Commercial Metals (NYSE:CMC) Upgraded by JPMorgan Chase & Co. to Overweight Rating

Commercial Metals (NYSE:CMC) was upgraded by research analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a research note issued on Friday,Finviz reports. The firm currently has a $78.00 price objective on the basic materials company’s stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 19.65% from the stock’s current price.

CMC has been the subject of a number of other research reports. Wells Fargo & Company lifted their target price on Commercial Metals from $64.00 to $68.00 and gave the stock an “overweight” rating in a report on Thursday, November 6th. The Goldman Sachs Group lifted their price objective on shares of Commercial Metals from $69.00 to $76.00 and gave the stock a “buy” rating in a research note on Thursday, October 23rd. Wall Street Zen upgraded shares of Commercial Metals from a “buy” rating to a “strong-buy” rating in a research report on Friday, November 28th. Zacks Research upgraded shares of Commercial Metals from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 14th. Finally, Jefferies Financial Group set a $70.00 price target on shares of Commercial Metals and gave the stock a “hold” rating in a research note on Wednesday, October 22nd. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $65.60.

Commercial Metals Stock Performance

Commercial Metals stock opened at $65.19 on Friday. The company’s 50-day moving average price is $59.75 and its 200-day moving average price is $55.32. The company has a quick ratio of 2.03, a current ratio of 2.78 and a debt-to-equity ratio of 0.31. The company has a market cap of $7.24 billion, a PE ratio of 85.78, a price-to-earnings-growth ratio of 0.44 and a beta of 1.49. Commercial Metals has a twelve month low of $37.92 and a twelve month high of $65.94.

Commercial Metals (NYSE:CMC) last announced its quarterly earnings results on Thursday, October 16th. The basic materials company reported $1.37 EPS for the quarter, beating analysts’ consensus estimates of $1.32 by $0.05. Commercial Metals had a net margin of 1.09% and a return on equity of 8.76%. The firm had revenue of $2.11 billion during the quarter, compared to the consensus estimate of $2.10 billion. During the same quarter last year, the firm earned $0.90 EPS. The firm’s revenue for the quarter was up 5.9% compared to the same quarter last year. On average, equities research analysts forecast that Commercial Metals will post 3.09 EPS for the current fiscal year.

Insider Transactions at Commercial Metals

In related news, Director John R. Mcpherson acquired 1,722 shares of the stock in a transaction on Monday, October 20th. The stock was bought at an average cost of $58.09 per share, with a total value of $100,030.98. Following the transaction, the director directly owned 6,722 shares in the company, valued at approximately $390,480.98. This represents a 34.44% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.46% of the stock is currently owned by company insiders.

Institutional Trading of Commercial Metals

Several institutional investors and hedge funds have recently modified their holdings of CMC. State Street Corp increased its holdings in Commercial Metals by 2.6% during the 3rd quarter. State Street Corp now owns 6,270,373 shares of the basic materials company’s stock worth $359,167,000 after purchasing an additional 161,195 shares during the period. Fuller & Thaler Asset Management Inc. lifted its holdings in shares of Commercial Metals by 14.9% in the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 4,161,292 shares of the basic materials company’s stock worth $191,461,000 after buying an additional 539,309 shares during the period. Boston Partners grew its position in shares of Commercial Metals by 1.9% during the 3rd quarter. Boston Partners now owns 3,641,930 shares of the basic materials company’s stock worth $208,629,000 after buying an additional 67,139 shares in the last quarter. Franklin Resources Inc. grew its position in shares of Commercial Metals by 10.0% during the 2nd quarter. Franklin Resources Inc. now owns 3,193,930 shares of the basic materials company’s stock worth $156,215,000 after buying an additional 290,256 shares in the last quarter. Finally, American Century Companies Inc. increased its stake in shares of Commercial Metals by 6.6% during the third quarter. American Century Companies Inc. now owns 1,823,923 shares of the basic materials company’s stock valued at $104,474,000 after buying an additional 112,267 shares during the period. 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.