Commercial Metals (NYSE:CMC) Now Covered by The Goldman Sachs Group

Investment analysts at The Goldman Sachs Group began coverage on shares of Commercial Metals (NYSE:CMC) in a report released on Wednesday. The brokerage set a “neutral” rating and a $74.00 price target on the basic materials company’s stock. The Goldman Sachs Group’s price target would suggest a potential upside of 20.57% from the company’s current price.

A number of other research firms have also issued reports on CMC. Jefferies Financial Group set a $85.00 price target on Commercial Metals and gave the company a “buy” rating in a research report on Thursday, January 8th. Citigroup upped their target price on Commercial Metals from $65.00 to $85.00 and gave the company a “buy” rating in a report on Monday, January 12th. Weiss Ratings reiterated a “hold (c)” rating on shares of Commercial Metals in a report on Wednesday, January 21st. Zacks Research lowered shares of Commercial Metals from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 3rd. Finally, KeyCorp assumed coverage on shares of Commercial Metals in a research note on Wednesday, March 25th. They set a “sector weight” rating on the stock. Seven analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, Commercial Metals currently has a consensus rating of “Moderate Buy” and an average price target of $72.00.

Commercial Metals Stock Performance

NYSE:CMC opened at $61.38 on Wednesday. The company’s 50-day moving average price is $72.03 and its 200-day moving average price is $66.65. The company has a current ratio of 2.38, a quick ratio of 1.55 and a debt-to-equity ratio of 0.75. The company has a market cap of $6.81 billion, a P/E ratio of 13.67, a P/E/G ratio of 0.33 and a beta of 1.47. Commercial Metals has a twelve month low of $37.92 and a twelve month high of $84.87.

Commercial Metals (NYSE:CMC) last announced its quarterly earnings data 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). The business had revenue of $2.13 billion for the quarter, compared to analysts’ expectations of $2.10 billion. Commercial Metals had a net margin of 6.02% and a return on equity of 13.54%. The firm’s revenue was up 21.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.26 EPS. On average, sell-side analysts forecast that Commercial Metals will post 3.09 earnings per share for the current fiscal year.

Insider Activity

In other Commercial Metals news, insider Jennifer J. Durbin sold 25,050 shares of the company’s stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $79.97, for a total value of $2,003,248.50. Following the transaction, the insider owned 52,880 shares of the company’s stock, valued at $4,228,813.60. This represents a 32.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Dennis V. Arriola bought 2,000 shares of the stock in a transaction on Tuesday, January 20th. The shares were bought at an average cost of $74.69 per share, with a total value of $149,380.00. Following the purchase, the director owned 9,238 shares of the company’s stock, valued at $689,986.22. This trade represents a 27.63% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 0.62% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. State Street Corp raised its holdings in shares of Commercial Metals by 1.5% in the 4th quarter. State Street Corp now owns 6,361,477 shares of the basic materials company’s stock valued at $440,341,000 after buying an additional 91,104 shares during the period. Boston Partners grew its position in Commercial Metals by 1.9% in the 3rd quarter. Boston Partners now owns 3,641,930 shares of the basic materials company’s stock valued at $208,629,000 after acquiring an additional 67,139 shares in the last quarter. Geode Capital Management LLC grew its position in Commercial Metals by 3.1% in the 4th quarter. Geode Capital Management LLC now owns 2,926,864 shares of the basic materials company’s stock valued at $202,626,000 after acquiring an additional 86,749 shares in the last quarter. American Century Companies Inc. increased its stake in Commercial Metals by 6.6% during the third quarter. American Century Companies Inc. now owns 1,823,923 shares of the basic materials company’s stock worth $104,474,000 after purchasing an additional 112,267 shares during the period. Finally, Invesco Ltd. lifted its position in shares of Commercial Metals by 4.8% during the third quarter. Invesco Ltd. now owns 1,661,027 shares of the basic materials company’s stock worth $95,144,000 after purchasing an additional 76,365 shares in the last quarter. 86.90% of the stock is currently owned by hedge funds and other institutional investors.

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.