Commercial Metals Co. (CMC) Receives Hold Rating from Jefferies Group
Several other equities research analysts also recently weighed in on the company. Bank of America Corp. downgraded Commercial Metals to a neutral rating in a report on Wednesday, July 20th. Zacks Investment Research downgraded Commercial Metals from a buy rating to a hold rating in a report on Friday, June 3rd. Citigroup Inc. started coverage on Commercial Metals in a report on Monday, August 22nd. They issued a neutral rating and a $16.00 price objective on the stock. Finally, Clarkson Capital downgraded Commercial Metals from a neutral rating to a sell rating in a report on Monday, June 27th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company. The stock has a consensus rating of Hold and a consensus price target of $16.69.
Shares of Commercial Metals (NYSE:CMC) traded up 2.87% during midday trading on Friday, reaching $15.40. The company had a trading volume of 317,876 shares. Commercial Metals has a 52 week low of $12.44 and a 52 week high of $18.50. The company’s 50 day moving average price is $16.08 and its 200-day moving average price is $16.75. The company has a market capitalization of $1.77 billion, a P/E ratio of 13.99 and a beta of 1.59.
Commercial Metals (NYSE:CMC) last issued its quarterly earnings results on Thursday, June 23rd. The company reported $0.30 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.05. Commercial Metals had a return on equity of 8.04% and a net margin of 1.02%. The company had revenue of $1.23 billion for the quarter. During the same quarter last year, the company earned $0.58 EPS. Commercial Metals’s revenue for the quarter was down 18.5% compared to the same quarter last year. On average, equities research analysts predict that Commercial Metals will post $0.97 earnings per share for the current fiscal year.
In related news, Director Anthony A. Massaro sold 2,367 shares of the company’s stock in a transaction dated Tuesday, July 5th. The stock was sold at an average price of $16.36, for a total value of $38,724.12. Following the completion of the sale, the director now directly owns 69,252 shares of the company’s stock, valued at approximately $1,132,962.72. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.20% of the stock is owned by corporate insiders.
Several hedge funds have recently made changes to their positions in the stock. Norges Bank purchased a new stake in shares of Commercial Metals during the fourth quarter worth about $20,969,000. Acadian Asset Management LLC boosted its stake in Commercial Metals by 1,248,857.1% in the first quarter. Acadian Asset Management LLC now owns 437,135 shares of the company’s stock worth $7,420,000 after buying an additional 437,100 shares during the last quarter. First Manhattan Co. boosted its stake in Commercial Metals by 0.7% in the first quarter. First Manhattan Co. now owns 552,357 shares of the company’s stock worth $9,373,000 after buying an additional 3,800 shares during the last quarter. Virginia Retirement System bought a new stake in Commercial Metals during the first quarter worth $964,000. Finally, Prudential Financial Inc. boosted its stake in Commercial Metals by 0.8% in the first quarter. Prudential Financial Inc. now owns 122,432 shares of the company’s stock worth $2,078,000 after buying an additional 1,000 shares during the last quarter. 94.77% of the stock is owned by hedge funds and other institutional investors.
About Commercial Metals
Commercial Metals Company (CMC) manufactures, recycles and markets steel and metal products, related materials and services. CMC has a network of steel mills (minimills), steel fabrication and processing facilities, warehouses, metal recycling facilities. It has five business segments: Americas Recycling, Americas Mills, Americas Fabrication, International Mill, and International Marketing and Distribution.
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