JPMorgan Chase & Co. Boosts Commercial Metals (NYSE:CMC) Price Target to $64.00

Key Points

• JPMorgan Chase & Co. increased its price target for Commercial Metals (NYSE: CMC) from $63.00 to $64.00, indicating a potential upside of 9.27% from the company's previous close.
• Several analysts, including Citigroup and Bank of America, have also raised their price targets for Commercial Metals, with recommendations ranging from "neutral" to "buy".
• Commercial Metals reported an EPS of $1.37 for the last quarter, surpassing analysts' estimates of $1.32, and its revenue increased by 5.9% year-over-year.

Commercial Metals (NYSE:CMC - Get Free Report) had its target price upped by equities research analysts at JPMorgan Chase & Co. from $63.00 to $64.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a "neutral" rating on the basic materials company's stock. JPMorgan Chase & Co.'s target price points to a potential upside of 9.27% from the company's previous close.

Other equities analysts have also recently issued research reports about the company. Citigroup raised Commercial Metals from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $60.00 to $65.00 in a report on Friday. UBS Group boosted their price target on Commercial Metals from $48.00 to $56.00 and gave the stock a "neutral" rating in a report on Wednesday, August 13th. Wells Fargo & Company boosted their price target on Commercial Metals from $61.00 to $64.00 and gave the stock an "overweight" rating in a report on Friday, September 19th. 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 report on Monday, September 15th. Finally, Morgan Stanley set a $57.50 price objective on Commercial Metals in a research report on Wednesday, June 25th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $61.85.

Commercial Metals Price Performance

NYSE CMC traded up $1.19 during midday trading on Monday, hitting $58.57. The company had a trading volume of 320,773 shares, compared to its average volume of 1,102,470. 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 has a twelve month low of $37.92 and a twelve month high of $64.53. The company has a market capitalization of $6.50 billion, a PE ratio of 77.22, a P/E/G ratio of 1.93 and a beta of 1.32. The firm has a 50-day moving average price of $57.86 and a 200-day moving average price of $51.50.

Commercial Metals (NYSE:CMC - Get Free Report) last posted its quarterly earnings results on Thursday, October 16th. The basic materials company reported $1.37 EPS for the quarter, topping 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 company had revenue of $2.11 billion during the quarter, compared to analysts' expectations of $2.10 billion. During the same quarter in the previous year, the firm earned $0.90 EPS. Commercial Metals's revenue was up 5.9% on a year-over-year basis. As a group, analysts anticipate that Commercial Metals will post 3.09 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Commercial Metals

Institutional investors have recently made changes to their positions in the stock. Blue Trust Inc. grew its position in Commercial Metals by 2.3% during the third quarter. Blue Trust Inc. now owns 7,867 shares of the basic materials company's stock worth $451,000 after buying an additional 180 shares in the last quarter. Captrust Financial Advisors grew its position in Commercial Metals by 4.4% during the second quarter. Captrust Financial Advisors now owns 4,813 shares of the basic materials company's stock worth $235,000 after buying an additional 202 shares in the last quarter. Isthmus Partners LLC grew its position in Commercial Metals by 3.2% during the first quarter. Isthmus Partners LLC now owns 7,381 shares of the basic materials company's stock worth $340,000 after buying an additional 226 shares in the last quarter. Choreo LLC grew its position in Commercial Metals by 2.1% during the first quarter. Choreo LLC now owns 11,015 shares of the basic materials company's stock worth $509,000 after buying an additional 228 shares in the last quarter. Finally, Paulson Wealth Management Inc. grew its position in Commercial Metals by 5.2% during the second quarter. Paulson Wealth Management Inc. now owns 4,674 shares of the basic materials company's stock worth $229,000 after buying an additional 229 shares in the last quarter. Institutional investors 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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