JPMorgan Chase & Co. Issues Positive Forecast for Commercial Metals (NYSE:CMC) Stock Price

Commercial Metals (NYSE:CMC) had its price target lifted by JPMorgan Chase & Co. from $54.00 to $63.00 in a research note issued to investors on Monday,Benzinga reports. They currently have a neutral rating on the basic materials company’s stock.

Several other brokerages have also issued reports on CMC. Morgan Stanley set a $57.50 target price on shares of Commercial Metals in a research report on Wednesday, June 25th. Wall Street Zen upgraded shares of Commercial Metals from a “hold” rating to a “buy” rating in a research report on Sunday. Jefferies Financial Group reiterated a “buy” rating on shares of Commercial Metals in a research report on Friday, June 20th. UBS Group boosted their price target on shares of Commercial Metals from $48.00 to $56.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 13th. Finally, Wolfe Research raised shares of Commercial Metals from a “peer perform” rating to an “outperform” rating in a research note on Friday, June 20th. Five research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $61.39.

Commercial Metals Stock Up 3.7%

Shares of NYSE:CMC opened at $59.06 on Monday. Commercial Metals has a 52-week low of $37.92 and a 52-week high of $64.53. The firm has a fifty day moving average of $57.43 and a 200 day moving average of $51.14. The firm has a market capitalization of $6.61 billion, a PE ratio of 190.52, a price-to-earnings-growth ratio of 1.99 and a beta of 1.32. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.00 and a current ratio of 2.86.

Hedge Funds Weigh In On Commercial Metals

Several hedge funds and other institutional investors have recently modified their holdings of the company. Captrust Financial Advisors boosted its stake in shares of Commercial Metals by 4.4% during the 2nd quarter. Captrust Financial Advisors now owns 4,813 shares of the basic materials company’s stock worth $235,000 after purchasing an additional 202 shares during the period. Isthmus Partners LLC boosted its stake in shares of Commercial Metals by 3.2% during the 1st quarter. Isthmus Partners LLC now owns 7,381 shares of the basic materials company’s stock worth $340,000 after purchasing an additional 226 shares during the period. Choreo LLC boosted its stake in shares of Commercial Metals by 2.1% during the 1st quarter. Choreo LLC now owns 11,015 shares of the basic materials company’s stock worth $509,000 after purchasing an additional 228 shares during the period. Paulson Wealth Management Inc. lifted its holdings in Commercial Metals by 5.2% during the 2nd quarter. Paulson Wealth Management Inc. now owns 4,674 shares of the basic materials company’s stock valued at $229,000 after buying an additional 229 shares in the last quarter. Finally, National Bank of Canada FI lifted its holdings in Commercial Metals by 80.3% during the 1st quarter. National Bank of Canada FI now owns 548 shares of the basic materials company’s stock valued at $25,000 after buying an additional 244 shares in the last quarter. 86.90% of the stock is owned by institutional investors.

Commercial Metals Company Profile

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.