Commercial Metals (NYSE:CMC) Upgraded at The Goldman Sachs Group

Commercial Metals (NYSE:CMC) was upgraded by The Goldman Sachs Group to a “strong-buy” rating in a research report issued on Tuesday,Zacks.com reports.

Several other equities analysts also recently weighed in on the company. Jefferies Financial Group set a $85.00 price target on Commercial Metals and gave the company a “buy” rating in a report on Thursday, January 8th. Zacks Research cut shares of Commercial Metals from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 3rd. Wells Fargo & Company cut their price objective on shares of Commercial Metals from $80.00 to $77.00 and set an “overweight” rating on the stock in a research report on Friday, March 27th. Morgan Stanley raised their price objective on shares of Commercial Metals from $68.00 to $85.00 and gave the company an “overweight” rating in a research note on Friday, January 9th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Commercial Metals in a report on Wednesday, January 21st. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $72.00.

Commercial Metals Stock Performance

Shares of CMC opened at $61.71 on Tuesday. The company has a quick ratio of 1.55, a current ratio of 2.38 and a debt-to-equity ratio of 0.75. The stock has a market cap of $6.84 billion, a P/E ratio of 13.74, a P/E/G ratio of 0.35 and a beta of 1.47. The business’s 50 day moving average price is $71.42 and its 200-day moving average price is $66.59. Commercial Metals has a 52 week low of $37.92 and a 52 week high of $84.87.

Commercial Metals (NYSE:CMC) last posted its quarterly earnings data on Thursday, March 26th. The basic materials company reported $1.16 earnings per share for the quarter, missing analysts’ consensus estimates of $1.28 by ($0.12). The company had revenue of $2.13 billion for the quarter, compared to the consensus estimate of $2.10 billion. Commercial Metals had a net margin of 6.02% and a return on equity of 13.54%. The firm’s quarterly revenue was up 21.5% on a year-over-year basis. During the same period last year, the business earned $0.26 EPS. Equities research analysts anticipate that Commercial Metals will post 3.09 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Jennifer J. Durbin sold 25,050 shares of Commercial Metals stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $79.97, for a total value of $2,003,248.50. Following the completion of the sale, the insider directly owned 52,880 shares in the company, valued at approximately $4,228,813.60. This trade represents a 32.14% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Dennis V. Arriola bought 2,000 shares of the firm’s stock in a transaction on Tuesday, January 20th. The stock was acquired at an average cost of $74.69 per share, with a total value of $149,380.00. Following the transaction, the director owned 9,238 shares in the company, valued at $689,986.22. The trade was a 27.63% increase in their position. The SEC filing for this purchase provides additional information. 0.62% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada raised its stake in Commercial Metals by 1.4% during the 1st quarter. Royal Bank of Canada now owns 90,989 shares of the basic materials company’s stock valued at $4,186,000 after buying an additional 1,219 shares during the last quarter. Amundi boosted its stake in shares of Commercial Metals by 13.3% in the 1st quarter. Amundi now owns 2,480 shares of the basic materials company’s stock worth $114,000 after buying an additional 291 shares during the last quarter. Jones Financial Companies Lllp boosted its stake in shares of Commercial Metals by 614.9% in the 1st quarter. Jones Financial Companies Lllp now owns 11,767 shares of the basic materials company’s stock worth $541,000 after buying an additional 10,121 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Commercial Metals by 5.8% in the first quarter. Goldman Sachs Group Inc. now owns 1,033,514 shares of the basic materials company’s stock worth $47,552,000 after acquiring an additional 56,875 shares during the period. Finally, Empowered Funds LLC grew its holdings in shares of Commercial Metals by 1.8% in the first quarter. Empowered Funds LLC now owns 53,305 shares of the basic materials company’s stock worth $2,453,000 after acquiring an additional 941 shares during the period. Institutional investors own 86.90% of the company’s stock.

Commercial Metals Company Profile

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.