Commercial Metals (NYSE:CMC) Given New $80.00 Price Target at Wells Fargo & Company

Commercial Metals (NYSE:CMC) had its target price raised by equities researchers at Wells Fargo & Company from $79.00 to $80.00 in a report issued on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the basic materials company’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 10.14% from the company’s previous close.

A number of other research analysts also recently commented on the company. Morgan Stanley increased their price target on Commercial Metals from $68.00 to $85.00 and gave the company an “overweight” rating in a report on Friday, January 9th. JPMorgan Chase & Co. upgraded shares of Commercial Metals from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $64.00 to $78.00 in a research note on Friday, December 5th. The Goldman Sachs Group reissued a “buy” rating and set a $84.00 price target on shares of Commercial Metals in a report on Tuesday, December 30th. Jefferies Financial Group set a $85.00 price objective on shares of Commercial Metals and gave the stock a “buy” rating in a report on Thursday, January 8th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Commercial Metals in a research report on Wednesday, January 21st. Eight research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, Commercial Metals currently has an average rating of “Moderate Buy” and a consensus price target of $72.80.

Commercial Metals Trading Down 0.9%

CMC stock traded down $0.67 during midday trading on Monday, reaching $72.63. 159,444 shares of the company’s stock traded hands, compared to its average volume of 1,226,080. The business has a 50-day moving average price of $75.73 and a two-hundred day moving average price of $65.70. The company has a market capitalization of $8.06 billion, a P/E ratio of 18.73, a PEG ratio of 0.39 and a beta of 1.47. Commercial Metals has a fifty-two week low of $37.92 and a fifty-two week high of $84.87. The company has a debt-to-equity ratio of 0.77, a current ratio of 4.47 and a quick ratio of 3.70.

Commercial Metals (NYSE:CMC) last posted its earnings results on Thursday, January 8th. The basic materials company reported $1.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.55 by $0.29. Commercial Metals had a return on equity of 11.43% and a net margin of 5.46%.The business had revenue of $2.12 billion during the quarter, compared to analyst estimates of $2.06 billion. During the same quarter last year, the firm earned $0.78 earnings per share. The company’s revenue for the quarter was up 11.0% compared to the same quarter last year. Equities research analysts forecast that Commercial Metals will post 3.09 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Dennis V. Arriola bought 2,000 shares of the firm’s stock in a transaction on Tuesday, January 20th. The stock was bought at an average cost of $74.69 per share, for a total transaction of $149,380.00. Following the completion of the acquisition, the director directly owned 9,238 shares in the company, valued at $689,986.22. This represents a 27.63% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Jennifer J. Durbin sold 25,050 shares of Commercial Metals stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $79.97, for a total transaction of $2,003,248.50. Following the transaction, the insider owned 52,880 shares in the company, valued at approximately $4,228,813.60. The trade was a 32.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.62% of the company’s stock.

Hedge Funds Weigh In On Commercial Metals

A number of large investors have recently made changes to their positions in CMC. Root Financial Partners LLC purchased a new stake in Commercial Metals in the 3rd quarter worth approximately $25,000. Rothschild Investment LLC raised its holdings in shares of Commercial Metals by 169.6% during the third quarter. Rothschild Investment LLC now owns 515 shares of the basic materials company’s stock worth $29,000 after acquiring an additional 324 shares in the last quarter. Global Retirement Partners LLC boosted its position in Commercial Metals by 110.7% during the fourth quarter. Global Retirement Partners LLC now owns 573 shares of the basic materials company’s stock valued at $40,000 after purchasing an additional 301 shares during the last quarter. Spire Wealth Management grew its stake in Commercial Metals by 42.4% in the third quarter. Spire Wealth Management now owns 615 shares of the basic materials company’s stock valued at $35,000 after purchasing an additional 183 shares in the last quarter. Finally, SBI Securities Co. Ltd. increased its position in Commercial Metals by 282.3% in the 2nd quarter. SBI Securities Co. Ltd. now owns 692 shares of the basic materials company’s stock worth $34,000 after purchasing an additional 511 shares during the last quarter. Institutional investors and hedge funds own 86.90% of the company’s stock.

About Commercial Metals

Commercial Metals Company (NYSE: CMC) is a leading global steel and metal recycler, manufacturer and fabricator based in Irving, Texas. The company operates an integrated network of scrap recycling facilities, electric arc furnace steel mills, metal fabrication plants and distribution centers. Through these operations, Commercial Metals collects and processes ferrous scrap to produce finished steel products and provides recycled metal to a variety of end markets.

In its steelmaking segment, CMC uses electric arc furnace technology to transform recycled scrap into reinforcing bar (rebar), merchant bar, coil and structural products.