Commercial Metals (NYSE:CMC) Raised to “Hold” at Barclays

Commercial Metals (NYSE:CMC) was upgraded by analysts at Barclays to a “hold” rating in a research report issued on Thursday,Zacks.com reports.

CMC has been the subject of several other research reports. JPMorgan Chase & Co. cut their price objective on Commercial Metals from $83.00 to $78.00 and set an “overweight” rating for the company in a report on Tuesday, April 14th. Weiss Ratings reiterated a “hold (c)” rating on shares of Commercial Metals in a research report on Wednesday, January 21st. Deutsche Bank Aktiengesellschaft upgraded shares of Commercial Metals to a “buy” rating in a research report on Friday. Wells Fargo & Company dropped their price target 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. Finally, Wall Street Zen cut shares of Commercial Metals from a “strong-buy” rating to a “buy” rating in a research report on Saturday, April 4th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $74.82.

Commercial Metals Trading Up 1.7%

NYSE:CMC opened at $71.87 on Thursday. Commercial Metals has a 12-month low of $45.50 and a 12-month high of $84.87. The firm has a market capitalization of $7.97 billion, a P/E ratio of 16.01, a P/E/G ratio of 0.41 and a beta of 1.49. The company has a debt-to-equity ratio of 0.75, a current ratio of 2.38 and a quick ratio of 1.55. The business has a 50 day simple moving average of $65.93 and a 200 day simple moving average of $68.84.

Commercial Metals (NYSE:CMC) last announced its quarterly earnings results on Thursday, March 26th. The basic materials company reported $1.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.28 by ($0.12). Commercial Metals had a return on equity of 13.54% and a net margin of 6.02%.The business had revenue of $2.13 billion for the quarter, compared to analyst estimates of $2.10 billion. During the same quarter last year, the firm posted $0.26 EPS. The company’s revenue was up 21.5% compared to the same quarter last year. Equities research analysts predict that Commercial Metals will post 6.51 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Artemis Investment Management LLP bought a new position in Commercial Metals in the 4th quarter valued at $103,962,000. Norges Bank bought a new position in Commercial Metals in the 4th quarter valued at $97,983,000. Bank of America Corp DE boosted its position in Commercial Metals by 87.4% in the 1st quarter. Bank of America Corp DE now owns 1,631,213 shares of the basic materials company’s stock valued at $100,205,000 after buying an additional 760,985 shares during the last quarter. Encompass Capital Advisors LLC bought a new position in Commercial Metals in the 4th quarter valued at $41,523,000. Finally, Merewether Investment Management LP bought a new position in Commercial Metals in the 3rd quarter valued at $26,847,000. 86.90% of the stock is owned by institutional investors and hedge funds.

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.