Commercial Metals (NYSE:CMC) Price Target Raised to $50.00

Commercial Metals (NYSE:CMCGet Rating) had its price objective upped by research analysts at KeyCorp from $47.00 to $50.00 in a report issued on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the basic materials company’s stock. KeyCorp’s target price points to a potential upside of 10.99% from the company’s current price.

Other equities research analysts also recently issued reports about the stock. JPMorgan Chase & Co. boosted their price objective on shares of Commercial Metals from $47.00 to $55.00 and gave the stock an “overweight” rating in a research note on Thursday, March 24th. StockNews.com initiated coverage on shares of Commercial Metals in a research report on Thursday, March 31st. They set a “buy” rating for the company. Exane BNP Paribas raised Commercial Metals from a “neutral” rating to an “outperform” rating and set a $45.00 price objective on the stock in a research report on Friday, January 21st. BNP Paribas raised Commercial Metals from a “neutral” rating to an “outperform” rating and set a $45.00 target price for the company in a research report on Friday, January 21st. Finally, BMO Capital Markets raised their target price on Commercial Metals from $40.00 to $45.00 and gave the company a “market perform” rating in a report on Friday, March 18th. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Commercial Metals currently has an average rating of “Buy” and an average target price of $41.70.

CMC opened at $45.05 on Wednesday. Commercial Metals has a 1 year low of $27.69 and a 1 year high of $45.15. The company’s 50 day simple moving average is $40.06 and its 200 day simple moving average is $36.05. The stock has a market capitalization of $5.47 billion, a PE ratio of 6.15 and a beta of 1.20. The company has a debt-to-equity ratio of 0.50, a quick ratio of 2.85 and a current ratio of 4.23.

Commercial Metals (NYSE:CMCGet Rating) last posted its quarterly earnings results on Thursday, March 17th. The basic materials company reported $1.53 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.08 by $0.45. Commercial Metals had a net margin of 11.43% and a return on equity of 27.25%. The company had revenue of $2.01 billion for the quarter, compared to the consensus estimate of $1.92 billion. During the same quarter last year, the firm posted $0.66 earnings per share. Commercial Metals’s revenue was up 37.4% on a year-over-year basis. As a group, sell-side analysts expect that Commercial Metals will post 6.14 earnings per share for the current fiscal year.

In other news, CEO Barbara Smith sold 4,101 shares of the company’s stock in a transaction dated Tuesday, April 12th. The shares were sold at an average price of $43.45, for a total value of $178,188.45. Following the sale, the chief executive officer now owns 533,785 shares in the company, valued at approximately $23,192,958.25. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.20% of the stock is currently owned by insiders.

Large investors have recently added to or reduced their stakes in the business. Barclays PLC increased its holdings in shares of Commercial Metals by 894.7% in the 4th quarter. Barclays PLC now owns 1,677,782 shares of the basic materials company’s stock valued at $60,887,000 after acquiring an additional 1,509,113 shares during the last quarter. Berkley W R Corp increased its stake in Commercial Metals by 144.0% during the third quarter. Berkley W R Corp now owns 2,117,504 shares of the basic materials company’s stock valued at $64,499,000 after purchasing an additional 1,249,548 shares during the last quarter. Norges Bank bought a new position in shares of Commercial Metals in the 4th quarter worth about $41,409,000. JPMorgan Chase & Co. boosted its holdings in shares of Commercial Metals by 138.5% in the 4th quarter. JPMorgan Chase & Co. now owns 1,772,655 shares of the basic materials company’s stock valued at $64,328,000 after buying an additional 1,029,537 shares during the period. Finally, Millennium Management LLC grew its position in shares of Commercial Metals by 895.0% during the 3rd quarter. Millennium Management LLC now owns 939,854 shares of the basic materials company’s stock valued at $28,628,000 after buying an additional 845,393 shares during the last quarter. 84.49% of the stock is currently owned by institutional investors.

About Commercial Metals (Get Rating)

Commercial Metals Company manufactures, recycles, and fabricates steel and metal products, and related materials and services in the United States, Poland, China, and internationally. 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.

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