Commercial Metals Upgraded to Neutral by Merrill Lynch (CMC)
Commercial Metals (NYSE:CMC) was upgraded by research analysts at Merrill Lynch to a “neutral” rating in a report released on Friday, Analyst Ratings Network reports.
A number of other analysts have also recently weighed in on CMC. Analysts at Bank of America Corp. upgraded shares of Commercial Metals (NYSE:CMC) from an “underperform” rating to a “neutral” rating in a research note to investors on Friday. They now have a $16.50 price target on the stock, up previously from $13.50. Separately, analysts at Wellington Shields initiated coverage on shares of Commercial Metals (NYSE:CMC) in a research note to investors on Wednesday, September 4th. They set a “hold” rating on the stock. Finally, analysts at Zacks upgraded shares of Commercial Metals (NYSE:CMC) from an “underperform” rating to a “neutral” rating in a research note to investors on Tuesday, September 3rd. They now have a $15.30 price target on the stock.
Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $26.20.
Commercial Metals (NYSE:CMC) traded up 0.74% on Friday, hitting $16.27. The stock had a trading volume of 798,349 shares. Commercial Metals has a one year low of $12.87 and a one year high of $17.47. The stock has a 50-day moving average of $15.63 and a 200-day moving average of $15.24. The company has a market cap of $1.903 billion and a price-to-earnings ratio of 18.25.
Commercial Metals (NYSE:CMC) last released its earnings data on Thursday, June 27th. The company reported $0.16 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.21 by $0.05. The company had revenue of $1.80 billion for the quarter, compared to the consensus estimate of $1.95 billion. During the same quarter in the prior year, the company posted $0.24 earnings per share. The company’s quarterly revenue was down 10.6% on a year-over-year basis. On average, analysts predict that Commercial Metals will post $0.66 earnings per share for the current fiscal year.
Commercial Metals Company and its subsidiaries manufacture, recycle and market steel and metal products, related materials and services through a network, including steel minimills, steel fabrication and processing plants, construction-related product warehouses, a copper tube minimill, metal recycling facilities and marketing and distribution in the United States and in international markets.
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