Commercial Metals (NYSE:CMC) Upgraded to Neutral at UBS Group

Commercial Metals (NYSE:CMC) was upgraded by equities research analysts at UBS Group from a “sell” rating to a “neutral” rating in a note issued to investors on Friday, Marketbeat.com reports. The firm presently has a $54.00 price objective on the basic materials company’s stock, down from their previous price objective of $56.00. UBS Group’s price target points to a potential upside of 14.84% from the company’s current price.

A number of other analysts have also weighed in on the stock. BMO Capital Markets cut their target price on shares of Commercial Metals from $62.00 to $58.00 and set a “market perform” rating on the stock in a research note on Friday, January 3rd. Wolfe Research lowered shares of Commercial Metals from an “outperform” rating to a “peer perform” rating in a report on Wednesday, October 9th. The Goldman Sachs Group assumed coverage on shares of Commercial Metals in a research report on Monday, December 2nd. They set a “buy” rating and a $75.00 price objective for the company. Jefferies Financial Group cut their price target on Commercial Metals from $65.00 to $62.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. Finally, Morgan Stanley started coverage on Commercial Metals in a research report on Thursday, December 19th. They set an “equal weight” rating and a $65.00 price objective for the company. Six analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $63.83.

Commercial Metals Price Performance

Shares of CMC opened at $47.02 on Friday. The company has a quick ratio of 2.78, a current ratio of 3.94 and a debt-to-equity ratio of 0.27. Commercial Metals has a fifty-two week low of $45.50 and a fifty-two week high of $64.53. The company has a market cap of $5.34 billion, a P/E ratio of 11.36, a PEG ratio of 2.74 and a beta of 1.19. The firm’s 50 day moving average price is $56.46 and its 200 day moving average price is $54.82.

Commercial Metals (NYSE:CMC) last announced its quarterly earnings data on Monday, January 6th. The basic materials company reported $0.78 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.78. Commercial Metals had a return on equity of 12.20% and a net margin of 6.13%. The business had revenue of $1.91 billion for the quarter, compared to analysts’ expectations of $1.85 billion. During the same period last year, the firm earned $1.49 earnings per share. The company’s revenue for the quarter was down 4.7% compared to the same quarter last year. On average, research analysts forecast that Commercial Metals will post 4.26 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Commercial Metals

Several hedge funds have recently made changes to their positions in CMC. Thompson Siegel & Walmsley LLC acquired a new stake in shares of Commercial Metals in the 2nd quarter valued at about $50,132,000. Jacobs Levy Equity Management Inc. boosted its holdings in shares of Commercial Metals by 122.8% in the third quarter. Jacobs Levy Equity Management Inc. now owns 1,245,535 shares of the basic materials company’s stock valued at $68,455,000 after acquiring an additional 686,519 shares during the period. Caisse DE Depot ET Placement DU Quebec purchased a new position in shares of Commercial Metals during the third quarter worth approximately $16,731,000. Van ECK Associates Corp increased its holdings in shares of Commercial Metals by 204.3% in the 3rd quarter. Van ECK Associates Corp now owns 420,808 shares of the basic materials company’s stock valued at $21,570,000 after acquiring an additional 282,511 shares during the period. Finally, AQR Capital Management LLC increased its holdings in shares of Commercial Metals by 17.5% in the 2nd quarter. AQR Capital Management LLC now owns 774,218 shares of the basic materials company’s stock valued at $42,203,000 after acquiring an additional 115,326 shares during the period. 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.