Bank of America Upgrades Commercial Metals (CMC) to “Buy”
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.
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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