Commercial Metals (NYSE:CMC) Downgraded to “Buy” Rating by Wall Street Zen

Commercial Metals (NYSE:CMC) was downgraded by research analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Saturday.

Several other research firms also recently issued reports on CMC. Morgan Stanley lifted their price target on Commercial Metals from $68.00 to $85.00 and gave the company an “overweight” rating in a research note on Friday, January 9th. KeyCorp initiated coverage on Commercial Metals in a research report on Wednesday, March 25th. They set a “sector weight” rating for the company. The Goldman Sachs Group began coverage on Commercial Metals in a report on Wednesday. They set a “neutral” rating and a $74.00 price objective for the company. Citigroup lifted their target price on Commercial Metals from $65.00 to $85.00 and gave the company a “buy” rating in a research report on Monday, January 12th. Finally, Jefferies Financial Group set a $85.00 price target on Commercial Metals and gave the stock a “buy” rating in a research report on Thursday, January 8th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $72.00.

Commercial Metals Stock Up 0.2%

Commercial Metals stock opened at $61.71 on Friday. The company has a 50 day moving average of $71.11 and a 200-day moving average of $66.61. The company has a quick ratio of 1.55, a current ratio of 2.38 and a debt-to-equity ratio of 0.75. Commercial Metals has a twelve month low of $37.92 and a twelve month high of $84.87. The stock has a market capitalization of $6.84 billion, a PE ratio of 13.74, a price-to-earnings-growth ratio of 0.35 and a beta of 1.47.

Commercial Metals (NYSE:CMC) last issued its quarterly earnings data on Thursday, March 26th. The basic materials company reported $1.16 EPS for the quarter, missing analysts’ consensus estimates of $1.28 by ($0.12). The company had revenue of $2.13 billion for the quarter, compared to analyst estimates of $2.10 billion. Commercial Metals had a return on equity of 13.54% and a net margin of 6.02%.The company’s revenue was up 21.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.26 earnings per share. On average, equities research analysts anticipate that Commercial Metals will post 3.09 EPS for the current fiscal year.

Insider Buying and Selling at Commercial Metals

In other news, insider Jennifer J. Durbin sold 25,050 shares of the business’s stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $79.97, for a total transaction of $2,003,248.50. Following the transaction, the insider directly owned 52,880 shares in the company, valued at $4,228,813.60. The trade was a 32.14% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Dennis V. Arriola bought 2,000 shares of the company’s stock in a transaction dated Tuesday, January 20th. The stock was purchased 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 owned 9,238 shares in the company, valued at $689,986.22. This trade represents a 27.63% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 0.62% of the company’s stock.

Hedge Funds Weigh In On Commercial Metals

A number of institutional investors have recently bought and sold shares of the business. Root Financial Partners LLC acquired a new stake in shares of Commercial Metals in the third quarter valued at approximately $25,000. Rothschild Investment LLC boosted its stake in shares of Commercial Metals by 169.6% during the 3rd quarter. Rothschild Investment LLC now owns 515 shares of the basic materials company’s stock worth $29,000 after acquiring an additional 324 shares during the period. Spire Wealth Management increased its holdings in shares of Commercial Metals by 42.4% during the 3rd quarter. Spire Wealth Management now owns 615 shares of the basic materials company’s stock worth $35,000 after acquiring an additional 183 shares during the last quarter. Global Retirement Partners LLC raised its stake in Commercial Metals by 110.7% in the 4th quarter. Global Retirement Partners LLC now owns 573 shares of the basic materials company’s stock valued at $40,000 after acquiring an additional 301 shares during the period. Finally, V Square Quantitative Management LLC bought a new stake in Commercial Metals in the 4th quarter valued at $54,000. 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.