Commercial Metals (CMC) Upgraded at Bank of America

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.

Analyst Recommendations for Commercial Metals (NYSE:CMC)

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