Commercial Metals (NYSE:CMC) Given New $68.00 Price Target at Wells Fargo & Company

Commercial Metals (NYSE:CMC) had its price target decreased by Wells Fargo & Company from $80.00 to $68.00 in a report published on Tuesday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the basic materials company’s stock.

Several other equities research analysts have also recently commented on the stock. Bank of America cut their price target on shares of Commercial Metals from $84.00 to $78.00 and set a “buy” rating on the stock in a research report on Thursday, July 9th. Citigroup decreased their price objective on Commercial Metals from $85.00 to $75.00 and set a “buy” rating for the company in a report on Tuesday, July 7th. Morgan Stanley lifted their target price on Commercial Metals from $83.00 to $88.00 and gave the company an “overweight” rating in a research report on Monday, June 22nd. Weiss Ratings cut Commercial Metals from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday. Finally, Barclays increased their price target on Commercial Metals from $75.00 to $80.00 and gave the company an “equal weight” rating in a research report on Friday, August 7th. Nine analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $80.55.

Commercial Metals Stock Performance

Shares of CMC opened at $64.91 on Tuesday. Commercial Metals has a 12 month low of $53.08 and a 12 month high of $84.87. The firm has a fifty day simple moving average of $67.96 and a 200 day simple moving average of $68.16. The stock has a market capitalization of $7.18 billion, a price-to-earnings ratio of 12.22, a PEG ratio of 0.33 and a beta of 1.53. The company has a current ratio of 2.33, a quick ratio of 1.54 and a debt-to-equity ratio of 0.73.

Commercial Metals declared that its Board of Directors has approved a share repurchase plan on Wednesday, August 5th that permits the company to repurchase $600.00 million in shares. This repurchase authorization permits the basic materials company to buy up to 7.5% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other news, Director John R. Mcpherson bought 1,390 shares of the business’s stock in a transaction that occurred on Thursday, August 13th. The stock was acquired at an average cost of $71.92 per share, for a total transaction of $99,968.80. Following the purchase, the director owned 21,927 shares of the company’s stock, valued at approximately $1,576,989.84. This trade represents a 6.77% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Peter R. Matt purchased 8,230 shares of Commercial Metals stock in a transaction that occurred on Friday, July 10th. The shares were acquired at an average price of $61.30 per share, with a total value of $504,499.00. Following the acquisition, the chief executive officer directly owned 181,522 shares of the company’s stock, valued at $11,127,298.60. This trade represents a 4.75% increase in their position. The SEC filing for this purchase provides additional information. 0.62% of the stock is owned by insiders.

Institutional Trading of Commercial Metals

Institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. bought a new position in Commercial Metals during the second quarter worth $954,989,000. Bank of America Corp DE bought a new position in shares of Commercial Metals in the second quarter valued at about $84,320,000. Bank of New York Mellon Corp bought a new position in shares of Commercial Metals in the second quarter valued at about $59,572,000. Encompass Capital Advisors LLC acquired a new stake in shares of Commercial Metals during the 4th quarter worth about $41,523,000. Finally, Jupiter Topco LLC acquired a new stake in shares of Commercial Metals during the 2nd quarter worth about $36,800,000. Institutional investors own 86.90% of the company’s stock.

About Commercial Metals

Commercial Metals Company (NYSE: CMC) is a steel and metals manufacturer, fabricator and recycler headquartered in Irving, Texas. Founded in 1915, the company operates a vertically integrated business that collects and processes ferrous scrap, produces steel and supplies products used in construction and infrastructure projects.

CMC’s product portfolio includes reinforcing bar, merchant bar, wire rod, structural components and other steel products. Through its fabrication and construction services, the company also processes and prepares reinforcing steel for commercial, industrial, transportation and other building projects.