Commercial Metals (NYSE:CMC) Price Target Lowered to $55.00 at BMO Capital Markets

Commercial Metals (NYSE:CMC) had its price target reduced by equities researchers at BMO Capital Markets from $57.00 to $55.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has a “market perform” rating on the basic materials company’s stock. BMO Capital Markets’ price objective suggests a potential upside of 10.23% from the company’s current price.

A number of other equities analysts have also commented on the stock. Morgan Stanley reiterated an “equal weight” rating on shares of Commercial Metals in a report on Friday. UBS Group reaffirmed a “neutral” rating on shares of Commercial Metals in a report on Friday. JPMorgan Chase & Co. began coverage on Commercial Metals in a report on Friday, May 30th. They issued a “neutral” rating and a $52.00 target price on the stock. Jefferies Financial Group restated a “buy” rating on shares of Commercial Metals in a report on Friday. Finally, Wolfe Research raised shares of Commercial Metals from a “peer perform” rating to an “outperform” rating in a research note on Friday. Five analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $58.13.

Commercial Metals Price Performance

Shares of NYSE CMC traded up $0.63 during mid-day trading on Tuesday, hitting $49.90. 403,092 shares of the stock traded hands, compared to its average volume of 983,022. The company has a market cap of $5.64 billion, a PE ratio of 83.16, a price-to-earnings-growth ratio of 2.70 and a beta of 1.27. Commercial Metals has a twelve month low of $37.92 and a twelve month high of $64.53. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.82 and a quick ratio of 1.94. The firm has a 50 day simple moving average of $46.71 and a two-hundred day simple moving average of $48.09.

Commercial Metals (NYSE:CMC) last announced 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). Commercial Metals had a net margin of 0.94% and a return on equity of 8.23%. The firm had revenue of $2.02 billion for the quarter, compared to analyst estimates of $2.04 billion. During the same period in the previous year, the business posted $1.02 earnings per share. The business’s revenue for the quarter was down 2.8% compared to the same quarter last year. As a group, equities research analysts forecast that Commercial Metals will post 3.09 EPS for the current fiscal year.

Insider Activity at Commercial Metals

In other news, Director John R. Mcpherson bought 2,475 shares of the business’s stock in a transaction that occurred on Friday, April 4th. The shares were bought at an average cost of $40.42 per share, for a total transaction of $100,039.50. Following the acquisition, the director now directly owns 15,141 shares in the company, valued at approximately $611,999.22. This trade represents a 19.54% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.46% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Truist Financial Corp lifted its position in Commercial Metals by 3.5% in the 4th quarter. Truist Financial Corp now owns 7,150 shares of the basic materials company’s stock valued at $355,000 after acquiring an additional 242 shares in the last quarter. New York State Common Retirement Fund grew its holdings in Commercial Metals by 2.6% during the fourth quarter. New York State Common Retirement Fund now owns 175,216 shares of the basic materials company’s stock worth $8,691,000 after buying an additional 4,397 shares in the last quarter. Union Bancaire Privee UBP SA purchased a new stake in Commercial Metals in the 4th quarter valued at $134,000. Y Intercept Hong Kong Ltd bought a new position in Commercial Metals during the 4th quarter valued at $1,152,000. Finally, Bank of New York Mellon Corp boosted its holdings in Commercial Metals by 6.7% during the 4th quarter. Bank of New York Mellon Corp now owns 1,163,920 shares of the basic materials company’s stock worth $57,730,000 after acquiring an additional 73,368 shares during the last quarter. 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.