Commercial Metals (NYSE:CMC) Upgraded to “Buy” at Wall Street Zen

Wall Street Zen upgraded shares of Commercial Metals (NYSE:CMC) from a hold rating to a buy rating in a research note published on Sunday.

Other equities analysts have also recently issued research reports about the company. Jefferies Financial Group restated a “buy” rating on shares of Commercial Metals in a report on Friday, June 20th. Morgan Stanley set a $57.50 price target on Commercial Metals in a report on Wednesday, June 25th. Bank of America upped their price target on Commercial Metals from $60.00 to $70.00 and gave the stock a “buy” rating in a report on Monday, September 15th. Wolfe Research upgraded Commercial Metals from a “peer perform” rating to an “outperform” rating in a report on Friday, June 20th. Finally, BMO Capital Markets restated a “market perform” rating and issued a $55.00 price target (down previously from $57.00) on shares of Commercial Metals in a report on Tuesday, June 24th. Five research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $60.39.

Commercial Metals Price Performance

CMC opened at $57.02 on Friday. The company has a quick ratio of 2.00, a current ratio of 2.86 and a debt-to-equity ratio of 0.32. Commercial Metals has a 52-week low of $37.92 and a 52-week high of $64.53. The company has a 50 day moving average of $57.26 and a two-hundred day moving average of $51.05. The company has a market cap of $6.38 billion, a P/E ratio of 183.94, a P/E/G ratio of 1.99 and a beta of 1.32.

Hedge Funds Weigh In On Commercial Metals

Several institutional investors and hedge funds have recently made changes to their positions in the business. Grant Private Wealth Management Inc purchased a new position in shares of Commercial Metals during the 3rd quarter valued at approximately $224,000. Canandaigua National Bank & Trust Co. bought a new position in Commercial Metals during the third quarter worth $228,000. GAMMA Investing LLC lifted its stake in Commercial Metals by 15.4% during the third quarter. GAMMA Investing LLC now owns 2,811 shares of the basic materials company’s stock worth $161,000 after purchasing an additional 375 shares during the last quarter. Texas Permanent School Fund Corp lifted its stake in Commercial Metals by 10.6% during the second quarter. Texas Permanent School Fund Corp now owns 69,306 shares of the basic materials company’s stock worth $3,390,000 after purchasing an additional 6,655 shares during the last quarter. Finally, Osaic Holdings Inc. lifted its stake in Commercial Metals by 98.4% during the second quarter. Osaic Holdings Inc. now owns 12,989 shares of the basic materials company’s stock worth $636,000 after purchasing an additional 6,443 shares during the last quarter. 86.90% of the stock is currently owned by hedge funds and other institutional investors.

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.