Commercial Metals (CMC) Downgraded by Bank of America to “Neutral”
Commercial Metals (NYSE:CMC) was downgraded by equities researchers at Bank of America from a “buy” rating to a “neutral” rating in a research note issued to investors on Wednesday. They currently have a $28.00 target price on the basic materials company’s stock, up from their previous target price of $25.36. Bank of America’s price objective would indicate a potential upside of 12.68% from the company’s current price. The analysts noted that the move was a valuation call.
Other research analysts also recently issued research reports about the company. ValuEngine upgraded Commercial Metals from a “hold” rating to a “buy” rating in a report on Thursday, March 1st. JPMorgan Chase & Co. upgraded Commercial Metals from a “neutral” rating to an “overweight” rating in a report on Friday, March 9th. Finally, Zacks Investment Research downgraded Commercial Metals from a “hold” rating to a “sell” rating in a report on Thursday, December 28th. Four research analysts have rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $22.38.
Shares of Commercial Metals (NYSE CMC) traded down $0.51 during trading on Wednesday, hitting $24.85. The stock had a trading volume of 263,197 shares, compared to its average volume of 1,916,357. The firm has a market capitalization of $2,984.60, a price-to-earnings ratio of 38.42 and a beta of 1.21. The company has a quick ratio of 2.07, a current ratio of 3.20 and a debt-to-equity ratio of 0.56. Commercial Metals has a 12 month low of $17.05 and a 12 month high of $26.72.
In other Commercial Metals news, EVP Tracy L. Porter sold 13,601 shares of the business’s stock in a transaction dated Thursday, January 18th. The stock was sold at an average price of $25.04, for a total value of $340,569.04. Following the transaction, the executive vice president now owns 10 shares in the company, valued at $250.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Adam R. Hickey sold 20,000 shares of the business’s stock in a transaction dated Friday, March 2nd. The shares were sold at an average price of $25.85, for a total value of $517,000.00. Following the completion of the transaction, the vice president now owns 15,632 shares in the company, valued at approximately $404,087.20. The disclosure for this sale can be found here. Insiders sold 60,536 shares of company stock worth $1,541,915 in the last 90 days. Corporate insiders own 1.50% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the business. Strs Ohio grew its stake in Commercial Metals by 176.5% in the fourth quarter. Strs Ohio now owns 4,700 shares of the basic materials company’s stock valued at $100,000 after purchasing an additional 3,000 shares in the last quarter. Canada Pension Plan Investment Board purchased a new position in Commercial Metals in the third quarter valued at about $101,000. Cerebellum GP LLC purchased a new position in Commercial Metals in the fourth quarter valued at about $129,000. Global X Management Co. LLC grew its stake in Commercial Metals by 75.2% in the fourth quarter. Global X Management Co. LLC now owns 8,040 shares of the basic materials company’s stock valued at $171,000 after purchasing an additional 3,450 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Commercial Metals by 38.3% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,092 shares of the basic materials company’s stock valued at $173,000 after purchasing an additional 2,239 shares in the last quarter. Hedge funds and other institutional investors own 88.25% of the company’s stock.
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About Commercial Metals
Commercial Metals Company, together with its subsidiaries, manufactures, recycles and markets steel and metal products, related materials and services through a network. The Company’s Americas Recycling segment processes scrap metals for use as a raw material by manufacturers of new metal products. The Americas Mills segment consists of steel mills, commonly referred to as minimills that produce reinforcing bar (rebar), angles, flats and rounds.
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