Commercial Metals (NYSE:CMC) Price Target Raised to $64.00

Key Points

• Wells Fargo & Company raised the price target for Commercial Metals (NYSE: CMC) from $61.00 to $64.00, indicating a potential upside of 7.21%.
• Commercial Metals reported quarterly earnings of $0.74 EPS, missing the consensus estimate of $0.85, with revenue down 2.8% year-over-year.
• Analyst ratings for Commercial Metals are split, with five analysts giving it a Buy rating and five issuing Hold ratings, leading to an average rating of "Moderate Buy" and a consensus target price of $60.39.

Commercial Metals (NYSE:CMC - Free Report) had its price objective hoisted by Wells Fargo & Company from $61.00 to $64.00 in a research report report published on Friday morning, Marketbeat Ratings reports. They currently have an overweight rating on the basic materials company's stock.

Several other research analysts have also recently weighed in on the company. Bank of America boosted their price target on Commercial Metals from $60.00 to $70.00 and gave the stock a "buy" rating in a research note on Monday, September 15th. BMO Capital Markets reiterated a "market perform" rating and issued a $55.00 price objective (down from $57.00) on shares of Commercial Metals in a report on Tuesday, June 24th. Jefferies Financial Group reaffirmed a "buy" rating on shares of Commercial Metals in a report on Friday, June 20th. Morgan Stanley set a $57.50 price target on shares of Commercial Metals in a report on Wednesday, June 25th. Finally, UBS Group increased their price objective on shares of Commercial Metals from $48.00 to $56.00 and gave the company a "neutral" rating in a research report on Wednesday, August 13th. Five analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $60.39.

Commercial Metals Stock Down 0.2%

NYSE:CMC traded down $0.13 on Friday, reaching $57.39. 178,691 shares of the stock traded hands, compared to its average volume of 1,088,243. The company has a market capitalization of $6.42 billion, a price-to-earnings ratio of 185.15, a PEG ratio of 2.04 and a beta of 1.33. The company has a current ratio of 2.86, a quick ratio of 2.00 and a debt-to-equity ratio of 0.32. Commercial Metals has a 12 month low of $37.92 and a 12 month high of $64.53. The company's fifty day simple moving average is $55.65 and its 200 day simple moving average is $49.92.

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

Hedge Funds Weigh In On Commercial Metals

Several institutional investors have recently made changes to their positions in CMC. National Bank of Canada FI grew its holdings in Commercial Metals by 80.3% during the 1st quarter. National Bank of Canada FI now owns 548 shares of the basic materials company's stock worth $25,000 after acquiring an additional 244 shares in the last quarter. Park Square Financial Group LLC purchased a new stake in shares of Commercial Metals in the 4th quarter worth approximately $33,000. Heck Capital Advisors LLC purchased a new stake in shares of Commercial Metals in the 4th quarter worth approximately $34,000. SBI Securities Co. Ltd. raised its stake in Commercial Metals by 282.3% in the second quarter. SBI Securities Co. Ltd. now owns 692 shares of the basic materials company's stock worth $34,000 after buying an additional 511 shares in the last quarter. Finally, UMB Bank n.a. raised its stake in Commercial Metals by 51.9% in the first quarter. UMB Bank n.a. now owns 784 shares of the basic materials company's stock worth $36,000 after buying an additional 268 shares in 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.