Commercial Metals (NYSE:CMC) Rating Lowered to Peer Perform at Wolfe Research

Commercial Metals (NYSE:CMC) was downgraded by analysts at Wolfe Research from an “outperform” rating to a “peer perform” rating in a report issued on Wednesday, FinViz reports.

Several other equities research analysts have also weighed in on CMC. Jefferies Financial Group began coverage on Commercial Metals in a report on Tuesday, September 3rd. They issued a “buy” rating and a $65.00 target price for the company. Bank of America cut their target price on shares of Commercial Metals from $70.00 to $69.00 and set a “buy” rating for the company in a research report on Wednesday, June 26th. Finally, StockNews.com downgraded Commercial Metals from a “buy” rating to a “hold” rating in a research report on Thursday, June 20th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $61.40.

Commercial Metals Stock Down 1.2 %

Shares of Commercial Metals stock opened at $52.63 on Wednesday. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.24 and a quick ratio of 2.83. The firm has a market cap of $6.05 billion, a price-to-earnings ratio of 10.96 and a beta of 1.14. Commercial Metals has a 52-week low of $39.85 and a 52-week high of $61.26. The stock has a 50-day simple moving average of $53.08 and a 200-day simple moving average of $54.65.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Rise Advisors LLC acquired a new stake in shares of Commercial Metals during the 1st quarter worth about $28,000. Archer Investment Corp acquired a new stake in shares of Commercial Metals in the 2nd quarter valued at $77,000. GAMMA Investing LLC raised its position in shares of Commercial Metals by 21.9% during the second quarter. GAMMA Investing LLC now owns 1,572 shares of the basic materials company’s stock worth $86,000 after acquiring an additional 282 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Commercial Metals in the 2nd quarter valued at about $129,000. Finally, Adirondack Trust Co. grew its position in shares of Commercial Metals by 88.2% during the 4th quarter. Adirondack Trust Co. now owns 3,200 shares of the basic materials company’s stock worth $173,000 after buying an additional 1,500 shares during the period. 86.90% of the stock is currently owned by institutional investors and hedge funds.

About Commercial Metals

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.