Jefferies Group Reiterates Hold Rating for Commercial Metals Co. (CMC)
Commercial Metals Co. (NYSE:CMC)‘s stock had its “hold” rating reiterated by stock analysts at Jefferies Group in a research note issued to investors on Friday. They presently have a $16.50 price objective on the stock. Jefferies Group’s target price indicates a potential upside of 8.27% from the company’s current price.
Other research analysts also recently issued research reports about the company. Zacks Investment Research downgraded Commercial Metals from a “hold” rating to a “sell” rating in a report on Wednesday, August 31st. Bank of America Corp. downgraded Commercial Metals from a “neutral” rating to an “underperform” rating and set a $17.00 price objective on the stock. in a report on Thursday, June 2nd. Clarkson Capital downgraded Commercial Metals from a “neutral” rating to a “sell” rating in a report on Monday, June 27th. Finally, Citigroup Inc. assumed coverage on Commercial Metals in a report on Monday, August 22nd. They issued a “neutral” rating and a $16.00 price objective on the stock. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $16.69.
Shares of Commercial Metals (NYSE:CMC) opened at 15.24 on Friday. Commercial Metals has a 52 week low of $12.44 and a 52 week high of $18.50. The stock has a market capitalization of $1.75 billion, a P/E ratio of 13.84 and a beta of 1.59. The stock has a 50 day moving average price of $15.89 and a 200 day moving average price of $16.74.
Commercial Metals (NYSE:CMC) last released its quarterly earnings data on Thursday, June 23rd. The company reported $0.30 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.05. The firm had revenue of $1.23 billion for the quarter. Commercial Metals had a return on equity of 8.04% and a net margin of 1.02%. The firm’s quarterly revenue was down 18.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.58 EPS. On average, equities research analysts expect that Commercial Metals will post $0.97 EPS for the current year.
In other Commercial Metals news, Director Anthony A. Massaro sold 2,367 shares of Commercial Metals stock in a transaction that occurred on Tuesday, July 5th. The stock was sold at an average price of $16.36, for a total transaction of $38,724.12. Following the sale, the director now directly owns 69,252 shares of the company’s stock, valued at approximately $1,132,962.72. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 1.20% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in Commercial Metals by 29.4% in the second quarter. Vanguard Group Inc. now owns 12,720,314 shares of the company’s stock valued at $214,973,000 after buying an additional 2,888,816 shares during the last quarter. Acadian Asset Management LLC boosted its stake in Commercial Metals by 451.8% in the second quarter. Acadian Asset Management LLC now owns 2,412,060 shares of the company’s stock valued at $40,762,000 after buying an additional 1,974,925 shares during the last quarter. Norges Bank purchased a new stake in Commercial Metals during the fourth quarter valued at $20,969,000. Mesirow Financial Investment Management Equity Management purchased a new stake in Commercial Metals during the second quarter valued at $18,396,000. Finally, Renaissance Technologies LLC boosted its stake in Commercial Metals by 760.9% in the first quarter. Renaissance Technologies LLC now owns 1,225,000 shares of the company’s stock valued at $20,788,000 after buying an additional 1,082,700 shares during the last quarter. 94.77% of the stock is currently owned by institutional investors and hedge funds.
About Commercial Metals
Commercial Metals Company (CMC) manufactures, recycles and markets steel and metal products, related materials and services. CMC has a network of steel mills (minimills), steel fabrication and processing facilities, warehouses, metal recycling facilities. It has five business segments: Americas Recycling, Americas Mills, Americas Fabrication, International Mill, and International Marketing and Distribution.
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