50 day moving average price is $46.71 and its 200 day moving average price is $48.09.

Commercial Metals (NYSE:CMC) last announced its quarterly earnings data on Monday, June 23rd. The basic materials company reported $0.74 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.85 by ($0.11). The company had revenue of $2.02 billion for the quarter, compared to the consensus estimate of $2.04 billion. Commercial Metals had a return on equity of 8.23% and a net margin of 0.94%. The company’s revenue for the quarter was down 2.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.02 EPS. Research analysts forecast that Commercial Metals will post 3.09 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director John R. Mcpherson acquired 2,475 shares of the company’s stock in a transaction on Friday, April 4th. The stock was purchased at an average cost of $40.42 per share, with a total value of $100,039.50. Following the acquisition, the director now directly owns 15,141 shares of the company’s stock, valued at approximately $611,999.22. The trade was a 19.54% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.46% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. National Bank of Canada FI lifted its stake in Commercial Metals by 80.3% during the first quarter. National Bank of Canada FI now owns 548 shares of the basic materials company’s stock worth $25,000 after purchasing an additional 244 shares during the last quarter. Park Square Financial Group LLC bought a new stake in shares of Commercial Metals during the 4th quarter worth $33,000. Heck Capital Advisors LLC acquired a new stake in Commercial Metals in the fourth quarter valued at about $34,000. UMB Bank n.a. grew its position in Commercial Metals by 51.9% in the first quarter. UMB Bank n.a. now owns 784 shares of the basic materials company’s stock valued at $36,000 after acquiring an additional 268 shares during the last quarter. Finally, Wayfinding Financial LLC acquired a new position in Commercial Metals during the first quarter worth about $47,000. 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.