Commercial Metals Company (CMC) Stock Rating Reaffirmed by Clarkson Capital

Commercial Metals Company (NYSE:CMC)‘s stock had its “sell” rating reiterated by analysts at Clarkson Capital in a report issued on Tuesday. They currently have a $16.00 price objective on the basic materials company’s stock. Clarkson Capital’s price target would suggest a potential downside of 11.75% from the stock’s previous close.

A number of other brokerages have also issued reports on CMC. Jefferies Group LLC reaffirmed a “hold” rating and issued a $19.00 price target on shares of Commercial Metals in a research note on Wednesday, June 28th. Zacks Investment Research lowered Commercial Metals from a “hold” rating to a “sell” rating in a research note on Tuesday, June 20th. Bank of America Corporation reaffirmed a “neutral” rating and issued a $20.00 price target (up from $19.00) on shares of Commercial Metals in a research note on Sunday, June 25th. BidaskClub lowered Commercial Metals from a “hold” rating to a “sell” rating in a research note on Tuesday, August 1st. Finally, Citigroup Inc. raised Commercial Metals from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $21.00 to $22.00 in a research note on Tuesday, June 13th. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company’s stock. Commercial Metals presently has an average rating of “Hold” and an average target price of $21.75.

Commercial Metals (CMC) opened at 18.13 on Tuesday. The company has a market capitalization of $2.10 billion, a P/E ratio of 28.02 and a beta of 1.22. The stock’s 50 day moving average price is $19.28 and its 200-day moving average price is $19.25. Commercial Metals has a 52-week low of $14.57 and a 52-week high of $24.64.

Commercial Metals (NYSE:CMC) last posted its quarterly earnings data on Thursday, June 22nd. The basic materials company reported $0.34 EPS for the quarter, beating the Zacks’ consensus estimate of $0.23 by $0.11. The business had revenue of $1.38 billion during the quarter, compared to analysts’ expectations of $1.34 billion. Commercial Metals had a return on equity of 7.84% and a net margin of 1.57%. The business’s revenue was up 12.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.31 earnings per share. Analysts predict that Commercial Metals will post $0.88 earnings per share for the current fiscal year.

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Institutional investors have recently added to or reduced their stakes in the company. Bank of America Corp DE raised its position in Commercial Metals by 42.5% in the first quarter. Bank of America Corp DE now owns 545,774 shares of the basic materials company’s stock worth $10,440,000 after buying an additional 162,791 shares during the period. Systematic Financial Management LP raised its position in Commercial Metals by 2,256.4% in the first quarter. Systematic Financial Management LP now owns 1,810,577 shares of the basic materials company’s stock worth $34,636,000 after buying an additional 1,733,742 shares during the period. Bank of Nova Scotia raised its position in Commercial Metals by 22.7% in the first quarter. Bank of Nova Scotia now owns 69,200 shares of the basic materials company’s stock worth $1,324,000 after buying an additional 12,800 shares during the period. Nordea Investment Management AB raised its position in Commercial Metals by 17.1% in the first quarter. Nordea Investment Management AB now owns 81,456 shares of the basic materials company’s stock worth $1,558,000 after buying an additional 11,901 shares during the period. Finally, Louisiana State Employees Retirement System raised its position in Commercial Metals by 2.1% in the first quarter. Louisiana State Employees Retirement System now owns 29,200 shares of the basic materials company’s stock worth $559,000 after buying an additional 600 shares during the period. 91.37% of the stock is currently owned by institutional investors.

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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