Commercial Metals’ (CMC) Equal Weight Rating Reaffirmed at Wells Fargo & Company

Commercial Metals (NYSE:CMC)‘s stock had its “equal weight” rating reiterated by equities research analysts at Wells Fargo & Company in a report released on Thursday,Benzinga reports. They currently have a $77.00 target price on the basic materials company’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 0.36% from the company’s current price.

CMC has been the subject of a number of other reports. JPMorgan Chase & Co. lowered their target price on Commercial Metals from $83.00 to $78.00 and set an “overweight” rating for the company in a research note on Tuesday, April 14th. The Goldman Sachs Group started coverage on shares of Commercial Metals in a research note on Wednesday, April 1st. They set a “neutral” rating and a $74.00 price target on the stock. KeyCorp started coverage on shares of Commercial Metals in a research note on Wednesday, March 25th. They set a “sector weight” rating on the stock. UBS Group raised shares of Commercial Metals from a “neutral” rating to a “buy” rating and increased their price target for the company from $79.00 to $89.00 in a research note on Wednesday, May 13th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Commercial Metals to a “buy” rating in a research note on Friday, May 22nd. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $77.10.

Commercial Metals Stock Performance

Shares of NYSE:CMC opened at $76.72 on Thursday. Commercial Metals has a twelve month low of $47.06 and a twelve month high of $84.87. The firm has a market cap of $8.51 billion, a PE ratio of 17.09, a price-to-earnings-growth ratio of 0.46 and a beta of 1.50. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.55 and a current ratio of 2.38. The business has a fifty day moving average of $68.19 and a 200-day moving average of $69.86.

Commercial Metals (NYSE:CMC) last announced its earnings results on Thursday, March 26th. The basic materials company reported $1.16 earnings per share for the quarter, missing analysts’ consensus estimates of $1.28 by ($0.12). Commercial Metals had a net margin of 6.02% and a return on equity of 13.54%. The business had revenue of $2.13 billion during the quarter, compared to analyst estimates of $2.10 billion. During the same quarter last year, the business posted $0.26 earnings per share. The business’s quarterly revenue was up 21.5% compared to the same quarter last year. On average, equities research analysts predict that Commercial Metals will post 6.45 EPS for the current fiscal year.

Hedge Funds Weigh In On Commercial Metals

Hedge funds have recently added to or reduced their stakes in the company. Lazard Asset Management LLC raised its stake in Commercial Metals by 0.6% in the 4th quarter. Lazard Asset Management LLC now owns 23,199 shares of the basic materials company’s stock worth $1,606,000 after purchasing an additional 133 shares in the last quarter. NewEdge Advisors LLC grew its holdings in shares of Commercial Metals by 4.2% during the 1st quarter. NewEdge Advisors LLC now owns 3,610 shares of the basic materials company’s stock worth $222,000 after purchasing an additional 147 shares in the last quarter. Ashton Thomas Private Wealth LLC grew its holdings in shares of Commercial Metals by 3.1% during the 4th quarter. Ashton Thomas Private Wealth LLC now owns 4,904 shares of the basic materials company’s stock worth $339,000 after purchasing an additional 149 shares in the last quarter. Corient Private Wealth LLC grew its holdings in shares of Commercial Metals by 0.7% during the 4th quarter. Corient Private Wealth LLC now owns 23,554 shares of the basic materials company’s stock worth $1,630,000 after purchasing an additional 155 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC grew its holdings in shares of Commercial Metals by 4.0% during the 1st quarter. Fifth Third Wealth Advisors LLC now owns 4,164 shares of the basic materials company’s stock worth $256,000 after purchasing an additional 160 shares in the last quarter. Institutional investors own 86.90% of the company’s stock.

About Commercial Metals

Commercial Metals Company (NYSE: CMC) is a leading global steel and metal recycler, manufacturer and fabricator based in Irving, Texas. The company operates an integrated network of scrap recycling facilities, electric arc furnace steel mills, metal fabrication plants and distribution centers. Through these operations, Commercial Metals collects and processes ferrous scrap to produce finished steel products and provides recycled metal to a variety of end markets.

In its steelmaking segment, CMC uses electric arc furnace technology to transform recycled scrap into reinforcing bar (rebar), merchant bar, coil and structural products.