Commercial Metals (NYSE:CMC) Price Target Lowered to $58.00 at BMO Capital Markets

Commercial Metals (NYSE:CMC - Get Free Report) had its target price reduced by equities research analysts at BMO Capital Markets from $62.00 to $58.00 in a report issued on Friday,Benzinga reports. The firm currently has a "market perform" rating on the basic materials company's stock. BMO Capital Markets' price target suggests a potential upside of 18.63% from the stock's previous close.

CMC has been the subject of several other research reports. Wolfe Research downgraded Commercial Metals from an "outperform" rating to a "peer perform" rating in a research note on Wednesday, October 9th. BNP Paribas cut shares of Commercial Metals from an "outperform" rating to a "neutral" rating in a research note on Friday. The Goldman Sachs Group assumed coverage on shares of Commercial Metals in a research note on Monday, December 2nd. They issued a "buy" rating and a $75.00 target price on the stock. Morgan Stanley began coverage on shares of Commercial Metals in a research report on Thursday, December 19th. They set an "equal weight" rating and a $65.00 price target for the company. Finally, UBS Group reiterated a "sell" rating and issued a $56.00 price objective (down previously from $62.00) on shares of Commercial Metals in a research report on Thursday, December 12th. One analyst has rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Commercial Metals presently has an average rating of "Hold" and an average target price of $64.67.

Commercial Metals Stock Performance

NYSE:CMC traded down $0.26 on Friday, reaching $48.89. 1,402,022 shares of the company's stock were exchanged, compared to its average volume of 1,115,511. The stock has a fifty day simple moving average of $57.06 and a 200-day simple moving average of $54.97. Commercial Metals has a 52 week low of $47.42 and a 52 week high of $64.53. The company has a debt-to-equity ratio of 0.27, a current ratio of 3.94 and a quick ratio of 2.78. The firm has a market cap of $5.57 billion, a price-to-earnings ratio of 11.81, a P/E/G ratio of 2.74 and a beta of 1.19.

Commercial Metals (NYSE:CMC - Get Free Report) last released its quarterly earnings data on Thursday, October 17th. The basic materials company reported $0.90 earnings per share for the quarter, missing analysts' consensus estimates of $0.91 by ($0.01). The business had revenue of $2 billion during the quarter, compared to analysts' expectations of $2.07 billion. Commercial Metals had a net margin of 6.13% and a return on equity of 12.20%. As a group, sell-side analysts predict that Commercial Metals will post 4.26 earnings per share for the current year.

Institutional Trading of Commercial Metals

Hedge funds and other institutional investors have recently bought and sold shares of the company. State Street Corp lifted its holdings in shares of Commercial Metals by 0.4% in the 3rd quarter. State Street Corp now owns 5,830,412 shares of the basic materials company's stock worth $320,439,000 after acquiring an additional 24,665 shares during the last quarter. Geode Capital Management LLC lifted its stake in Commercial Metals by 1.0% in the third quarter. Geode Capital Management LLC now owns 2,839,601 shares of the basic materials company's stock worth $156,093,000 after purchasing an additional 28,019 shares during the last quarter. Victory Capital Management Inc. boosted its position in Commercial Metals by 1.9% during the third quarter. Victory Capital Management Inc. now owns 2,176,959 shares of the basic materials company's stock valued at $119,646,000 after buying an additional 41,206 shares during the period. Principal Financial Group Inc. grew its stake in shares of Commercial Metals by 1.1% during the third quarter. Principal Financial Group Inc. now owns 1,714,116 shares of the basic materials company's stock valued at $94,208,000 after buying an additional 17,931 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Commercial Metals by 1.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,462,317 shares of the basic materials company's stock valued at $80,369,000 after buying an additional 18,262 shares during the last quarter. Hedge funds and other institutional investors own 86.90% of the company's stock.

Commercial Metals Company Profile

Commercial Metals Company manufactures, recycles, and fabricates steel and metal products, and related materials and services in the United States, Poland, China, and internationally. It operates through two segments, North America and Europe. The company processes and sells ferrous and nonferrous scrap metals to steel mills and foundries, aluminum sheet and ingot manufacturers, brass and bronze ingot makers, copper refineries and mills, secondary lead smelters, specialty steel mills, high temperature alloy manufacturers, and other consumers.