Commercial Metals' (CMC) "Hold (C)" Rating Reaffirmed at Weiss Ratings

Key Points

• The stock rating for Commercial Metals (CMC) has been reaffirmed as "hold" by Weiss Ratings, highlighting a cautious outlook on the stock's performance.
• UBS Group increased its target price for CMC shares from $48.00 to $56.00, while other firms also adjusted their ratings, indicating mixed market sentiment toward the stock.
• As of recent trading, shares of Commercial Metals reached $59.30, showing a significant trading volume and reflecting its position within the current market landscape.

Commercial Metals (NYSE:CMC - Get Free Report)'s stock had its "hold (c)" rating restated by equities research analysts at Weiss Ratings in a research note issued on Wednesday,Weiss Ratings reports.

A number of other research firms also recently weighed in on CMC. UBS Group boosted their target price on shares of Commercial Metals from $48.00 to $56.00 and gave the stock a "neutral" rating in a report on Wednesday, August 13th. Wolfe Research raised shares of Commercial Metals from a "peer perform" rating to an "outperform" rating in a research note on Friday, June 20th. Jefferies Financial Group restated a "buy" rating on shares of Commercial Metals in a research report on Friday, June 20th. Bank of America upped their target price on Commercial Metals from $60.00 to $70.00 and gave the company a "buy" rating in a research note on Monday, September 15th. Finally, JPMorgan Chase & Co. upped their target price on Commercial Metals from $52.00 to $54.00 and gave the company a "neutral" rating in a research note on Monday, July 14th. Five analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $60.39.

Commercial Metals Price Performance

Shares of Commercial Metals stock traded up $1.29 during trading hours on Wednesday, reaching $59.30. The company's stock had a trading volume of 662,627 shares, compared to its average volume of 1,011,460. The firm has a 50 day moving average price of $56.98 and a 200-day moving average price of $50.89. Commercial Metals has a one year low of $37.92 and a one year high of $64.53. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.86 and a quick ratio of 2.00. The stock has a market cap of $6.64 billion, a P/E ratio of 191.29, a P/E/G ratio of 2.03 and a beta of 1.32.

Institutional Investors Weigh In On Commercial Metals

Several large investors have recently added to or reduced their stakes in the stock. State Street Corp boosted its position in Commercial Metals by 1.2% in the 2nd quarter. State Street Corp now owns 6,109,178 shares of the basic materials company's stock valued at $299,898,000 after buying an additional 71,703 shares during the period. Fuller & Thaler Asset Management Inc. lifted its position in shares of Commercial Metals by 14.9% in the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 4,161,292 shares of the basic materials company's stock worth $191,461,000 after purchasing an additional 539,309 shares during the period. Franklin Resources Inc. lifted its position in shares of Commercial Metals by 10.0% in the 2nd quarter. Franklin Resources Inc. now owns 3,193,930 shares of the basic materials company's stock worth $156,215,000 after purchasing an additional 290,256 shares during the period. Victory Capital Management Inc. lifted its position in shares of Commercial Metals by 27.5% in the 1st quarter. Victory Capital Management Inc. now owns 3,089,313 shares of the basic materials company's stock worth $142,139,000 after purchasing an additional 666,886 shares during the period. Finally, American Century Companies Inc. lifted its position in shares of Commercial Metals by 7.8% in the 2nd quarter. American Century Companies Inc. now owns 1,711,656 shares of the basic materials company's stock worth $83,717,000 after purchasing an additional 124,397 shares during the period. 86.90% of the stock is owned by hedge funds and other institutional investors.

About Commercial Metals

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.

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