Commercial Metals Company (NYSE:CMC) Raised to Hold at Zacks Investment Research

Commercial Metals Company (NYSE:CMC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Tuesday, October 17th. The firm currently has a $24.00 price objective on the basic materials company’s stock. Zacks Investment Research‘s price target points to a potential upside of 22.89% from the stock’s previous close.

According to Zacks, “Commercial Metals Company has three segments – manufacturing, recycling, and marketing and trading. Activities are primarily concerned with metals related activities. The manufacturing segment is the dominant and most rapidly expanding segment in terms of assets employed, capital expenditures, operating profit and number of employees. The recycling segment is engaged in processing secondary, or scrap, metals for further recycling into new metal products. The marketing and trading segment buys and sells primary and secondary metals, and fabricated metals. “

Several other brokerages have also issued reports on CMC. Jefferies Group LLC upgraded shares of Commercial Metals from a “hold” rating to a “buy” rating in a research note on Tuesday, October 17th. Bank of America Corporation reissued a “neutral” rating and set a $20.00 price objective (up from $19.00) on shares of Commercial Metals in a research report on Sunday, June 25th. Macquarie assumed coverage on shares of Commercial Metals in a research report on Wednesday, September 6th. They set an “underperform” rating and a $16.00 price objective on the stock. BidaskClub downgraded shares of Commercial Metals from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. Finally, Clarkson Capital reaffirmed a “sell” rating and set a $16.00 price target on shares of Commercial Metals in a report on Tuesday, August 15th. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $21.00.

Commercial Metals (NYSE:CMC) traded up 0.998% on Tuesday, reaching $19.725. 1,288,458 shares of the company traded hands. Commercial Metals has a 52-week low of $15.16 and a 52-week high of $24.64. The company has a market capitalization of $2.28 billion, a PE ratio of 30.487 and a beta of 1.22. The stock has a 50-day moving average of $19.35 and a 200 day moving average of $18.86.

Commercial Metals (NYSE:CMC) last issued its quarterly earnings results on Thursday, October 26th. The basic materials company reported $0.07 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.20 by ($0.13). The business had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.21 billion. Commercial Metals had a return on equity of 7.84% and a net margin of 1.57%. The firm’s revenue was up 14.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.01 earnings per share. On average, equities analysts forecast that Commercial Metals will post $0.85 EPS for the current year.

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Several institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. raised its position in shares of Commercial Metals by 17,672.9% during the first quarter. BlackRock Inc. now owns 14,566,855 shares of the basic materials company’s stock valued at $278,663,000 after buying an additional 14,484,894 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Commercial Metals by 2.1% during the second quarter. Vanguard Group Inc. now owns 12,837,096 shares of the basic materials company’s stock valued at $249,424,000 after buying an additional 264,915 shares during the last quarter. State Street Corp raised its position in shares of Commercial Metals by 8.9% during the first quarter. State Street Corp now owns 6,115,380 shares of the basic materials company’s stock valued at $116,984,000 after buying an additional 497,543 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of Commercial Metals by 13.2% during the second quarter. Goldman Sachs Group Inc. now owns 4,512,233 shares of the basic materials company’s stock valued at $87,673,000 after buying an additional 526,185 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Commercial Metals by 4.1% during the second quarter. Bank of New York Mellon Corp now owns 2,972,782 shares of the basic materials company’s stock valued at $57,762,000 after buying an additional 115,908 shares during the last quarter. Hedge funds and other institutional investors own 90.33% of the company’s stock.

Commercial Metals Company Profile

Commercial Metals Company, together with its subsidiaries, manufactures, recycles and markets steel and metal products, related materials and services through a network. The Company’s Americas Recycling segment processes scrap metals for use as a raw material by manufacturers of new metal products. The Americas Mills segment consists of steel mills, commonly referred to as minimills that produce reinforcing bar (rebar), angles, flats and rounds.

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