Commercial Metals (NYSE:CMC) Price Target Raised to $54.00

Commercial Metals (NYSE:CMC) had its price objective increased by JPMorgan Chase & Co. from $52.00 to $54.00 in a report issued on Monday,Benzinga reports. The firm currently has a “neutral” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 6.01% from the company’s current price.

Several other analysts also recently issued reports on the stock. Jefferies Financial Group reissued a “buy” rating on shares of Commercial Metals in a research report on Friday, June 20th. UBS Group reiterated a “neutral” rating on shares of Commercial Metals in a report on Friday, June 20th. BMO Capital Markets restated a “market perform” rating and issued a $55.00 target price (down previously from $57.00) on shares of Commercial Metals in a report on Tuesday, June 24th. Wolfe Research raised shares of Commercial Metals from a “peer perform” rating to an “outperform” rating in a research report on Friday, June 20th. Finally, Morgan Stanley set a $57.50 price objective on Commercial Metals in a research note on Wednesday, June 25th. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $57.50.

Commercial Metals Price Performance

Shares of NYSE CMC opened at $50.94 on Monday. The firm has a market capitalization of $5.70 billion, a P/E ratio of 164.32, a P/E/G ratio of 2.10 and a beta of 1.26. The firm’s 50-day moving average price is $49.07 and its 200-day moving average price is $47.79. 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 1-year low of $37.92 and a 1-year high of $64.53.

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

Institutional Trading of Commercial Metals

A number of institutional investors and hedge funds have recently modified their holdings of CMC. Wealth Enhancement Advisory Services LLC grew its stake in Commercial Metals by 12.4% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 25,853 shares of the basic materials company’s stock valued at $1,189,000 after purchasing an additional 2,846 shares during the period. GAMMA Investing LLC grew its position in Commercial Metals by 25.6% during the first quarter. GAMMA Investing LLC now owns 3,280 shares of the basic materials company’s stock valued at $151,000 after buying an additional 669 shares during the period. State of Alaska Department of Revenue increased its holdings in Commercial Metals by 2.5% during the first quarter. State of Alaska Department of Revenue now owns 13,316 shares of the basic materials company’s stock worth $612,000 after buying an additional 325 shares during the last quarter. SG Americas Securities LLC increased its holdings in Commercial Metals by 460.1% during the first 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 last quarter. Finally, Bank of Montreal Can boosted its stake in Commercial Metals by 9.5% in the fourth quarter. Bank of Montreal Can now owns 15,801 shares of the basic materials company’s stock valued at $784,000 after acquiring an additional 1,369 shares during the last quarter. 86.90% of the stock is owned by hedge funds and other institutional investors.

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.