Wells Fargo & Company Forecasts Strong Price Appreciation for Commercial Metals (NYSE:CMC) Stock

Commercial Metals (NYSE:CMC) had its price target raised by Wells Fargo & Company from $68.00 to $79.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the basic materials company’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 11.27% from the stock’s current price.

A number of other research firms also recently weighed in on CMC. Morgan Stanley raised shares of Commercial Metals from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $57.50 to $68.00 in a research report on Friday, October 24th. JPMorgan Chase & Co. upgraded shares of Commercial Metals from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $64.00 to $78.00 in a research note on Friday, December 5th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Commercial Metals in a research report on Wednesday, October 8th. The Goldman Sachs Group upped their target price on Commercial Metals from $69.00 to $76.00 and gave the stock a “buy” rating in a report on Thursday, October 23rd. Finally, Bank of America raised their price target on Commercial Metals from $60.00 to $70.00 and gave the company a “buy” rating in a research note on Monday, September 15th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, Commercial Metals has a consensus rating of “Moderate Buy” and an average target price of $67.50.

Commercial Metals Stock Down 0.4%

NYSE:CMC opened at $71.00 on Monday. The stock has a 50-day simple moving average of $61.49 and a 200 day simple moving average of $56.69. Commercial Metals has a 52-week low of $37.92 and a 52-week high of $71.99. The company has a market cap of $7.88 billion, a PE ratio of 93.42, a PEG ratio of 0.40 and a beta of 1.49. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.03 and a current ratio of 2.78.

Commercial Metals (NYSE:CMC) last released its earnings results on Thursday, October 16th. The basic materials company reported $1.37 EPS for the quarter, beating the consensus estimate of $1.32 by $0.05. The firm had revenue of $2.11 billion for the quarter, compared to analysts’ expectations of $2.10 billion. Commercial Metals had a return on equity of 8.76% and a net margin of 1.09%.The business’s quarterly revenue was up 5.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.90 EPS. On average, sell-side analysts expect that Commercial Metals will post 3.09 EPS for the current fiscal year.

Insiders Place Their Bets

In other Commercial Metals news, Director John R. Mcpherson acquired 1,722 shares of the company’s stock in a transaction on Monday, October 20th. The shares were purchased at an average price of $58.09 per share, for a total transaction of $100,030.98. Following the completion of the purchase, the director directly owned 6,722 shares of the company’s stock, valued at approximately $390,480.98. This represents a 34.44% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.62% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CMC. Rhumbline Advisers lifted its stake in shares of Commercial Metals by 1.3% during the 2nd quarter. Rhumbline Advisers now owns 393,334 shares of the basic materials company’s stock worth $19,238,000 after buying an additional 5,147 shares during the last quarter. Nordea Investment Management AB raised its holdings in Commercial Metals by 28.9% in the 2nd quarter. Nordea Investment Management AB now owns 318,575 shares of the basic materials company’s stock valued at $15,830,000 after acquiring an additional 71,350 shares during the period. Hodges Capital Management Inc. lifted its position in Commercial Metals by 3.4% during the second quarter. Hodges Capital Management Inc. now owns 251,468 shares of the basic materials company’s stock worth $12,299,000 after acquiring an additional 8,267 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in shares of Commercial Metals by 6.9% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 29,033 shares of the basic materials company’s stock worth $1,420,000 after acquiring an additional 1,868 shares during the period. Finally, Millennium Management LLC grew its position in shares of Commercial Metals by 124.3% in the first quarter. Millennium Management LLC now owns 926,718 shares of the basic materials company’s stock valued at $42,638,000 after purchasing an additional 513,630 shares during the last quarter. 86.90% of the stock is owned by institutional investors and hedge funds.

Commercial Metals Company Profile

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.