Commercial Metals (NYSE:CMC) Stock Rating Lowered by StockNews.com

Commercial Metals (NYSE:CMC) was downgraded by stock analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday.

Several other brokerages have also commented on CMC. UBS Group started coverage on Commercial Metals in a report on Tuesday, January 16th. They issued a “buy” rating and a $65.00 price objective for the company. BMO Capital Markets lifted their price objective on Commercial Metals from $52.00 to $60.00 and gave the stock a “market perform” rating in a report on Friday, March 22nd.

Commercial Metals Stock Up 1.2 %

Shares of NYSE:CMC opened at $55.87 on Thursday. The stock has a fifty day simple moving average of $55.36 and a two-hundred day simple moving average of $50.02. The stock has a market capitalization of $6.46 billion, a price-to-earnings ratio of 9.70 and a beta of 1.33. Commercial Metals has a 12-month low of $39.85 and a 12-month high of $59.81. The company has a current ratio of 4.19, a quick ratio of 2.69 and a debt-to-equity ratio of 0.27.

Commercial Metals (NYSE:CMC) last posted its earnings results on Thursday, March 21st. The basic materials company reported $0.88 EPS for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.05). The business had revenue of $1.85 billion during the quarter, compared to the consensus estimate of $1.80 billion. Commercial Metals had a return on equity of 17.72% and a net margin of 8.09%. The firm’s revenue for the quarter was down 8.4% on a year-over-year basis. During the same period in the previous year, the business posted $1.44 EPS. On average, research analysts anticipate that Commercial Metals will post 5.34 earnings per share for the current fiscal year.

Insider Buying and Selling at Commercial Metals

In other news, CAO Lindsay L. Sloan sold 600 shares of the business’s stock in a transaction dated Friday, January 26th. The stock was sold at an average price of $51.52, for a total value of $30,912.00. Following the transaction, the chief accounting officer now directly owns 12,338 shares in the company, valued at $635,653.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Chairman Barbara Smith sold 60,166 shares of the business’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $51.28, for a total value of $3,085,312.48. Following the sale, the chairman now directly owns 96,019 shares in the company, valued at $4,923,854.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Lindsay L. Sloan sold 600 shares of the business’s stock in a transaction dated Friday, January 26th. The stock was sold at an average price of $51.52, for a total value of $30,912.00. Following the completion of the sale, the chief accounting officer now owns 12,338 shares in the company, valued at $635,653.76. The disclosure for this sale can be found here. Over the last quarter, insiders sold 120,089 shares of company stock valued at $6,402,693. Company insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On Commercial Metals

A number of hedge funds have recently made changes to their positions in CMC. Steward Partners Investment Advisory LLC raised its position in Commercial Metals by 3.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 6,987 shares of the basic materials company’s stock valued at $337,000 after purchasing an additional 201 shares during the period. SummerHaven Investment Management LLC raised its position in Commercial Metals by 1.8% during the fourth quarter. SummerHaven Investment Management LLC now owns 13,154 shares of the basic materials company’s stock valued at $658,000 after purchasing an additional 228 shares during the period. Janney Montgomery Scott LLC raised its position in Commercial Metals by 1.1% during the third quarter. Janney Montgomery Scott LLC now owns 23,471 shares of the basic materials company’s stock valued at $1,160,000 after purchasing an additional 247 shares during the period. Congress Asset Management Co. MA raised its position in Commercial Metals by 0.4% during the fourth quarter. Congress Asset Management Co. MA now owns 67,943 shares of the basic materials company’s stock valued at $3,400,000 after purchasing an additional 251 shares during the period. Finally, Inspire Investing LLC raised its position in Commercial Metals by 4.4% during the third quarter. Inspire Investing LLC now owns 6,237 shares of the basic materials company’s stock valued at $308,000 after purchasing an additional 261 shares during the period. 86.90% of the stock is currently owned by hedge funds and other institutional investors.

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.