Commercial Metals (NYSE:CMC) Rating Increased to Strong-Buy at Wolfe Research

Commercial Metals (NYSE:CMC) was upgraded by equities research analysts at Wolfe Research from a “hold” rating to a “strong-buy” rating in a research note issued on Wednesday, Zacks.com reports.

Other analysts also recently issued research reports about the stock. StockNews.com downgraded shares of Commercial Metals from a “buy” rating to a “hold” rating in a research report on Thursday, June 20th. Bank of America decreased their price objective on shares of Commercial Metals from $70.00 to $69.00 and set a “buy” rating for the company in a research note on Wednesday, June 26th. Finally, Jefferies Financial Group started coverage on Commercial Metals in a report on Tuesday, September 3rd. They set a “buy” rating and a $65.00 price objective on the stock. Three investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $61.40.

Commercial Metals Stock Up 5.0 %

Commercial Metals stock opened at $54.49 on Wednesday. The stock’s fifty day moving average is $54.22 and its two-hundred day moving average is $54.68. The stock has a market cap of $6.27 billion, a PE ratio of 11.35 and a beta of 1.15. Commercial Metals has a 1-year low of $39.85 and a 1-year high of $61.26. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.24 and a quick ratio of 2.83.

Commercial Metals (NYSE:CMC) last posted its earnings results on Thursday, June 20th. The basic materials company reported $1.02 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.02. The firm had revenue of $2.08 billion during the quarter, compared to analysts’ expectations of $2.02 billion. Commercial Metals had a return on equity of 14.62% and a net margin of 6.95%. The firm’s revenue was down 11.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.02 earnings per share. On average, sell-side analysts expect that Commercial Metals will post 4.33 EPS for the current fiscal year.

Institutional Trading of Commercial Metals

Several institutional investors and hedge funds have recently bought and sold shares of the business. First Dallas Securities Inc. grew its position in Commercial Metals by 0.8% during the 2nd quarter. First Dallas Securities Inc. now owns 22,234 shares of the basic materials company’s stock worth $1,222,000 after purchasing an additional 185 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Commercial Metals by 0.7% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 26,778 shares of the basic materials company’s stock worth $1,473,000 after buying an additional 187 shares during the period. Congress Asset Management Co. MA grew its holdings in shares of Commercial Metals by 0.4% during the fourth quarter. Congress Asset Management Co. MA now owns 67,943 shares of the basic materials company’s stock worth $3,400,000 after buying an additional 251 shares during the last quarter. SummerHaven Investment Management LLC increased its position in Commercial Metals by 2.1% in the 2nd quarter. SummerHaven Investment Management LLC now owns 13,615 shares of the basic materials company’s stock valued at $749,000 after acquiring an additional 276 shares during the period. Finally, GAMMA Investing LLC raised its stake in Commercial Metals by 21.9% during the 2nd quarter. GAMMA Investing LLC now owns 1,572 shares of the basic materials company’s stock valued at $86,000 after acquiring an additional 282 shares during the last quarter. Hedge funds and other 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.