Commercial Metals (NYSE:CMC) was upgraded by stock analysts at Bank of America from a “neutral” rating to a “buy” rating in a research note issued on Thursday, December 7th, MarketBeat Ratings reports. The brokerage presently has a $24.00 price objective on the basic materials company’s stock, up from their previous price objective of $21.00. Bank of America’s price target would indicate a potential upside of 5.40% from the company’s previous close.
A number of other research firms have also recently weighed in on CMC. Zacks Investment Research cut Commercial Metals from a “buy” rating to a “hold” rating in a research note on Friday, October 27th. Macquarie began coverage on Commercial Metals in a research note on Wednesday, September 6th. They issued an “underperform” rating and a $16.00 price target on the stock. Jefferies Group dropped their price target on Commercial Metals from $26.00 to $24.00 and set a “buy” rating on the stock in a research note on Monday, October 30th. Citigroup dropped their price target on Commercial Metals from $22.00 to $21.00 and set a “buy” rating on the stock in a research note on Friday, September 15th. Finally, Clarkson Capital reiterated a “sell” rating and set a $16.00 price objective on shares of Commercial Metals in a research report on Tuesday, August 15th. Four equities research analysts have rated the stock with a sell rating and five have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $21.88.
Commercial Metals (CMC) traded up $1.45 during trading hours on Thursday, reaching $22.77. The company’s stock had a trading volume of 4,448,049 shares, compared to its average volume of 2,949,650. The firm has a market cap of $2,660.00, a P/E ratio of 84.33 and a beta of 1.26. The company has a current ratio of 2.82, a quick ratio of 1.81 and a debt-to-equity ratio of 0.58. Commercial Metals has a 52-week low of $17.05 and a 52-week high of $23.34.
A number of large investors have recently added to or reduced their stakes in CMC. Canada Pension Plan Investment Board acquired a new stake in Commercial Metals in the third quarter valued at about $101,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Commercial Metals by 9.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,853 shares of the basic materials company’s stock valued at $114,000 after buying an additional 522 shares in the last quarter. Riverhead Capital Management LLC boosted its stake in shares of Commercial Metals by 56.6% during the second quarter. Riverhead Capital Management LLC now owns 6,892 shares of the basic materials company’s stock valued at $134,000 after purchasing an additional 2,492 shares in the last quarter. Cim Investment Mangement Inc. acquired a new stake in shares of Commercial Metals during the second quarter valued at about $202,000. Finally, Koch Industries Inc. acquired a new stake in shares of Commercial Metals during the second quarter valued at about $270,000. 88.55% of the stock is currently owned by institutional investors and hedge funds.
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About Commercial Metals
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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