Commercial Metals (NYSE:CMC) Upgraded at BNP Paribas Exane

Commercial Metals (NYSE:CMC) was upgraded by research analysts at BNP Paribas Exane from a “neutral” rating to an “outperform” rating in a report released on Wednesday, Marketbeat Ratings reports. The firm presently has a $75.00 price target on the basic materials company’s stock. BNP Paribas Exane’s price target would indicate a potential upside of 21.48% from the stock’s current price.

Other analysts also recently issued reports about the company. UBS Group raised Commercial Metals from a “neutral” rating to a “buy” rating and boosted their target price for the company from $79.00 to $89.00 in a report on Wednesday, May 13th. BMO Capital Markets cut their price target on Commercial Metals from $80.00 to $77.00 and set a “market perform” rating on the stock in a research report on Monday, June 29th. Weiss Ratings upgraded Commercial Metals from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, June 30th. Zacks Research downgraded Commercial Metals from a “hold” rating to a “strong sell” rating in a report on Friday, June 12th. Finally, Citigroup lowered their target price on shares of Commercial Metals from $85.00 to $75.00 and set a “buy” rating on the stock in a research report on Tuesday. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $78.73.

Commercial Metals Stock Down 1.5%

NYSE CMC opened at $61.74 on Wednesday. The company has a quick ratio of 1.54, a current ratio of 2.33 and a debt-to-equity ratio of 0.73. The business’s fifty day simple moving average is $71.34 and its 200-day simple moving average is $70.93. Commercial Metals has a 52 week low of $49.66 and a 52 week high of $84.87. The firm has a market cap of $6.83 billion, a PE ratio of 11.63, a P/E/G ratio of 0.36 and a beta of 1.54.

Commercial Metals (NYSE:CMC) last announced its earnings results on Thursday, June 25th. The basic materials company reported $1.73 earnings per share for the quarter, topping the consensus estimate of $1.70 by $0.03. The company had revenue of $2.48 billion during the quarter, compared to analyst estimates of $2.40 billion. Commercial Metals had a net margin of 6.72% and a return on equity of 15.69%. Commercial Metals’s revenue was up 22.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.74 earnings per share. As a group, equities analysts anticipate that Commercial Metals will post 6.54 earnings per share for the current year.

Institutional Investors Weigh In On Commercial Metals

Several hedge funds have recently modified their holdings of the company. Lazard Asset Management LLC raised its holdings 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 valued at $1,606,000 after acquiring an additional 133 shares during the last quarter. NewEdge Advisors LLC boosted its holdings in shares of Commercial Metals by 4.2% during the first 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 during the last quarter. Ashton Thomas Private Wealth LLC grew its position in shares of Commercial Metals by 3.1% in the fourth quarter. Ashton Thomas Private Wealth LLC now owns 4,904 shares of the basic materials company’s stock valued at $339,000 after purchasing an additional 149 shares during the period. Corient Private Wealth LLC increased its stake in Commercial Metals by 0.7% in the fourth quarter. Corient Private Wealth LLC now owns 23,554 shares of the basic materials company’s stock valued at $1,630,000 after purchasing an additional 155 shares during the last quarter. Finally, Fifth Third Wealth Advisors LLC lifted its position in Commercial Metals by 4.0% during the first quarter. Fifth Third Wealth Advisors LLC now owns 4,164 shares of the basic materials company’s stock worth $256,000 after buying an additional 160 shares during the period. 86.90% of the stock is owned by institutional investors and hedge funds.

Commercial Metals Company Profile

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.