The Goldman Sachs Group Begins Coverage on Commercial Metals (NYSE:CMC)

Research analysts at The Goldman Sachs Group initiated coverage on shares of Commercial Metals (NYSE:CMC) in a research note issued on Monday, Marketbeat Ratings reports. The firm set a “buy” rating and a $75.00 price target on the basic materials company’s stock. The Goldman Sachs Group’s price target indicates a potential upside of 18.75% from the stock’s current price.

Several other research firms have also issued reports on CMC. Wolfe Research lowered shares of Commercial Metals from an “outperform” rating to a “peer perform” rating in a report on Wednesday, October 9th. BMO Capital Markets set a $62.00 target price on shares of Commercial Metals and gave the company a “market perform” rating in a report on Friday, October 18th. Finally, Jefferies Financial Group started coverage on shares of Commercial Metals in a report on Tuesday, September 3rd. They issued a “buy” rating and a $65.00 price objective for the company. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $67.20.

Commercial Metals Stock Down 0.3 %

NYSE CMC opened at $63.16 on Monday. The company has a debt-to-equity ratio of 0.27, a current ratio of 3.94 and a quick ratio of 2.78. The stock has a market capitalization of $7.20 billion, a PE ratio of 15.26, a PEG ratio of 2.82 and a beta of 1.15. Commercial Metals has a 1 year low of $44.93 and a 1 year high of $64.53. The business’s 50-day moving average is $56.64 and its 200 day moving average is $54.90.

Commercial Metals (NYSE:CMC) last posted its quarterly earnings data on Thursday, October 17th. The basic materials company reported $0.90 earnings per share for the quarter, missing the consensus estimate of $0.91 by ($0.01). The firm had revenue of $2 billion for the quarter, compared to the consensus estimate of $2.07 billion. Commercial Metals had a net margin of 6.13% and a return on equity of 12.20%. Sell-side analysts forecast that Commercial Metals will post 4.26 earnings per share for the current year.

Institutional Investors Weigh In On Commercial Metals

A number of hedge funds have recently modified their holdings of the business. Franklin Resources Inc. boosted its holdings in Commercial Metals by 0.3% in the 3rd quarter. Franklin Resources Inc. now owns 1,026,351 shares of the basic materials company’s stock worth $55,433,000 after buying an additional 3,396 shares during the period. Sanctuary Advisors LLC grew its position in shares of Commercial Metals by 25.5% during the third quarter. Sanctuary Advisors LLC now owns 10,610 shares of the basic materials company’s stock valued at $583,000 after purchasing an additional 2,156 shares in the last quarter. TD Private Client Wealth LLC grew its position in shares of Commercial Metals by 6.0% during the third quarter. TD Private Client Wealth LLC now owns 5,908 shares of the basic materials company’s stock valued at $325,000 after purchasing an additional 332 shares in the last quarter. Teachers Retirement System of The State of Kentucky grew its position in shares of Commercial Metals by 13.9% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 74,287 shares of the basic materials company’s stock valued at $4,082,000 after purchasing an additional 9,081 shares in the last quarter. Finally, Coldstream Capital Management Inc. grew its position in shares of Commercial Metals by 8.9% during the third quarter. Coldstream Capital Management Inc. now owns 5,092 shares of the basic materials company’s stock valued at $282,000 after purchasing an additional 415 shares in the last quarter. 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.