UBS Group Upgrades Commercial Metals (NYSE:CMC) to Neutral

Commercial Metals (NYSE:CMC) was upgraded by analysts at UBS Group from a “sell” rating to a “neutral” rating in a research report issued on Friday, MarketBeat reports. The firm currently has a $54.00 price target on the basic materials company’s stock, down from their prior price target of $56.00. UBS Group’s target price points to a potential upside of 14.84% from the company’s previous close.

Several other analysts have also recently commented on CMC. Jefferies Financial Group dropped their price target on Commercial Metals from $65.00 to $62.00 and set a “buy” rating for the company in a research report on Monday, January 6th. The Goldman Sachs Group started coverage on shares of Commercial Metals in a research note on Monday, December 2nd. They issued a “buy” rating and a $75.00 price target on the stock. BMO Capital Markets dropped their price objective on shares of Commercial Metals from $62.00 to $58.00 and set a “market perform” rating for the company in a research note on Friday, January 3rd. Morgan Stanley initiated coverage on shares of Commercial Metals in a research note on Thursday, December 19th. They issued an “equal weight” rating and a $65.00 target price on the stock. Finally, BNP Paribas lowered Commercial Metals from an “outperform” rating to a “neutral” rating in a research report on Friday, January 3rd. Six equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, Commercial Metals has an average rating of “Hold” and a consensus price target of $63.83.

Commercial Metals Price Performance

Shares of NYSE CMC opened at $47.02 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.78 and a current ratio of 3.94. The firm has a fifty day moving average of $56.46 and a 200 day moving average of $54.82. The firm has a market cap of $5.34 billion, a PE ratio of 11.36, a PEG ratio of 2.74 and a beta of 1.19. Commercial Metals has a one year low of $45.50 and a one year high of $64.53.

Commercial Metals (NYSE:CMC) last released its earnings results on Monday, January 6th. The basic materials company reported $0.78 EPS for the quarter, hitting analysts’ consensus estimates of $0.78. Commercial Metals had a net margin of 6.13% and a return on equity of 12.20%. The business had revenue of $1.91 billion during the quarter, compared to analysts’ expectations of $1.85 billion. During the same quarter in the previous year, the company earned $1.49 earnings per share. The company’s quarterly revenue was down 4.7% on a year-over-year basis. As a group, research analysts predict that Commercial Metals will post 4.26 EPS for the current fiscal year.

Hedge Funds Weigh In On Commercial Metals

Large investors have recently modified their holdings of the business. JPMorgan Chase & Co. lifted its position in Commercial Metals by 6.5% in the third quarter. JPMorgan Chase & Co. now owns 1,081,153 shares of the basic materials company’s stock valued at $59,420,000 after buying an additional 66,092 shares during the last quarter. Principal Financial Group Inc. boosted its position in shares of Commercial Metals by 1.1% during the 3rd quarter. Principal Financial Group Inc. now owns 1,714,116 shares of the basic materials company’s stock worth $94,208,000 after purchasing an additional 17,931 shares during the period. Vestcor Inc increased its holdings in Commercial Metals by 108.0% in the 3rd quarter. Vestcor Inc now owns 18,103 shares of the basic materials company’s stock valued at $995,000 after purchasing an additional 9,400 shares during the last quarter. Seizert Capital Partners LLC raised its position in Commercial Metals by 32.5% in the third quarter. Seizert Capital Partners LLC now owns 75,873 shares of the basic materials company’s stock valued at $4,170,000 after purchasing an additional 18,600 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in Commercial Metals by 1.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,462,317 shares of the basic materials company’s stock worth $80,369,000 after purchasing an additional 18,262 shares in the last quarter. Institutional investors and hedge funds own 86.90% of the company’s stock.

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.