Commercial Metals (NYSE:CMC) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Commercial Metals (NYSE:CMC) from a hold rating to a buy rating in a research note issued to investors on Sunday.

A number of other research analysts have also recently issued reports on the stock. Wells Fargo & Company lifted their price target on shares of Commercial Metals from $61.00 to $64.00 and gave the company an “overweight” rating in a research report on Friday, September 19th. Weiss Ratings reiterated a “hold (c)” rating on shares of Commercial Metals in a research note on Wednesday, October 8th. Morgan Stanley set a $57.50 target price on shares of Commercial Metals in a research report on Wednesday, June 25th. Bank of America boosted their target price on shares of Commercial Metals from $60.00 to $70.00 and gave the company a “buy” rating in a research report on Monday, September 15th. Finally, Wolfe Research upgraded shares of Commercial Metals from a “peer perform” rating to an “outperform” rating in a research report on Friday, June 20th. Five equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $61.39.

Commercial Metals Trading Up 2.4%

NYSE:CMC opened at $60.50 on Friday. The company has a 50-day moving average price of $57.60 and a 200-day moving average price of $51.21. Commercial Metals has a 12 month low of $37.92 and a 12 month high of $64.53. The company has a current ratio of 2.86, a quick ratio of 2.00 and a debt-to-equity ratio of 0.32. The stock has a market cap of $6.77 billion, a price-to-earnings ratio of 195.15, a P/E/G ratio of 2.07 and a beta of 1.32.

Hedge Funds Weigh In On Commercial Metals

Several institutional investors have recently bought and sold shares of the business. Farther Finance Advisors LLC lifted its position in Commercial Metals by 30.4% during the third quarter. Farther Finance Advisors LLC now owns 9,846 shares of the basic materials company’s stock valued at $564,000 after purchasing an additional 2,296 shares during the last quarter. Grant Private Wealth Management Inc bought a new position in Commercial Metals during the third quarter valued at $224,000. Canandaigua National Bank & Trust Co. purchased a new stake in shares of Commercial Metals in the third quarter valued at $228,000. GAMMA Investing LLC raised its stake in shares of Commercial Metals by 15.4% in the third quarter. GAMMA Investing LLC now owns 2,811 shares of the basic materials company’s stock valued at $161,000 after acquiring an additional 375 shares during the period. Finally, Texas Permanent School Fund Corp raised its stake in shares of Commercial Metals by 10.6% in the second quarter. Texas Permanent School Fund Corp now owns 69,306 shares of the basic materials company’s stock valued at $3,390,000 after acquiring an additional 6,655 shares during the period. 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.