Commercial Metals (NYSE:CMC) Price Target Lowered to $62.00 at Jefferies Financial Group

Commercial Metals (NYSE:CMC) had its target price cut by equities research analysts at Jefferies Financial Group from $65.00 to $62.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the basic materials company’s stock. Jefferies Financial Group’s target price indicates a potential upside of 27.13% from the stock’s previous close.

Several other equities analysts have also recently commented on CMC. BMO Capital Markets reduced their price target on shares of Commercial Metals from $62.00 to $58.00 and set a “market perform” rating on the stock in a research report on Friday, January 3rd. The Goldman Sachs Group began coverage on shares of Commercial Metals in a research note on Monday, December 2nd. They set a “buy” rating and a $75.00 target price for the company. Wolfe Research downgraded shares of Commercial Metals from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, October 9th. BNP Paribas downgraded Commercial Metals from an “outperform” rating to a “neutral” rating in a research note on Friday, January 3rd. Finally, Morgan Stanley assumed coverage on Commercial Metals in a research report on Thursday, December 19th. They set an “equal weight” rating and a $65.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, Commercial Metals has a consensus rating of “Hold” and an average target price of $64.17.

Commercial Metals Stock Down 3.3 %

Shares of NYSE CMC opened at $48.77 on Monday. The stock has a fifty day moving average price of $56.87 and a 200 day moving average price of $54.97. The company has a market cap of $5.56 billion, a P/E ratio of 11.78, a P/E/G ratio of 2.74 and a beta of 1.19. Commercial Metals has a 12-month low of $47.42 and a 12-month high of $64.53. The company has a current ratio of 3.94, a quick ratio of 2.78 and a debt-to-equity ratio of 0.27.

Commercial Metals (NYSE:CMC) last announced its earnings results on Monday, January 6th. The basic materials company reported $0.78 earnings per share for the quarter, meeting the consensus estimate of $0.78. The company had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.85 billion. Commercial Metals had a return on equity of 12.20% and a net margin of 6.13%. The company’s revenue was down 4.7% on a year-over-year basis. During the same period last year, the firm earned $1.49 earnings per share. Research analysts anticipate that Commercial Metals will post 4.26 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of CMC. nVerses Capital LLC acquired a new stake in Commercial Metals in the third quarter worth about $66,000. GAMMA Investing LLC boosted its holdings in shares of Commercial Metals by 56.6% in the fourth quarter. GAMMA Investing LLC now owns 2,611 shares of the basic materials company’s stock valued at $130,000 after acquiring an additional 944 shares in the last quarter. KBC Group NV increased its stake in shares of Commercial Metals by 15.9% during the third quarter. KBC Group NV now owns 3,099 shares of the basic materials company’s stock valued at $170,000 after acquiring an additional 425 shares during the period. Highland Capital Management LLC acquired a new stake in Commercial Metals in the third quarter worth approximately $206,000. Finally, Harbor Capital Advisors Inc. raised its stake in shares of Commercial Metals by 29.7% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 3,798 shares of the basic materials company’s stock worth $209,000 after buying an additional 870 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.