Commercial Metals (NYSE:CMC) Coverage Initiated at StockNews.com

StockNews.com started coverage on shares of Commercial Metals (NYSE:CMC – Get Rating) in a research report issued to clients and investors on Thursday. The brokerage set a “hold” rating on the basic materials company’s stock.

A number of other equities analysts have also weighed in on CMC. Bank of America assumed coverage on shares of Commercial Metals in a research report on Wednesday, January 4th. They issued a “neutral” rating and a $55.00 price objective on the stock. Citigroup lifted their price objective on shares of Commercial Metals from $54.00 to $56.00 and gave the company a “neutral” rating in a research report on Wednesday, February 15th. BMO Capital Markets lifted their price objective on shares of Commercial Metals from $49.00 to $56.00 and gave the company a “market perform” rating in a research report on Tuesday, January 10th. The Goldman Sachs Group lifted their price objective on shares of Commercial Metals from $48.00 to $53.00 and gave the company a “neutral” rating in a research report on Tuesday, January 10th. Finally, KeyCorp boosted their target price on shares of Commercial Metals from $50.00 to $57.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 11th. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $52.86.

Commercial Metals Stock Performance

Shares of Commercial Metals stock opened at $43.24 on Thursday. The firm’s fifty day simple moving average is $53.59 and its 200-day simple moving average is $47.36. The stock has a market capitalization of $5.07 billion, a price-to-earnings ratio of 4.21 and a beta of 1.31. Commercial Metals has a 12 month low of $31.47 and a 12 month high of $58.09. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.99 and a quick ratio of 1.97.

Commercial Metals (NYSE:CMC – Get Rating) last posted its quarterly earnings data on Monday, January 9th. The basic materials company reported $2.24 earnings per share for the quarter, beating analysts’ consensus estimates of $1.99 by $0.25. Commercial Metals had a net margin of 13.61% and a return on equity of 33.19%. The firm had revenue of $2.23 billion for the quarter, compared to analyst estimates of $2.16 billion. As a group, equities analysts forecast that Commercial Metals will post 7.64 earnings per share for the current year.

Insiders Place Their Bets

In other Commercial Metals news, CEO Barbara Smith sold 150,000 shares of the business’s stock in a transaction on Tuesday, January 3rd. The shares were sold at an average price of $48.11, for a total transaction of $7,216,500.00. Following the sale, the chief executive officer now directly owns 227,651 shares in the company, valued at approximately $10,952,289.61. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.20% of the company’s stock.

Institutional Investors Weigh In On Commercial Metals

Several institutional investors and hedge funds have recently made changes to their positions in CMC. Norges Bank purchased a new stake in shares of Commercial Metals in the 4th quarter worth about $114,477,000. State Street Corp boosted its position in shares of Commercial Metals by 22.3% in the 1st quarter. State Street Corp now owns 7,494,116 shares of the basic materials company’s stock worth $312,971,000 after buying an additional 1,367,997 shares in the last quarter. Millennium Management LLC boosted its position in shares of Commercial Metals by 121.3% in the 2nd quarter. Millennium Management LLC now owns 1,195,557 shares of the basic materials company’s stock worth $39,573,000 after buying an additional 655,225 shares in the last quarter. FMR LLC boosted its position in shares of Commercial Metals by 5.1% in the 2nd quarter. FMR LLC now owns 10,124,695 shares of the basic materials company’s stock worth $335,128,000 after buying an additional 493,455 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in shares of Commercial Metals by 33.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,652,812 shares of the basic materials company’s stock worth $68,790,000 after buying an additional 409,679 shares in the last quarter. 84.30% of the stock is currently owned by hedge funds and other institutional investors.

Commercial Metals Company Profile

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Commercial Metals Co engages in the manufacture, recycling, and marketing of steel and metal products. It operates through the following segments: North America and Europe. The North America segment is a vertically integrated network of recycling facilities, steel mills and fabrication operations. The Europe segment is a vertically integrated network of recycling facilities, an EAF mini mill and fabrication operations located in Poland.