Commercial Metals (NYSE:CMC) Now Covered by Morgan Stanley

Equities researchers at Morgan Stanley initiated coverage on shares of Commercial Metals (NYSE:CMC) in a report released on Thursday. The brokerage set an “equal weight” rating and a $65.00 price target on the basic materials company’s stock. Morgan Stanley’s target price indicates a potential upside of 28.18% from the company’s current price.

Several other research analysts have also issued reports on CMC. UBS Group reiterated a “sell” rating and set a $56.00 price objective (down from $62.00) on shares of Commercial Metals in a research note on Thursday, December 12th. Wolfe Research cut shares of Commercial Metals from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, October 9th. BMO Capital Markets set a $62.00 target price on shares of Commercial Metals and gave the company a “market perform” rating in a research note on Friday, October 18th. The Goldman Sachs Group assumed coverage on shares of Commercial Metals in a research report on Monday, December 2nd. They issued a “buy” rating and a $75.00 price objective for the company. Finally, Jefferies Financial Group assumed coverage on shares of Commercial Metals in a research report on Tuesday, September 3rd. They set a “buy” rating and a $65.00 target price on the stock. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Commercial Metals has an average rating of “Hold” and an average price target of $65.33.

Commercial Metals Stock Performance

NYSE CMC traded down $0.53 during trading on Thursday, hitting $50.71. The company’s stock had a trading volume of 209,414 shares, compared to its average volume of 859,072. Commercial Metals has a 52 week low of $47.42 and a 52 week high of $64.53. The company has a quick ratio of 2.78, a current ratio of 3.94 and a debt-to-equity ratio of 0.27. The firm has a market cap of $5.78 billion, a P/E ratio of 12.25, a price-to-earnings-growth ratio of 2.74 and a beta of 1.15. The firm has a 50 day moving average price of $57.97 and a 200 day moving average price of $55.19.

Commercial Metals (NYSE:CMC) last released its earnings results on Thursday, October 17th. The basic materials company reported $0.90 earnings per share for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.01). Commercial Metals had a return on equity of 12.20% and a net margin of 6.13%. The firm had revenue of $2 billion for the quarter, compared to analyst estimates of $2.07 billion. Equities research analysts forecast that Commercial Metals will post 4.26 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Sumitomo Mitsui Trust Holdings Inc. bought a new position in shares of Commercial Metals during the 2nd quarter valued at about $1,140,000. Raymond James & Associates grew its stake in shares of Commercial Metals by 23.3% during the 2nd quarter. Raymond James & Associates now owns 214,716 shares of the basic materials company’s stock worth $11,807,000 after acquiring an additional 40,621 shares in the last quarter. Raymond James Trust N.A. bought a new stake in Commercial Metals during the 2nd quarter worth about $210,000. Bank of New York Mellon Corp boosted its position in Commercial Metals by 1.4% during the second quarter. Bank of New York Mellon Corp now owns 1,296,284 shares of the basic materials company’s stock valued at $71,283,000 after purchasing an additional 18,205 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its stake in shares of Commercial Metals by 7.3% in the second quarter. Allspring Global Investments Holdings LLC now owns 244,432 shares of the basic materials company’s stock valued at $13,441,000 after buying an additional 16,654 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.