Commercial Metals (NYSE:CMC) Receives Average Recommendation of “Moderate Buy” from Brokerages

Commercial Metals (NYSE:CMC) has been assigned a consensus rating of “Moderate Buy” from the six ratings firms that are presently covering the stock, Marketbeat.com reports. Two investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12-month price target among brokers that have covered the stock in the last year is $61.40.

CMC has been the topic of several recent research reports. Jefferies Financial Group assumed coverage on Commercial Metals in a research report on Tuesday, September 3rd. They issued a “buy” rating and a $65.00 price objective on the stock. Wolfe Research upgraded shares of Commercial Metals from a “hold” rating to a “strong-buy” rating in a report on Wednesday, September 18th. StockNews.com downgraded shares of Commercial Metals from a “buy” rating to a “hold” rating in a research note on Thursday, June 20th. Finally, Bank of America lowered their target price on shares of Commercial Metals from $70.00 to $69.00 and set a “buy” rating for the company in a research note on Wednesday, June 26th.

Commercial Metals Price Performance

Shares of NYSE:CMC opened at $53.35 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.83 and a current ratio of 4.24. The business’s fifty day moving average price is $53.49 and its two-hundred day moving average price is $54.74. The stock has a market cap of $6.13 billion, a PE ratio of 11.10 and a beta of 1.14. Commercial Metals has a one year low of $39.85 and a one year high of $61.26.

Hedge Funds Weigh In On Commercial Metals

Several institutional investors and hedge funds have recently bought and sold shares of CMC. UBS Group AG increased its holdings in shares of Commercial Metals by 30.0% during the 4th quarter. UBS Group AG now owns 134,549 shares of the basic materials company’s stock worth $6,733,000 after buying an additional 31,018 shares during the last quarter. Allianz Asset Management GmbH raised its holdings in shares of Commercial Metals by 54.1% in the 4th quarter. Allianz Asset Management GmbH now owns 529,427 shares of the basic materials company’s stock worth $26,493,000 after purchasing an additional 185,796 shares during the period. TFO Wealth Partners LLC lifted its stake in shares of Commercial Metals by 33,628.6% in the 4th quarter. TFO Wealth Partners LLC now owns 4,722 shares of the basic materials company’s stock valued at $236,000 after purchasing an additional 4,708 shares in the last quarter. CWA Asset Management Group LLC acquired a new position in shares of Commercial Metals in the 4th quarter valued at about $7,334,000. Finally, First Trust Advisors LP grew its holdings in shares of Commercial Metals by 59.1% during the 4th quarter. First Trust Advisors LP now owns 617,188 shares of the basic materials company’s stock worth $30,884,000 after purchasing an additional 229,266 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.