Commercial Metals Co. (CMC) Upgraded at Zacks Investment Research
According to Zacks, “Commercial Metals Company has three segments – manufacturing, recycling, and marketing and trading. Activities are primarily concerned with metals related activities. The manufacturing segment is the dominant and most rapidly expanding segment in terms of assets employed, capital expenditures, operating profit and number of employees. The recycling segment is engaged in processing secondary, or scrap, metals for further recycling into new metal products. The marketing and trading segment buys and sells primary and secondary metals, and fabricated metals. “
CMC has been the topic of a number of other reports. Bank of America Corp. downgraded shares of Commercial Metals to a neutral rating in a report on Wednesday, July 20th. Citigroup Inc. initiated coverage on shares of Commercial Metals in a research note on Monday, August 22nd. They issued a neutral rating and a $16.00 target price on the stock. Jefferies Group reaffirmed a hold rating and issued a $16.50 target price on shares of Commercial Metals in a research note on Friday, September 16th. Finally, Clarkson Capital downgraded shares of Commercial Metals from a neutral rating to a sell rating in a research note on Monday, June 27th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the company. The stock has an average rating of Hold and an average target price of $16.69.
Commercial Metals (NYSE:CMC) opened at 16.03 on Monday. Commercial Metals has a 12 month low of $12.44 and a 12 month high of $18.50. The stock has a 50 day moving average of $15.85 and a 200-day moving average of $16.73. The firm has a market cap of $1.84 billion, a P/E ratio of 14.56 and a beta of 1.59.
In other news, Director Anthony A. Massaro sold 2,367 shares of the firm’s stock in a transaction that occurred on Tuesday, July 5th. The shares were sold at an average price of $16.36, for a total value of $38,724.12. Following the transaction, the director now owns 69,252 shares in the company, valued at $1,132,962.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.20% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of CMC. Landscape Capital Management L.L.C. boosted its stake in Commercial Metals by 102.4% in the first quarter. Landscape Capital Management L.L.C. now owns 68,603 shares of the company’s stock valued at $1,164,000 after buying an additional 34,703 shares during the period. Palisade Capital Management LLC NJ boosted its stake in Commercial Metals by 10.5% in the first quarter. Palisade Capital Management LLC NJ now owns 645,769 shares of the company’s stock valued at $10,959,000 after buying an additional 61,624 shares during the period. NN Investment Partners Holdings N.V. bought a new stake in Commercial Metals during the first quarter valued at $3,814,000. Acrospire Investment Management LLC bought a new stake in Commercial Metals during the first quarter valued at $287,000. Finally, JPMorgan Chase & Co. boosted its stake in Commercial Metals by 53.4% in the first quarter. JPMorgan Chase & Co. now owns 1,421,778 shares of the company’s stock valued at $24,128,000 after buying an additional 494,861 shares during the period. Hedge funds and other institutional investors own 93.28% of the company’s stock.
Commercial Metals Company Profile
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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