Zacks Investment Research Lowers Commercial Metals Company (CMC) to Hold
Commercial Metals Company (NYSE:CMC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Friday.
According to Zacks, “Commercial Metals Company has three segments – manufacturing, recycling, and marketing and trading. Activities are primarily concerned with metals related activities. The manufacturing segment is the dominant and most rapidly expanding segment in terms of assets employed, capital expenditures, operating profit and number of employees. The recycling segment is engaged in processing secondary, or scrap, metals for further recycling into new metal products. The marketing and trading segment buys and sells primary and secondary metals, and fabricated metals. “
CMC has been the subject of several other research reports. Macquarie assumed coverage on shares of Commercial Metals in a research report on Wednesday, September 6th. They set an “underperform” rating and a $16.00 target price for the company. Bank of America Corporation reissued a “neutral” rating and set a $21.00 target price (up previously from $20.00) on shares of Commercial Metals in a research report on Tuesday, September 5th. Citigroup Inc. cut their target price on shares of Commercial Metals from $22.00 to $21.00 and set a “buy” rating for the company in a research report on Friday, September 15th. Jefferies Group LLC raised shares of Commercial Metals from a “hold” rating to a “buy” rating in a research report on Tuesday, October 17th. Finally, BidaskClub lowered shares of Commercial Metals from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $21.00.
Commercial Metals (NYSE CMC) traded up 0.67% during midday trading on Friday, reaching $19.66. The company’s stock had a trading volume of 2,704,101 shares. The stock’s 50-day moving average price is $19.35 and its 200 day moving average price is $18.86. Commercial Metals has a 1-year low of $15.16 and a 1-year high of $24.64. The firm has a market capitalization of $2.28 billion, a PE ratio of 30.39 and a beta of 1.22.
Commercial Metals (NYSE:CMC) last released its quarterly earnings data on Thursday, October 26th. The basic materials company reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($0.13). Commercial Metals had a net margin of 1.57% and a return on equity of 7.84%. The business had revenue of $1.26 billion during the quarter, compared to analyst estimates of $1.21 billion. During the same period in the previous year, the firm posted $0.01 EPS. The firm’s revenue for the quarter was up 14.4% on a year-over-year basis. Equities analysts anticipate that Commercial Metals will post $0.85 EPS for the current fiscal year.
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A number of hedge funds and other institutional investors have recently bought and sold shares of CMC. BlackRock Inc. increased its stake in Commercial Metals by 17,672.9% in the first quarter. BlackRock Inc. now owns 14,566,855 shares of the basic materials company’s stock valued at $278,663,000 after acquiring an additional 14,484,894 shares during the period. Vanguard Group Inc. increased its stake in Commercial Metals by 29.4% in the second quarter. Vanguard Group Inc. now owns 12,720,314 shares of the basic materials company’s stock valued at $214,973,000 after acquiring an additional 2,888,816 shares during the period. Acadian Asset Management LLC increased its stake in Commercial Metals by 451.8% in the second quarter. Acadian Asset Management LLC now owns 2,412,060 shares of the basic materials company’s stock valued at $40,762,000 after acquiring an additional 1,974,925 shares during the period. Norges Bank bought a new stake in Commercial Metals in the fourth quarter valued at about $38,100,000. Finally, Systematic Financial Management LP increased its stake in Commercial Metals by 2,256.4% in the first quarter. Systematic Financial Management LP now owns 1,810,577 shares of the basic materials company’s stock valued at $34,636,000 after acquiring an additional 1,733,742 shares during the period. 90.33% of the stock is currently owned by institutional investors and hedge funds.
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.
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