Commercial Metals (NYSE:CMC) Rating Increased to Strong-Buy at Wells Fargo & Company

Commercial Metals (NYSE:CMC) was upgraded by research analysts at Wells Fargo & Company to a “strong-buy” rating in a report released on Thursday,Zacks.com reports.

Other analysts also recently issued reports about the company. UBS Group reaffirmed a “neutral” rating and set a $56.00 price target (up from $48.00) on shares of Commercial Metals in a research report on Wednesday. BMO Capital Markets reaffirmed a “market perform” rating and set a $55.00 price target (down from $57.00) on shares of Commercial Metals in a research report on Tuesday, June 24th. Wolfe Research raised 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 target on Commercial Metals from $52.00 to $54.00 and gave the company a “neutral” rating in a research report on Monday, July 14th. Finally, Jefferies Financial Group reaffirmed a “buy” rating on shares of Commercial Metals in a research report on Friday, June 20th. Five equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $58.81.

Commercial Metals Stock Performance

Shares of CMC opened at $56.40 on Thursday. The company has a current ratio of 2.86, a quick ratio of 2.00 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $6.31 billion, a price-to-earnings ratio of 181.94, a PEG ratio of 2.64 and a beta of 1.28. The stock has a 50 day moving average of $51.66 and a 200 day moving average of $48.37. Commercial Metals has a 12 month low of $37.92 and a 12 month high of $64.53.

Commercial Metals (NYSE:CMC) last issued its quarterly earnings results on Monday, June 23rd. The basic materials company reported $0.74 EPS for the quarter, missing analysts’ consensus estimates of $0.85 by ($0.11). The business had revenue of $2.02 billion for the quarter, compared to analysts’ expectations of $2.04 billion. Commercial Metals had a net margin of 0.48% and a return on equity of 7.45%. The business’s revenue was down 2.8% compared to the same quarter last year. During the same period in the previous year, the business posted $1.02 earnings per share. As a group, sell-side analysts forecast that Commercial Metals will post 3.09 earnings per share for the current year.

Institutional Trading of Commercial Metals

A number of large investors have recently bought and sold shares of the company. Tower Research Capital LLC TRC grew its position in shares of Commercial Metals by 140.4% in the second quarter. Tower Research Capital LLC TRC now owns 10,876 shares of the basic materials company’s stock valued at $532,000 after purchasing an additional 6,352 shares in the last quarter. Captrust Financial Advisors grew its position in shares of Commercial Metals by 4.4% in the second quarter. Captrust Financial Advisors now owns 4,813 shares of the basic materials company’s stock valued at $235,000 after purchasing an additional 202 shares in the last quarter. Tidal Investments LLC grew its position in shares of Commercial Metals by 3.6% in the second quarter. Tidal Investments LLC now owns 34,996 shares of the basic materials company’s stock valued at $1,712,000 after purchasing an additional 1,204 shares in the last quarter. Orion Porfolio Solutions LLC grew its position in shares of Commercial Metals by 1.7% in the second quarter. Orion Porfolio Solutions LLC now owns 27,637 shares of the basic materials company’s stock valued at $1,352,000 after purchasing an additional 470 shares in the last quarter. Finally, Moore Capital Management LP purchased a new position in shares of Commercial Metals in the second quarter valued at $5,410,000. 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.