UBS Group Issues Pessimistic Forecast for Commercial Metals (NYSE:CMC) Stock Price

Commercial Metals (NYSE:CMC) had its price objective reduced by equities researchers at UBS Group from $54.00 to $49.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the basic materials company’s stock. UBS Group’s target price would indicate a potential upside of 0.86% from the stock’s current price.

Other equities research analysts also recently issued research reports about the company. Jefferies Financial Group dropped their target price on Commercial Metals from $65.00 to $62.00 and set a “buy” rating for the company in a research report on Monday, January 6th. BMO Capital Markets dropped their price objective on Commercial Metals from $58.00 to $54.00 and set a “market perform” rating for the company in a report on Friday, March 21st. The Goldman Sachs Group began coverage on shares of Commercial Metals in a research note on Monday, December 2nd. They issued a “buy” rating and a $75.00 target price on the stock. Morgan Stanley dropped their price target on shares of Commercial Metals from $56.00 to $53.00 and set an “equal weight” rating for the company in a research note on Friday, March 7th. Finally, BNP Paribas cut shares of Commercial Metals from an “outperform” rating to a “neutral” rating in a research note on Friday, January 3rd. Six equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $60.33.

Commercial Metals Stock Down 0.3 %

Shares of NYSE:CMC opened at $48.58 on Monday. The company has a quick ratio of 1.94, a current ratio of 2.76 and a debt-to-equity ratio of 0.29. The firm has a market cap of $5.52 billion, a P/E ratio of 43.77, a P/E/G ratio of 2.62 and a beta of 1.17. Commercial Metals has a 12 month low of $42.62 and a 12 month high of $64.53. The company’s 50-day moving average price is $48.86 and its two-hundred day moving average price is $52.73.

Commercial Metals (NYSE:CMC) last released its quarterly earnings results on Thursday, March 20th. The basic materials company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.31 by ($0.05). Commercial Metals had a net margin of 1.70% and a return on equity of 9.88%. The company had revenue of $1.75 billion for the quarter, compared to the consensus estimate of $1.73 billion. During the same period last year, the company earned $0.88 earnings per share. Commercial Metals’s revenue for the quarter was down 5.1% compared to the same quarter last year. As a group, research analysts forecast that Commercial Metals will post 3.09 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Ashton Thomas Private Wealth LLC raised its position in shares of Commercial Metals by 5.3% during the fourth quarter. Ashton Thomas Private Wealth LLC now owns 4,528 shares of the basic materials company’s stock worth $225,000 after purchasing an additional 229 shares during the period. Mariner LLC increased its stake in Commercial Metals by 0.9% during the 4th quarter. Mariner LLC now owns 24,735 shares of the basic materials company’s stock worth $1,227,000 after purchasing an additional 232 shares in the last quarter. Truist Financial Corp raised its holdings in Commercial Metals by 3.5% during the 4th quarter. Truist Financial Corp now owns 7,150 shares of the basic materials company’s stock worth $355,000 after buying an additional 242 shares during the period. Thurston Springer Miller Herd & Titak Inc. boosted its holdings in shares of Commercial Metals by 10.0% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,784 shares of the basic materials company’s stock valued at $138,000 after buying an additional 254 shares during the period. Finally, Arizona State Retirement System increased its position in shares of Commercial Metals by 0.8% during the fourth quarter. Arizona State Retirement System now owns 33,373 shares of the basic materials company’s stock worth $1,655,000 after acquiring an additional 262 shares in the last quarter. 86.90% of the stock is currently owned by institutional investors.

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.