Commercial Metals (NYSE:CMC) Given New $55.00 Price Target at BMO Capital Markets

Commercial Metals (NYSE:CMC - Get Free Report) had its target price reduced by analysts at BMO Capital Markets from $57.00 to $55.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has a "market perform" rating on the basic materials company's stock. BMO Capital Markets' price objective points to a potential upside of 9.87% from the stock's previous close.

Other equities research analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. began coverage on shares of Commercial Metals in a research note on Friday, May 30th. They set a "neutral" rating and a $52.00 target price on the stock. Morgan Stanley restated an "equal weight" rating on shares of Commercial Metals in a research report on Friday. UBS Group restated a "neutral" rating on shares of Commercial Metals in a research report on Friday. Wolfe Research upgraded Commercial Metals from a "peer perform" rating to an "outperform" rating in a report on Friday. Finally, Jefferies Financial Group restated a "buy" rating on shares of Commercial Metals in a report on Friday. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $58.13.

Commercial Metals Price Performance

CMC stock traded up $0.79 during trading on Tuesday, hitting $50.06. The stock had a trading volume of 1,614,643 shares, compared to its average volume of 987,011. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.86 and a quick ratio of 1.94. Commercial Metals has a twelve month low of $37.92 and a twelve month high of $64.53. The stock has a market capitalization of $5.66 billion, a P/E ratio of 161.48, a PEG ratio of 2.02 and a beta of 1.27. The company's 50-day moving average price is $46.88 and its two-hundred day moving average price is $48.11.

Commercial Metals (NYSE:CMC - Get Free Report) last posted its quarterly earnings data on Monday, June 23rd. The basic materials company reported $0.74 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.85 by ($0.11). The firm had revenue of $2.02 billion during the quarter, compared to analyst estimates of $2.04 billion. Commercial Metals had a return on equity of 7.45% and a net margin of 0.48%. The company's quarterly revenue was down 2.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.02 earnings per share. As a group, research analysts predict that Commercial Metals will post 3.09 EPS for the current fiscal year.

Insider Transactions at Commercial Metals

In other news, Director John R. Mcpherson bought 2,475 shares of the firm's stock in a transaction that occurred on Friday, April 4th. The shares were purchased at an average price of $40.42 per share, with a total value of $100,039.50. Following the purchase, the director now owns 15,141 shares in the company, valued at approximately $611,999.22. The trade was a 19.54% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.46% of the company's stock.

Institutional Trading of Commercial Metals

Hedge funds have recently made changes to their positions in the business. Truist Financial Corp raised its stake in shares of Commercial Metals by 3.5% in the fourth quarter. Truist Financial Corp now owns 7,150 shares of the basic materials company's stock valued at $355,000 after acquiring an additional 242 shares in the last quarter. New York State Common Retirement Fund increased its holdings in Commercial Metals by 2.6% during the 4th quarter. New York State Common Retirement Fund now owns 175,216 shares of the basic materials company's stock worth $8,691,000 after purchasing an additional 4,397 shares during the period. Union Bancaire Privee UBP SA acquired a new stake in Commercial Metals in the 4th quarter valued at about $134,000. Y Intercept Hong Kong Ltd acquired a new stake in Commercial Metals in the 4th quarter valued at about $1,152,000. Finally, Bank of New York Mellon Corp raised its position in Commercial Metals by 6.7% in the 4th quarter. Bank of New York Mellon Corp now owns 1,163,920 shares of the basic materials company's stock valued at $57,730,000 after purchasing an additional 73,368 shares in the last quarter. Institutional investors and hedge funds own 86.90% of the company's stock.

Commercial Metals Company Profile

Commercial Metals Company manufactures, recycles, and fabricates steel and metal products, and related materials and services in the United States, Poland, China, and internationally. It operates through two segments, North America and Europe. The company processes and sells ferrous and nonferrous scrap metals to steel mills and foundries, aluminum sheet and ingot manufacturers, brass and bronze ingot makers, copper refineries and mills, secondary lead smelters, specialty steel mills, high temperature alloy manufacturers, and other consumers.