Commercial Metals (NYSE:CMC) Now Covered by Morgan Stanley

Equities researchers at Morgan Stanley assumed coverage on shares of Commercial Metals (NYSE:CMC - Get Free Report) in a research note issued to investors on Thursday. The firm set an "equal weight" rating and a $65.00 price target on the basic materials company's stock. Morgan Stanley's target price would indicate a potential upside of 31.23% from the company's current price.

A number of other research analysts have also issued reports on CMC. Wolfe Research lowered Commercial Metals from an "outperform" rating to a "peer perform" rating in a report on Wednesday, October 9th. UBS Group restated a "sell" rating and set a $56.00 price objective (down previously from $62.00) on shares of Commercial Metals in a research report on Thursday, December 12th. The Goldman Sachs Group assumed coverage on shares of Commercial Metals in a report on Monday, December 2nd. They issued a "buy" rating and a $75.00 target price on the stock. BMO Capital Markets set a $62.00 price target on shares of Commercial Metals and gave the stock a "market perform" rating in a report on Friday, October 18th. Finally, Jefferies Financial Group began coverage on Commercial Metals in a research report on Tuesday, September 3rd. They set a "buy" rating and a $65.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $65.33.

Commercial Metals Stock Performance

Shares of NYSE CMC traded down $1.71 during trading hours on Thursday, reaching $49.53. The stock had a trading volume of 1,363,764 shares, compared to its average volume of 863,931. The firm has a 50-day moving average of $57.97 and a 200-day moving average of $55.19. The firm has a market cap of $5.65 billion, a price-to-earnings ratio of 11.96, a PEG ratio of 2.74 and a beta of 1.15. The company has a current ratio of 3.94, a quick ratio of 2.78 and a debt-to-equity ratio of 0.27. Commercial Metals has a fifty-two week low of $47.42 and a fifty-two week high of $64.53.

Commercial Metals (NYSE:CMC - Get Free Report) last announced its earnings results on Thursday, October 17th. The basic materials company reported $0.90 EPS 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%. Equities research analysts predict that Commercial Metals will post 4.26 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. State Street Corp raised its position in shares of Commercial Metals by 0.4% during the 3rd quarter. State Street Corp now owns 5,830,412 shares of the basic materials company's stock worth $320,439,000 after purchasing an additional 24,665 shares during the last quarter. Geode Capital Management LLC increased its position in Commercial Metals by 1.0% during 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 buying an additional 28,019 shares in the last quarter. Victory Capital Management Inc. raised its holdings in shares of Commercial Metals by 1.9% in the third quarter. Victory Capital Management Inc. now owns 2,176,959 shares of the basic materials company's stock worth $119,646,000 after acquiring an additional 41,206 shares during the last quarter. Principal Financial Group Inc. lifted its position in shares of Commercial Metals by 1.1% in 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 acquiring an additional 17,931 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted 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 acquiring 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.