Commercial Metals (NYSE:CMC) Receives Market Perform Rating from BMO Capital Markets

Commercial Metals (NYSE:CMC)‘s stock had its “market perform” rating reissued by equities research analysts at BMO Capital Markets in a research note issued on Tuesday, MarketBeat reports. They currently have a $55.00 price objective on the basic materials company’s stock, down from their prior price objective of $57.00. BMO Capital Markets’ target price indicates a potential upside of 11.68% from the company’s previous close.

CMC has been the subject of several other reports. UBS Group reiterated a “neutral” rating on shares of Commercial Metals in a research report on Friday, June 20th. JPMorgan Chase & Co. started coverage on shares of Commercial Metals in a research note on Friday, May 30th. They set a “neutral” rating and a $52.00 price objective on the stock. Jefferies Financial Group reiterated a “buy” rating on shares of Commercial Metals in a research note on Friday, June 20th. Wolfe Research raised shares of Commercial Metals from a “peer perform” rating to an “outperform” rating in a report on Friday, June 20th. Finally, Morgan Stanley restated an “equal weight” rating on shares of Commercial Metals in a research report on Friday, June 20th. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $58.69.

Commercial Metals Trading Down 1.6%

Shares of Commercial Metals stock opened at $49.25 on Tuesday. The stock has a market cap of $5.57 billion, a PE ratio of 158.87, a price-to-earnings-growth ratio of 2.05 and a beta of 1.27. The firm has a fifty day moving average price of $47.03 and a 200 day moving average price of $48.12. Commercial Metals has a 1 year low of $37.92 and a 1 year high of $64.53. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.86 and a quick ratio of 1.94.

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

Insider Buying and Selling at Commercial Metals

In other news, Director John R. Mcpherson acquired 2,475 shares of the business’s stock in a transaction on Friday, April 4th. The stock was bought at an average cost of $40.42 per share, for a total transaction of $100,039.50. Following the purchase, the director now owns 15,141 shares in the company, valued at approximately $611,999.22. This represents a 19.54% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.46% of the company’s stock.

Hedge Funds Weigh In On Commercial Metals

Hedge funds and other institutional investors have recently made changes to their positions in the company. Truist Financial Corp raised its stake 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 purchasing an additional 242 shares during the last quarter. New York State Common Retirement Fund grew its holdings in Commercial Metals by 2.6% in the 4th quarter. New York State Common Retirement Fund now owns 175,216 shares of the basic materials company’s stock valued at $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 acquired a new stake in shares of Commercial Metals in the 4th quarter worth $1,152,000. Finally, Bank of New York Mellon Corp raised its holdings in shares of 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 period. Hedge funds and other institutional investors 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.