Morgan Stanley Increases Commercial Metals (NYSE:CMC) Price Target to $88.00

Commercial Metals (NYSE:CMC) had its target price boosted by research analysts at Morgan Stanley from $83.00 to $88.00 in a research note issued on Monday, MarketBeat Ratings reports. The firm currently has an “overweight” rating on the basic materials company’s stock. Morgan Stanley’s target price would indicate a potential upside of 21.38% from the company’s current price.

CMC has been the topic of several other research reports. Zacks Research cut shares of Commercial Metals from a “hold” rating to a “strong sell” rating in a research note on Friday, June 12th. KeyCorp initiated coverage on shares of Commercial Metals in a research note on Wednesday, March 25th. They set a “sector weight” rating for the company. Deutsche Bank Aktiengesellschaft upgraded shares of Commercial Metals to a “buy” rating in a research report on Friday, May 22nd. Wells Fargo & Company reiterated an “equal weight” rating and set a $77.00 price objective on shares of Commercial Metals in a research report on Thursday, June 4th. Finally, The Goldman Sachs Group began coverage on Commercial Metals in a research note on Wednesday, April 1st. They set a “neutral” rating and a $74.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Commercial Metals presently has a consensus rating of “Moderate Buy” and an average price target of $77.60.

Commercial Metals Stock Up 0.2%

CMC opened at $72.50 on Monday. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.55 and a current ratio of 2.38. The company has a market capitalization of $8.04 billion, a PE ratio of 16.15, a P/E/G ratio of 0.41 and a beta of 1.50. The stock’s fifty day moving average is $71.44 and its 200-day moving average is $71.08. Commercial Metals has a one year low of $47.06 and a one year high of $84.87.

Commercial Metals (NYSE:CMC) last announced its earnings results on Thursday, March 26th. The basic materials company reported $1.16 earnings per share for the quarter, missing the consensus estimate of $1.28 by ($0.12). Commercial Metals had a net margin of 6.02% and a return on equity of 13.54%. The firm had revenue of $2.13 billion for the quarter, compared to the consensus estimate of $2.10 billion. During the same period in the prior year, the business earned $0.26 EPS. The company’s quarterly revenue was up 21.5% compared to the same quarter last year. On average, equities analysts predict that Commercial Metals will post 6.58 EPS for the current fiscal year.

Institutional Investors Weigh In On Commercial Metals

A number of large investors have recently made changes to their positions in CMC. American Century Companies Inc. increased its holdings in shares of Commercial Metals by 6.6% during the 3rd quarter. American Century Companies Inc. now owns 1,823,923 shares of the basic materials company’s stock valued at $104,474,000 after acquiring an additional 112,267 shares during the last quarter. Qsemble Capital Management LP raised its position in shares of Commercial Metals by 118.6% in the fourth quarter. Qsemble Capital Management LP now owns 49,885 shares of the basic materials company’s stock valued at $3,453,000 after purchasing an additional 27,062 shares during the period. JPMorgan Chase & Co. raised its position in shares of Commercial Metals by 7.9% in the third quarter. JPMorgan Chase & Co. now owns 884,604 shares of the basic materials company’s stock valued at $50,670,000 after purchasing an additional 64,491 shares during the period. Russell Investments Group Ltd. lifted its stake in shares of Commercial Metals by 14.1% in the third quarter. Russell Investments Group Ltd. now owns 459,657 shares of the basic materials company’s stock worth $26,329,000 after buying an additional 56,705 shares during the last quarter. Finally, Moore Capital Management LP boosted its holdings in Commercial Metals by 47.7% during the third quarter. Moore Capital Management LP now owns 163,348 shares of the basic materials company’s stock valued at $9,357,000 after acquiring an additional 52,736 shares during the period. Institutional investors and hedge funds 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.