Commercial Metals (NYSE:CMC) Price Target Raised to $63.00

Key Points

• JPMorgan Chase & Co. raised the target price for Commercial Metals (NYSE:CMC) from $54.00 to $63.00, indicating an 8.26% upside from the stock's previous close.
• Five analysts have rated Commercial Metals as a Buy, while six have given it a Hold rating, with an average price target of $61.39.
• Recently, Commercial Metals' stock increased by 2.2%, closing at $58.20 with a market capitalization of $6.51 billion.

Commercial Metals (NYSE:CMC - Get Free Report) had its target price hoisted by investment analysts at JPMorgan Chase & Co. from $54.00 to $63.00 in a report issued on Monday,Benzinga reports. The firm currently has a "neutral" rating on the basic materials company's stock. JPMorgan Chase & Co.'s price objective indicates a potential upside of 8.26% from the stock's previous close.

A number of other analysts also recently commented on the company. Jefferies Financial Group reaffirmed a "buy" rating on shares of Commercial Metals in a research report on Friday, June 20th. Morgan Stanley set a $57.50 target price on Commercial Metals in a research report on Wednesday, June 25th. Bank of America raised their target price on Commercial Metals from $60.00 to $70.00 and gave the stock a "buy" rating in a research report on Monday, September 15th. Weiss Ratings reissued a "hold (c)" rating on shares of Commercial Metals in a research report on Wednesday, October 8th. Finally, UBS Group raised their target price on Commercial Metals from $48.00 to $56.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 13th. Five investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat.com, Commercial Metals currently has an average rating of "Hold" and an average price target of $61.39.

Commercial Metals Stock Up 2.2%

Shares of Commercial Metals stock traded up $1.23 on Monday, hitting $58.20. The company had a trading volume of 20,739 shares, compared to its average volume of 1,070,791. The stock has a market capitalization of $6.51 billion, a price-to-earnings ratio of 187.76, a P/E/G ratio of 1.99 and a beta of 1.32. Commercial Metals has a 1 year low of $37.92 and a 1 year high of $64.53. The stock has a 50 day moving average of $57.26 and a 200-day moving average of $51.05. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.00 and a current ratio of 2.86.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Captrust Financial Advisors boosted its holdings in shares of Commercial Metals by 4.4% during the 2nd quarter. Captrust Financial Advisors now owns 4,813 shares of the basic materials company's stock valued at $235,000 after purchasing an additional 202 shares during the last quarter. Isthmus Partners LLC lifted its holdings in shares of Commercial Metals by 3.2% in the 1st quarter. Isthmus Partners LLC now owns 7,381 shares of the basic materials company's stock valued at $340,000 after acquiring an additional 226 shares during the last quarter. Choreo LLC lifted its holdings in shares of Commercial Metals by 2.1% in the 1st quarter. Choreo LLC now owns 11,015 shares of the basic materials company's stock valued at $509,000 after acquiring an additional 228 shares during the last quarter. Paulson Wealth Management Inc. lifted its holdings in shares of Commercial Metals by 5.2% in the 2nd quarter. Paulson Wealth Management Inc. now owns 4,674 shares of the basic materials company's stock valued at $229,000 after acquiring an additional 229 shares during the last quarter. Finally, National Bank of Canada FI lifted its stake in Commercial Metals by 80.3% in the first quarter. National Bank of Canada FI now owns 548 shares of the basic materials company's stock worth $25,000 after purchasing an additional 244 shares during the last quarter. Hedge funds and other institutional investors own 86.90% of the company's stock.

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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