Commercial Metals (NYSE:CMC) was upgraded by equities research analysts at Bank of America from a “neutral” rating to a “buy” rating in a research report issued on Thursday, Marketbeat reports. The brokerage presently has a $24.00 price objective on the basic materials company’s stock, up from their previous price objective of $21.00. Bank of America’s target price indicates a potential upside of 15.55% from the company’s current price.

Several other research analysts also recently weighed in on CMC. Clarkson Capital restated a “sell” rating and issued a $16.00 price target on shares of Commercial Metals in a research note on Tuesday, August 15th. Zacks Investment Research upgraded Commercial Metals from a “sell” rating to a “hold” rating and set a $24.00 price target for the company in a research note on Tuesday, October 17th. Jefferies Group upgraded Commercial Metals from a “hold” rating to a “buy” rating in a research note on Tuesday, October 17th. Macquarie began coverage on Commercial Metals in a research note on Wednesday, September 6th. They issued an “underperform” rating and a $16.00 price target for the company. Finally, Citigroup dropped their price target on Commercial Metals from $22.00 to $21.00 and set a “buy” rating for the company in a research note on Friday, September 15th. Three analysts have rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $21.88.

Shares of Commercial Metals (NYSE:CMC) traded up $0.75 during trading hours on Thursday, hitting $20.77. The company had a trading volume of 2,677,340 shares, compared to its average volume of 2,053,254. The company has a market cap of $2,271.96, a P/E ratio of 25.63, a PEG ratio of 0.73 and a beta of 1.26. The company has a current ratio of 2.82, a quick ratio of 1.81 and a debt-to-equity ratio of 0.58. Commercial Metals has a 52 week low of $17.05 and a 52 week high of $24.64.

A number of hedge funds have recently bought and sold shares of CMC. Janus Henderson Group PLC bought a new position in shares of Commercial Metals during the 2nd quarter valued at approximately $29,018,000. Deprince Race & Zollo Inc. boosted its position in shares of Commercial Metals by 167.7% during the 2nd quarter. Deprince Race & Zollo Inc. now owns 1,900,269 shares of the basic materials company’s stock valued at $36,922,000 after acquiring an additional 1,190,364 shares during the last quarter. Teachers Advisors LLC boosted its position in shares of Commercial Metals by 322.3% during the 2nd quarter. Teachers Advisors LLC now owns 1,043,599 shares of the basic materials company’s stock valued at $20,277,000 after acquiring an additional 796,477 shares during the last quarter. Russell Investments Group Ltd. boosted its position in shares of Commercial Metals by 4,203.2% during the 3rd quarter. Russell Investments Group Ltd. now owns 589,535 shares of the basic materials company’s stock valued at $11,218,000 after acquiring an additional 575,835 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in shares of Commercial Metals by 13.2% during the 2nd quarter. Goldman Sachs Group Inc. now owns 4,512,233 shares of the basic materials company’s stock valued at $87,673,000 after acquiring an additional 526,185 shares during the last quarter. Institutional investors and hedge funds own 88.62% of the company’s stock.

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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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