Morgan Stanley Has Lowered Expectations for Commercial Metals (NYSE:CMC) Stock Price

Commercial Metals (NYSE:CMC - Get Free Report) had its price target dropped by Morgan Stanley from $56.00 to $53.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has an "equal weight" rating on the basic materials company's stock. Morgan Stanley's price objective indicates a potential upside of 15.60% from the company's previous close.

A number of other equities research analysts have also recently commented on CMC. The Goldman Sachs Group assumed coverage on shares of Commercial Metals in a report on Monday, December 2nd. They set a "buy" rating and a $75.00 price target on the stock. BNP Paribas cut shares of Commercial Metals from an "outperform" rating to a "neutral" rating in a report on Friday, January 3rd. UBS Group upgraded shares of Commercial Metals from a "sell" rating to a "neutral" rating and cut their price target for the company from $56.00 to $54.00 in a report on Friday, January 10th. BMO Capital Markets cut their price target on shares of Commercial Metals from $62.00 to $58.00 and set a "market perform" rating on the stock in a report on Friday, January 3rd. Finally, Jefferies Financial Group dropped their target price on shares of Commercial Metals from $65.00 to $62.00 and set a "buy" rating on the stock in a report on Monday, January 6th. Six equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $61.83.

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Commercial Metals Stock Down 1.3 %

Shares of NYSE CMC traded down $0.60 on Friday, reaching $45.85. 1,710,498 shares of the company's stock traded hands, compared to its average volume of 1,153,518. Commercial Metals has a 12 month low of $43.81 and a 12 month high of $64.53. The business's 50 day simple moving average is $49.49 and its two-hundred day simple moving average is $53.27. The company has a market cap of $5.21 billion, a price-to-earnings ratio of 41.30, a price-to-earnings-growth ratio of 2.62 and a beta of 1.17. The company has a quick ratio of 1.94, a current ratio of 2.76 and a debt-to-equity ratio of 0.29.

Commercial Metals (NYSE:CMC - Get Free Report) last announced its earnings results on Monday, January 6th. The basic materials company reported $0.78 earnings per share for the quarter, meeting analysts' consensus estimates of $0.78. Commercial Metals had a net margin of 1.70% and a return on equity of 9.88%. The business had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.85 billion. During the same quarter last year, the firm earned $1.49 earnings per share. The business's revenue for the quarter was down 4.7% on a year-over-year basis. As a group, equities research analysts forecast that Commercial Metals will post 3.09 EPS for the current fiscal year.

Hedge Funds Weigh In On Commercial Metals

A number of large investors have recently made changes to their positions in CMC. Ashton Thomas Private Wealth LLC lifted its position in shares of Commercial Metals by 5.3% in the 4th quarter. Ashton Thomas Private Wealth LLC now owns 4,528 shares of the basic materials company's stock worth $225,000 after purchasing an additional 229 shares during the period. Mariner LLC increased its stake in shares of Commercial Metals by 0.9% in the fourth quarter. Mariner LLC now owns 24,735 shares of the basic materials company's stock worth $1,227,000 after acquiring an additional 232 shares during the period. Truist Financial Corp increased its stake in shares of Commercial Metals by 3.5% in the fourth quarter. Truist Financial Corp now owns 7,150 shares of the basic materials company's stock worth $355,000 after acquiring an additional 242 shares during the period. Thurston Springer Miller Herd & Titak Inc. increased its stake in shares of Commercial Metals by 10.0% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,784 shares of the basic materials company's stock worth $138,000 after acquiring an additional 254 shares during the period. Finally, Arizona State Retirement System increased its stake in shares of Commercial Metals by 0.8% in the fourth quarter. Arizona State Retirement System now owns 33,373 shares of the basic materials company's stock worth $1,655,000 after acquiring an additional 262 shares during the period. 86.90% of the stock is owned by hedge funds and other institutional investors.

About Commercial Metals

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.