Wells Fargo & Company Raises Commercial Metals (NYSE:CMC) Price Target to $68.00

Commercial Metals (NYSE:CMC) had its price target boosted by analysts at Wells Fargo & Company from $64.00 to $68.00 in a report released on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the basic materials company’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 17.37% from the stock’s current price.

Several other equities research analysts have also recently commented on CMC. Jefferies Financial Group set a $70.00 price target on shares of Commercial Metals and gave the stock a “hold” rating in a research report on Wednesday, October 22nd. UBS Group reiterated a “neutral” rating on shares of Commercial Metals in a research note on Monday, October 27th. Citigroup upgraded shares of Commercial Metals from a “neutral” rating to a “buy” rating and upped their price target for the company from $60.00 to $65.00 in a research note on Friday, October 17th. Morgan Stanley upgraded shares of Commercial Metals from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $57.50 to $68.00 in a research note on Friday, October 24th. Finally, The Goldman Sachs Group upped their price target on shares of Commercial Metals from $69.00 to $76.00 and gave the company a “buy” rating in a research note on Thursday, October 23rd. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $64.20.

Commercial Metals Stock Performance

Shares of NYSE CMC traded up $0.55 during mid-day trading on Thursday, hitting $57.93. The company had a trading volume of 73,674 shares, compared to its average volume of 1,121,339. Commercial Metals has a 12 month low of $37.92 and a 12 month high of $64.53. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.78 and a quick ratio of 2.03. The firm has a market cap of $6.43 billion, a P/E ratio of 76.17, a PEG ratio of 1.94 and a beta of 1.34. The business’s 50-day simple moving average is $58.60 and its 200-day simple moving average is $53.14.

Commercial Metals (NYSE:CMC) last issued its quarterly earnings results on Thursday, October 16th. The basic materials company reported $1.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.32 by $0.05. Commercial Metals had a return on equity of 8.76% and a net margin of 1.09%.The firm had revenue of $2.11 billion for the quarter, compared to analyst estimates of $2.10 billion. During the same period in the previous year, the company posted $0.90 earnings per share. The company’s quarterly revenue was up 5.9% compared to the same quarter last year. As a group, analysts predict that Commercial Metals will post 3.09 earnings per share for the current fiscal year.

Insider Transactions at Commercial Metals

In other Commercial Metals news, Director John R. Mcpherson purchased 1,722 shares of the firm’s stock in a transaction on Monday, October 20th. The stock was purchased at an average cost of $58.09 per share, for a total transaction of $100,030.98. Following the transaction, the director owned 6,722 shares in the company, valued at $390,480.98. The trade was a 34.44% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 0.46% of the company’s stock.

Institutional Investors Weigh In On Commercial Metals

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. boosted its stake in Commercial Metals by 6.3% in the 1st quarter. Envestnet Asset Management Inc. now owns 385,527 shares of the basic materials company’s stock worth $17,738,000 after purchasing an additional 22,682 shares in the last quarter. TD Private Client Wealth LLC boosted its stake in shares of Commercial Metals by 34.4% during the first quarter. TD Private Client Wealth LLC now owns 7,137 shares of the basic materials company’s stock valued at $328,000 after purchasing an additional 1,825 shares during the period. DMC Group LLC purchased a new stake in shares of Commercial Metals during the first quarter valued at $209,000. State of Michigan Retirement System boosted its stake in shares of Commercial Metals by 1.1% during the first quarter. State of Michigan Retirement System now owns 27,237 shares of the basic materials company’s stock valued at $1,253,000 after purchasing an additional 300 shares during the period. Finally, New York State Common Retirement Fund boosted its stake in shares of Commercial Metals by 58.4% during the first quarter. New York State Common Retirement Fund now owns 277,605 shares of the basic materials company’s stock valued at $12,773,000 after purchasing an additional 102,389 shares during the period. 86.90% of the stock is currently owned by institutional investors.

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.