Commercial Metals (NYSE:CMC) Given New $88.00 Price Target at Morgan Stanley

Commercial Metals (NYSE:CMC) had its target price increased by investment analysts at Morgan Stanley from $83.00 to $88.00 in a research report issued to clients and investors on Monday, Marketbeat.com reports. The firm currently has an “overweight” rating on the basic materials company’s stock. Morgan Stanley’s price target suggests a potential upside of 21.38% from the stock’s current price.

CMC has been the topic of several other research reports. Zacks Research downgraded shares of Commercial Metals from a “hold” rating to a “strong sell” rating in a report on Friday, June 12th. Wall Street Zen downgraded Commercial Metals from a “strong-buy” rating to a “buy” rating in a research report on Saturday, April 4th. Wells Fargo & Company restated an “equal weight” rating and set a $77.00 price target on shares of Commercial Metals in a research note on Thursday, June 4th. KeyCorp assumed coverage on shares of Commercial Metals in a research note on Wednesday, March 25th. They set a “sector weight” rating on the stock. Finally, The Goldman Sachs Group started coverage on shares of Commercial Metals in a report on Wednesday, April 1st. They issued a “neutral” rating and a $74.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $77.60.

Commercial Metals Trading Up 0.2%

Shares of Commercial Metals stock opened at $72.50 on Monday. Commercial Metals has a 1 year low of $47.06 and a 1 year high of $84.87. The company’s fifty day simple moving average is $71.44 and its 200-day simple moving average is $71.08. The company has a market cap of $8.04 billion, a price-to-earnings ratio of 16.15, a PEG ratio of 0.41 and a beta of 1.50. The company has a current ratio of 2.38, a quick ratio of 1.55 and a debt-to-equity ratio of 0.75.

Commercial Metals (NYSE:CMC) last released its earnings results on Thursday, March 26th. The basic materials company reported $1.16 EPS for the quarter, missing the consensus estimate of $1.28 by ($0.12). Commercial Metals had a net margin of 6.02% and a return on equity of 13.54%. The company had revenue of $2.13 billion for the quarter, compared to analyst estimates of $2.10 billion. During the same quarter in the previous year, the company earned $0.26 earnings per share. Commercial Metals’s revenue for the quarter was up 21.5% compared to the same quarter last year. As a group, sell-side analysts expect that Commercial Metals will post 6.58 EPS for the current year.

Institutional Investors Weigh In On Commercial Metals

Institutional investors and hedge funds have recently made changes to their positions in the company. Global Retirement Partners LLC grew its holdings in shares of Commercial Metals by 110.7% in the 4th quarter. Global Retirement Partners LLC now owns 573 shares of the basic materials company’s stock worth $40,000 after purchasing an additional 301 shares during the last quarter. V Square Quantitative Management LLC bought a new position in Commercial Metals during the 4th quarter valued at about $54,000. Caitong International Asset Management Co. Ltd boosted its position in Commercial Metals by 617.2% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 832 shares of the basic materials company’s stock valued at $58,000 after buying an additional 716 shares in the last quarter. Los Angeles Capital Management LLC acquired a new position in Commercial Metals in the fourth quarter valued at about $59,000. Finally, Aster Capital Management DIFC Ltd bought a new stake in Commercial Metals during the third quarter worth about $73,000. Institutional investors and hedge funds own 86.90% of the company’s stock.

About Commercial Metals

Commercial Metals Company (NYSE: CMC) is a leading global steel and metal recycler, manufacturer and fabricator based in Irving, Texas. The company operates an integrated network of scrap recycling facilities, electric arc furnace steel mills, metal fabrication plants and distribution centers. Through these operations, Commercial Metals collects and processes ferrous scrap to produce finished steel products and provides recycled metal to a variety of end markets.

In its steelmaking segment, CMC uses electric arc furnace technology to transform recycled scrap into reinforcing bar (rebar), merchant bar, coil and structural products.