Commercial Metals (NYSE:CMC) Stock Price Target Raised at Barclays

Commercial Metals (NYSE:CMC) had its price objective boosted by equities research analysts at Barclays from $72.00 to $77.00 in a note issued to investors on Friday, Benzinga reports. The firm currently has an “equal weight” rating on the basic materials company’s stock. Barclays‘s target price would suggest a potential upside of 23.49% from the company’s previous close.

Other equities analysts have also issued reports about the company. BMO Capital Markets decreased their target price on Commercial Metals from $75.00 to $73.00 and set a “market perform” rating for the company in a research report on Monday, October 19th. The Goldman Sachs Group reiterated a “buy” rating and issued a $85.00 price target on shares of Commercial Metals in a research note on Thursday, August 6th. Morgan Stanley dropped their price target on shares of Commercial Metals from $88.00 to $84.00 and set an “overweight” rating on the stock in a research report on Monday, October 19th. Wells Fargo & Company restated an “underperform” rating and set a $70.00 target price on shares of Commercial Metals in a research note on Friday, October 16th. Finally, Wall Street Zen lowered shares of Commercial Metals from a “buy” rating to a “hold” rating in a research report on Saturday, October 17th. Ten research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Commercial Metals currently has an average rating of “Moderate Buy” and an average price target of $79.18.

Commercial Metals Stock Performance

Shares of CMC traded down $1.50 during mid-day trading on Friday, reaching $62.35. 134,858 shares of the company’s stock traded hands, compared to its average volume of 1,192,151. The stock has a market capitalization of $6.86 billion, a P/E ratio of 10.62, a price-to-earnings-growth ratio of 3.98 and a beta of 1.55. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.66 and a current ratio of 2.34. The business’s 50-day moving average price is $64.89 and its 200-day moving average price is $68.70. Commercial Metals has a 12 month low of $57.01 and a 12 month high of $84.87.

Commercial Metals (NYSE:CMC) last announced its quarterly earnings data on Thursday, October 15th. The basic materials company reported $2.09 EPS for the quarter, beating analysts’ consensus estimates of $1.95 by $0.14. The company had revenue of $2.66 billion during the quarter, compared to the consensus estimate of $2.56 billion. Commercial Metals had a return on equity of 17.00% and a net margin of 6.98%. The company’s quarterly revenue was up 25.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.37 EPS. Equities analysts predict that Commercial Metals will post 6.69 earnings per share for the current year.

Commercial Metals announced that its Board of Directors has initiated a share buyback plan on Wednesday, August 5th that allows the company to repurchase $600 million in outstanding shares. This buyback authorization allows the basic materials company to buy up to 7.5% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On Commercial Metals

Large investors have recently added to or reduced their stakes in the business. BlackRock Inc. bought a new stake in Commercial Metals in the second quarter valued at approximately $954,989,000. Bank of America Corp DE purchased a new position in shares of Commercial Metals in the second quarter worth $84,320,000. Bank of New York Mellon Corp bought a new stake in Commercial Metals during the 2nd quarter valued at $59,572,000. Jupiter Topco LLC purchased a new stake in Commercial Metals during the 2nd quarter valued at $36,800,000. Finally, NFJ Investment Group LLC purchased a new stake in Commercial Metals during the 2nd quarter valued at $34,122,000. Hedge funds and other institutional investors own 86.90% of the company’s stock.

Commercial Metals Company Profile

Commercial Metals Company (CMC) is a metals recycling, manufacturing and construction-services company. Its operations span the collection and processing of ferrous and nonferrous scrap, which can be used as raw material for steelmaking, and the production of steel and other metal products. CMC manufactures products including reinforcing bar, merchant bar, wire rod and other steel products used in construction and industrial applications. The company also provides construction-related products and services, including steel fabrication and engineered solutions for infrastructure projects.