Commercial Metals Company (NYSE:CMC) Coverage Initiated by Analysts at Macquarie

Stock analysts at Macquarie started coverage on shares of Commercial Metals Company (NYSE:CMC) in a research note issued to investors on Wednesday, September 6th, Marketbeat.com reports. The firm set an “underperform” rating and a $16.00 price target on the basic materials company’s stock. Macquarie’s price objective would indicate a potential downside of 12.14% from the company’s previous close.

Other equities analysts have also issued reports about the stock. Citigroup Inc. raised shares of Commercial Metals from a “neutral” rating to a “buy” rating and increased their price objective for the company from $21.00 to $22.00 in a research report on Tuesday, June 13th. Jefferies Group LLC reaffirmed a “hold” rating and set a $19.00 price target on shares of Commercial Metals in a research report on Wednesday, June 28th. BidaskClub raised shares of Commercial Metals from a “sell” rating to a “hold” rating in a research report on Wednesday, June 14th. Bank of America Corporation reaffirmed a “neutral” rating and set a $21.00 price target (up from $20.00) on shares of Commercial Metals in a research report on Tuesday, September 5th. Finally, Clarkson Capital reaffirmed a “sell” rating and set a $16.00 price target on shares of Commercial Metals in a research report on Tuesday, August 15th. Four investment analysts have rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company. Commercial Metals presently has an average rating of “Hold” and a consensus price target of $21.11.

Commercial Metals (NYSE:CMC) last issued its quarterly earnings data on Thursday, June 22nd. The basic materials company reported $0.34 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.23 by $0.11. The company had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.34 billion. Commercial Metals had a net margin of 1.57% and a return on equity of 7.84%. The company’s revenue was up 12.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.31 earnings per share.

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Institutional investors have recently made changes to their positions in the business. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Commercial Metals by 67.2% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,331 shares of the basic materials company’s stock worth $102,000 after buying an additional 2,142 shares in the last quarter. Elkfork Partners LLC grew its stake in Commercial Metals by 13.6% during the first quarter. Elkfork Partners LLC now owns 5,500 shares of the basic materials company’s stock worth $105,000 after buying an additional 660 shares in the last quarter. Point72 Asia Hong Kong Ltd grew its stake in Commercial Metals by 367.8% during the first quarter. Point72 Asia Hong Kong Ltd now owns 6,591 shares of the basic materials company’s stock worth $126,000 after buying an additional 5,182 shares in the last quarter. Meadow Creek Investment Management LLC grew its stake in Commercial Metals by 13.6% during the first quarter. Meadow Creek Investment Management LLC now owns 7,000 shares of the basic materials company’s stock worth $134,000 after buying an additional 840 shares in the last quarter. Finally, Riverhead Capital Management LLC grew its stake in Commercial Metals by 56.6% during the second quarter. Riverhead Capital Management LLC now owns 6,892 shares of the basic materials company’s stock worth $134,000 after buying an additional 2,492 shares in the last quarter. Hedge funds and other institutional investors own 90.64% of the company’s stock.

Commercial Metals Company Profile

Commercial Metals Company, together with its subsidiaries, manufactures, recycles and markets steel and metal products, related materials and services through a network. The Company’s Americas Recycling segment processes scrap metals for use as a raw material by manufacturers of new metal products. The Americas Mills segment consists of steel mills, commonly referred to as minimills that produce reinforcing bar (rebar), angles, flats and rounds.

Analyst Recommendations for Commercial Metals (NYSE:CMC)

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