Commercial Metals (NYSE:CMC) Now Covered by Jefferies Financial Group

Equities research analysts at Jefferies Financial Group started coverage on shares of Commercial Metals (NYSE:CMC) in a report released on Tuesday, MarketBeat reports. The brokerage set a “buy” rating and a $65.00 price target on the basic materials company’s stock. Jefferies Financial Group’s price target indicates a potential upside of 28.15% from the stock’s previous close.

A number of other equities research analysts also recently commented on CMC. Bank of America lowered their price objective on Commercial Metals from $70.00 to $69.00 and set a “buy” rating for the company in a research report on Wednesday, June 26th. StockNews.com downgraded Commercial Metals from a “buy” rating to a “hold” rating in a research report on Thursday, June 20th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $61.40.

Commercial Metals Stock Performance

NYSE CMC opened at $50.72 on Tuesday. Commercial Metals has a fifty-two week low of $39.85 and a fifty-two week high of $61.26. The stock has a market cap of $5.83 billion, a price-to-earnings ratio of 10.57 and a beta of 1.17. The business has a fifty day moving average of $54.77 and a 200-day moving average of $54.96. The company has a quick ratio of 2.83, a current ratio of 4.24 and a debt-to-equity ratio of 0.27.

Commercial Metals (NYSE:CMC) last released its quarterly earnings results on Thursday, June 20th. The basic materials company reported $1.02 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.02. Commercial Metals had a return on equity of 14.62% and a net margin of 6.95%. The company had revenue of $2.08 billion during the quarter, compared to analysts’ expectations of $2.02 billion. During the same period in the previous year, the firm posted $2.02 earnings per share. The business’s revenue for the quarter was down 11.4% compared to the same quarter last year. As a group, analysts predict that Commercial Metals will post 4.53 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Commercial Metals

A number of institutional investors have recently added to or reduced their stakes in CMC. Rise Advisors LLC purchased a new stake in Commercial Metals during the first quarter valued at about $28,000. SYSTM Wealth Solutions LLC purchased a new stake in shares of Commercial Metals in the first quarter worth about $44,000. Archer Investment Corp purchased a new stake in shares of Commercial Metals in the second quarter worth about $77,000. GAMMA Investing LLC boosted its position in shares of Commercial Metals by 21.9% in the second quarter. GAMMA Investing LLC now owns 1,572 shares of the basic materials company’s stock worth $86,000 after buying an additional 282 shares during the period. Finally, Quest Partners LLC purchased a new stake in shares of Commercial Metals in the fourth quarter worth about $123,000. Hedge funds and other institutional investors own 86.90% of the company’s stock.

About Commercial Metals

Commercial Metals Company manufactures, recycles, and fabricates steel and metal products, and related materials and services in the United States, Poland, China, and internationally. It operates through two segments, North America and Europe. The company processes and sells ferrous and nonferrous scrap metals to steel mills and foundries, aluminum sheet and ingot manufacturers, brass and bronze ingot makers, copper refineries and mills, secondary lead smelters, specialty steel mills, high temperature alloy manufacturers, and other consumers.