Commercial Metals (NYSE:CMC) Downgraded by Wolfe Research to Peer Perform

Wolfe Research cut shares of Commercial Metals (NYSE:CMC) from an outperform rating to a peer perform rating in a report issued on Wednesday morning, MarketBeat.com reports.

A number of other analysts also recently issued reports on CMC. StockNews.com downgraded shares of Commercial Metals from a buy rating to a hold rating in a report on Thursday, June 20th. Jefferies Financial Group started coverage on Commercial Metals in a research note on Tuesday, September 3rd. They set a buy rating and a $65.00 target price for the company. Finally, Bank of America reduced their target price on Commercial Metals from $70.00 to $69.00 and set a buy rating on the stock in a research report on Wednesday, June 26th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, Commercial Metals presently has a consensus rating of Hold and an average target price of $61.40.

Commercial Metals Price Performance

Commercial Metals stock opened at $52.57 on Wednesday. The company has a current ratio of 4.24, a quick ratio of 2.83 and a debt-to-equity ratio of 0.27. The company has a 50-day moving average price of $52.92 and a 200 day moving average price of $54.64. Commercial Metals has a 12-month low of $39.85 and a 12-month high of $61.26. The stock has a market cap of $6.05 billion, a P/E ratio of 10.95 and a beta of 1.14.

Institutional Trading of Commercial Metals

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of Commercial Metals by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 12,641,427 shares of the basic materials company’s stock valued at $632,577,000 after buying an additional 191,345 shares during the period. Boston Partners grew its position in shares of Commercial Metals by 23,390.7% during the first quarter. Boston Partners now owns 3,076,337 shares of the basic materials company’s stock worth $180,752,000 after buying an additional 3,063,241 shares in the last quarter. Principal Financial Group Inc. increased its stake in shares of Commercial Metals by 4.5% during the first quarter. Principal Financial Group Inc. now owns 1,774,666 shares of the basic materials company’s stock worth $104,297,000 after buying an additional 76,742 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Commercial Metals by 1.4% during the second quarter. Bank of New York Mellon Corp now owns 1,296,284 shares of the basic materials company’s stock worth $71,283,000 after buying an additional 18,205 shares during the period. Finally, Janus Henderson Group PLC raised its holdings in Commercial Metals by 2.3% in the first quarter. Janus Henderson Group PLC now owns 1,159,769 shares of the basic materials company’s stock valued at $68,160,000 after acquiring an additional 25,816 shares in 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.