Commercial Metals Company (NYSE:CMC) shares rose 6.9% on Wednesday . The stock traded as high as $20.30 and last traded at $20.10. Approximately 5,407,758 shares were traded during mid-day trading, an increase of 186% from the average daily volume of 1,891,080 shares. The stock had previously closed at $18.80.
CMC has been the subject of several recent analyst reports. Citigroup Inc. dropped their target price on shares of Commercial Metals from $22.00 to $21.00 and set a “buy” rating for the company in a report on Friday, September 15th. Bank of America Corporation reaffirmed a “neutral” rating and issued a $21.00 target price (up previously from $20.00) on shares of Commercial Metals in a report on Tuesday, September 5th. Zacks Investment Research downgraded shares of Commercial Metals from a “hold” rating to a “strong sell” rating in a report on Monday, September 4th. Macquarie initiated coverage on shares of Commercial Metals in a report on Wednesday, September 6th. They issued an “underperform” rating and a $16.00 target price for the company. Finally, Jefferies Group LLC reaffirmed a “hold” rating and issued a $19.00 target price on shares of Commercial Metals in a report on Wednesday, June 28th. Four analysts have rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company’s stock. Commercial Metals currently has an average rating of “Hold” and an average target price of $20.63.
The firm has a 50-day moving average of $18.61 and a 200 day moving average of $18.69. The stock has a market capitalization of $2.36 billion, a P/E ratio of 31.55 and a beta of 1.22.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Commercial Metals by 9.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,853 shares of the basic materials company’s stock valued at $114,000 after buying an additional 522 shares in the last quarter. Point72 Asia Hong Kong Ltd increased its holdings in Commercial Metals by 367.8% in the first quarter. Point72 Asia Hong Kong Ltd now owns 6,591 shares of the basic materials company’s stock valued at $126,000 after buying an additional 5,182 shares in the last quarter. Riverhead Capital Management LLC increased its holdings in Commercial Metals by 56.6% in the second quarter. Riverhead Capital Management LLC now owns 6,892 shares of the basic materials company’s stock valued at $134,000 after buying an additional 2,492 shares in the last quarter. LS Investment Advisors LLC increased its holdings in Commercial Metals by 20.2% in the second quarter. LS Investment Advisors LLC now owns 9,197 shares of the basic materials company’s stock valued at $179,000 after buying an additional 1,548 shares in the last quarter. Finally, Cim Investment Mangement Inc. purchased a new position in Commercial Metals in the second quarter valued at $202,000. 90.64% of the stock is owned by institutional investors.
TRADEMARK VIOLATION WARNING: This piece was posted by Stock Observer and is the sole property of of Stock Observer. If you are viewing this piece on another site, it was illegally copied and reposted in violation of U.S. & international copyright and trademark laws. The correct version of this piece can be read at https://www.thestockobserver.com/2017/10/13/commercial-metals-company-cmc-stock-price-up-6-9.html.
Commercial Metals Company Profile
Commercial Metals Company, together with its subsidiaries, manufactures, recycles and markets steel and metal products, related materials and services through a network. The Company’s Americas Recycling segment processes scrap metals for use as a raw material by manufacturers of new metal products. The Americas Mills segment consists of steel mills, commonly referred to as minimills that produce reinforcing bar (rebar), angles, flats and rounds.
Receive News & Ratings for Commercial Metals Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Commercial Metals Company and related companies with MarketBeat.com's FREE daily email newsletter.