Brokerages Set Commercial Metals (NYSE:CMC) PT at $61.40

Shares of Commercial Metals (NYSE:CMC) have been assigned a consensus rating of “Moderate Buy” from the six research firms that are covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $61.40.

CMC has been the subject of a number of research analyst reports. Jefferies Financial Group initiated coverage on shares of Commercial Metals in a research report on Tuesday, September 3rd. They set a “buy” rating and a $65.00 price objective for the company. StockNews.com lowered Commercial Metals from a “buy” rating to a “hold” rating in a research report on Thursday, June 20th. Bank of America decreased their target price on Commercial Metals from $70.00 to $69.00 and set a “buy” rating on the stock in a research note on Wednesday, June 26th. Finally, Wolfe Research raised Commercial Metals from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, September 18th.

Commercial Metals Stock Down 0.1 %

Shares of NYSE:CMC opened at $54.96 on Friday. The company has a market capitalization of $6.32 billion, a price-to-earnings ratio of 11.45 and a beta of 1.15. Commercial Metals has a 12-month low of $39.85 and a 12-month high of $61.26. The business has a 50-day moving average price of $53.77 and a 200 day moving average price of $54.76. The company has a current ratio of 4.24, a quick ratio of 2.83 and a debt-to-equity ratio of 0.27.

Hedge Funds Weigh In On Commercial Metals

Several hedge funds and other institutional investors have recently made changes to their positions in CMC. Vanguard Group Inc. raised its holdings in Commercial Metals by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 12,641,427 shares of the basic materials company’s stock valued at $632,577,000 after acquiring an additional 191,345 shares in the last quarter. Boston Partners lifted its position in shares of Commercial Metals by 23,390.7% during the 1st quarter. Boston Partners now owns 3,076,337 shares of the basic materials company’s stock worth $180,752,000 after purchasing an additional 3,063,241 shares during the last quarter. Principal Financial Group Inc. grew 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 purchasing an additional 76,742 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Commercial Metals by 1.4% in the second quarter. Bank of New York Mellon Corp now owns 1,296,284 shares of the basic materials company’s stock valued at $71,283,000 after buying an additional 18,205 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its holdings in Commercial Metals by 2.3% during the 1st quarter. Janus Henderson Group PLC now owns 1,159,769 shares of the basic materials company’s stock worth $68,160,000 after buying an additional 25,816 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.