Wall Street Zen Upgrades Commercial Metals (NYSE:CMC) to Buy

Key Points

• Wall Street Zen has upgraded Commercial Metals (NYSE: CMC) from a "hold" rating to a "buy" rating, indicating a more positive outlook on the company's performance.
• Several analysts have set new price objectives for Commercial Metals, with Morgan Stanley targeting $57.50 and JPMorgan Chase raising their target from $52.00 to $54.00.
• Despite positive upgrades, the stock of Commercial Metals has seen a decrease of 3.4%, opening at $57.02, which could indicate market volatility.

Commercial Metals (NYSE:CMC - Get Free Report) was upgraded by analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a report issued on Sunday.

A number of other research analysts have also commented on CMC. Morgan Stanley set a $57.50 price objective on Commercial Metals in a research report on Wednesday, June 25th. Wolfe Research upgraded Commercial Metals from a "peer perform" rating to an "outperform" rating in a research report on Friday, June 20th. JPMorgan Chase & Co. increased their price objective on Commercial Metals from $52.00 to $54.00 and gave the company a "neutral" rating in a research report on Monday, July 14th. 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 research report on Tuesday, June 24th. Finally, Jefferies Financial Group restated a "buy" rating on shares of Commercial Metals in a research report on Friday, June 20th. Five analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $60.39.

Commercial Metals Stock Down 3.4%

Shares of CMC opened at $57.02 on Friday. The firm has a market capitalization of $6.38 billion, a price-to-earnings ratio of 183.94, a PEG ratio of 1.99 and a beta of 1.32. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.00 and a current ratio of 2.86. The business's fifty day moving average price is $57.26 and its two-hundred day moving average price is $51.03. Commercial Metals has a 52 week low of $37.92 and a 52 week high of $64.53.

Institutional Trading of Commercial Metals

Several hedge funds have recently added to or reduced their stakes in CMC. UMB Bank n.a. raised its stake in Commercial Metals by 51.9% during the 1st 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 during the period. GAMMA Investing LLC raised its stake in Commercial Metals by 25.6% during the 1st quarter. GAMMA Investing LLC now owns 3,280 shares of the basic materials company's stock worth $151,000 after buying an additional 669 shares during the period. SG Americas Securities LLC raised its stake in Commercial Metals by 460.1% during the 1st quarter. SG Americas Securities LLC now owns 12,383 shares of the basic materials company's stock worth $570,000 after buying an additional 10,172 shares during the period. Fifth Third Bancorp raised its stake in Commercial Metals by 21.2% during the 1st quarter. Fifth Third Bancorp now owns 1,595 shares of the basic materials company's stock worth $73,000 after buying an additional 279 shares during the period. Finally, Wealth Enhancement Advisory Services LLC raised its stake in Commercial Metals by 12.4% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 25,853 shares of the basic materials company's stock worth $1,189,000 after buying an additional 2,846 shares during the period. Institutional investors and hedge funds 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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