Commercial Metals (NYSE:CMC) Upgraded by Barclays to Hold Rating

Commercial Metals (NYSE:CMC) was upgraded by stock analysts at Barclays to a “hold” rating in a note issued to investors on Thursday,Zacks.com reports.

A number of other equities research analysts have also weighed in on CMC. JPMorgan Chase & Co. lowered their target price on Commercial Metals from $83.00 to $78.00 and set an “overweight” rating for the company in a research note on Tuesday, April 14th. Zacks Research lowered Commercial Metals from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 3rd. Deutsche Bank Aktiengesellschaft raised Commercial Metals to a “buy” rating in a research note on Friday. KeyCorp started coverage on Commercial Metals in a research note on Wednesday, March 25th. They issued a “sector weight” rating for the company. Finally, Wall Street Zen lowered Commercial Metals from a “strong-buy” rating to a “buy” rating in a research note on Saturday, April 4th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, Commercial Metals currently has a consensus rating of “Moderate Buy” and a consensus price target of $74.82.

Commercial Metals Trading Up 1.7%

Shares of CMC stock opened at $71.87 on Thursday. The company has a quick ratio of 1.55, a current ratio of 2.38 and a debt-to-equity ratio of 0.75. The business has a 50-day moving average price of $65.93 and a two-hundred day moving average price of $68.84. Commercial Metals has a 12-month low of $45.50 and a 12-month high of $84.87. The firm has a market cap of $7.97 billion, a P/E ratio of 16.01, a price-to-earnings-growth ratio of 0.41 and a beta of 1.49.

Commercial Metals (NYSE:CMC) last issued its quarterly earnings results on Thursday, March 26th. The basic materials company reported $1.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.28 by ($0.12). Commercial Metals had a return on equity of 13.54% and a net margin of 6.02%.The firm had revenue of $2.13 billion for the quarter, compared to the consensus estimate of $2.10 billion. During the same period last year, the firm earned $0.26 EPS. The company’s revenue for the quarter was up 21.5% on a year-over-year basis. Equities analysts anticipate that Commercial Metals will post 6.51 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Segall Bryant & Hamill LLC bought a new position in Commercial Metals during the 1st quarter valued at approximately $1,046,000. Bank of America Corp DE raised its position in Commercial Metals by 87.4% during the 1st quarter. Bank of America Corp DE now owns 1,631,213 shares of the basic materials company’s stock valued at $100,205,000 after purchasing an additional 760,985 shares during the last quarter. Edgestream Partners L.P. raised its position in Commercial Metals by 2,356.3% during the 1st quarter. Edgestream Partners L.P. now owns 154,183 shares of the basic materials company’s stock valued at $9,471,000 after purchasing an additional 147,906 shares during the last quarter. Janus Henderson Group PLC raised its position in Commercial Metals by 3.0% during the 1st quarter. Janus Henderson Group PLC now owns 505,209 shares of the basic materials company’s stock valued at $31,037,000 after purchasing an additional 14,733 shares during the last quarter. Finally, Amundi raised its position in Commercial Metals by 118.0% during the 1st quarter. Amundi now owns 20,443 shares of the basic materials company’s stock valued at $1,256,000 after purchasing an additional 11,065 shares during the last quarter. Institutional investors own 86.90% of the company’s stock.

About Commercial Metals

Commercial Metals Company (NYSE: CMC) is a leading global steel and metal recycler, manufacturer and fabricator based in Irving, Texas. The company operates an integrated network of scrap recycling facilities, electric arc furnace steel mills, metal fabrication plants and distribution centers. Through these operations, Commercial Metals collects and processes ferrous scrap to produce finished steel products and provides recycled metal to a variety of end markets.

In its steelmaking segment, CMC uses electric arc furnace technology to transform recycled scrap into reinforcing bar (rebar), merchant bar, coil and structural products.