Commercial Metals Given New $19.00 Price Target at Jefferies Group (CMC)
Jefferies Group raised their price target on shares of Commercial Metals (NYSE:CMC) from $17.00 to $19.00 in a research note issued on Monday, American Banking & Market News reports. The firm currently has a “buy” rating on the stock. Jefferies Group’s price target points to a potential upside of 15.92% from the company’s current price.
A number of other firms have also recently commented on CMC. Analysts at Merrill Lynch upgraded shares of Commercial Metals (NYSE:CMC) to a “neutral” rating in a research note to investors on Friday. Separately, 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. Finally, 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.
Four analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $26.70.
Commercial Metals (NYSE:CMC) traded up 0.74% on Monday, hitting $16.39. 869,714 shares of the company’s stock traded hands. Commercial Metals has a 52-week low of $12.87 and a 52-week high of $17.47. The stock’s 50-day moving average is $15.65 and its 200-day moving average is $15.24. The company has a market cap of $1.917 billion and a P/E ratio of 18.38.
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. Analysts expect that Commercial Metals will post $0.66 EPS 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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