Commercial Metals (NYSE:CMC) Upgraded to "Strong-Buy" at Wall Street Zen

Key Points

• Commercial Metals has been upgraded from a "buy" rating to a "strong-buy" rating by Wall Street Zen, indicating increased confidence in the stock's future performance.
• The stock currently has a consensus rating of "Moderate Buy" and an average price target of $61.75, reflecting positive sentiment among analysts.
• Commercial Metals reported earnings of $1.37 per share for the last quarter, surpassing analysts' expectations and demonstrating a year-over-year revenue increase of 5.9%.

Commercial Metals (NYSE:CMC - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a research report issued to clients and investors on Monday.

CMC has been the topic of a number of other reports. Weiss Ratings reiterated a "hold (c)" rating on shares of Commercial Metals in a report on Wednesday, October 8th. Morgan Stanley set a $57.50 price target on Commercial Metals in a report on Wednesday, June 25th. UBS Group lifted their price target on Commercial Metals from $48.00 to $56.00 and gave the company a "neutral" rating in a report on Wednesday, August 13th. BMO Capital Markets reissued a "market perform" rating and issued a $55.00 price objective (down previously from $57.00) on shares of Commercial Metals in a research report on Tuesday, June 24th. Finally, Zacks Research raised Commercial Metals from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, October 14th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $61.75.

Commercial Metals Trading Up 3.7%

Shares of NYSE:CMC opened at $57.39 on Monday. Commercial Metals has a 12-month low of $37.92 and a 12-month high of $64.53. The business's fifty day simple moving average is $57.86 and its 200-day simple moving average is $51.50. The company has a market capitalization of $6.37 billion, a PE ratio of 75.51, a P/E/G ratio of 1.93 and a beta of 1.32. The company has a current ratio of 2.78, a quick ratio of 2.03 and a debt-to-equity ratio of 0.31.

Commercial Metals (NYSE:CMC - Get Free Report) last announced its quarterly earnings results on Thursday, October 16th. The basic materials company reported $1.37 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.32 by $0.05. Commercial Metals had a return on equity of 8.76% and a net margin of 1.09%.The business had revenue of $2.11 billion for the quarter, compared to the consensus estimate of $2.10 billion. During the same period last year, the business posted $0.90 EPS. The business's revenue was up 5.9% compared to the same quarter last year. As a group, equities research analysts predict that Commercial Metals will post 3.09 earnings per share for the current fiscal year.

Institutional Trading of Commercial Metals

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. National Bank of Canada FI lifted its position 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 during the period. SBI Securities Co. Ltd. lifted its position in Commercial Metals by 282.3% during the 2nd quarter. SBI Securities Co. Ltd. now owns 692 shares of the basic materials company's stock worth $34,000 after acquiring an additional 511 shares during the period. Signaturefd LLC lifted its position in Commercial Metals by 51.4% during the 2nd quarter. Signaturefd LLC now owns 890 shares of the basic materials company's stock worth $44,000 after acquiring an additional 302 shares during the period. Wayfinding Financial LLC acquired a new stake in Commercial Metals during the 1st quarter worth about $47,000. Finally, UMB Bank n.a. lifted its position in Commercial Metals by 77.8% during the 2nd quarter. UMB Bank n.a. now owns 1,394 shares of the basic materials company's stock worth $68,000 after acquiring an additional 610 shares during the period. 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.

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