Jefferies Financial Group Has Lowered Expectations for Commercial Metals (NYSE:CMC) Stock Price

Commercial Metals (NYSE:CMC) had its price target dropped by research analysts at Jefferies Financial Group from $65.00 to $62.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the basic materials company’s stock. Jefferies Financial Group’s price objective points to a potential upside of 27.13% from the company’s current price.

A number of other brokerages also recently commented on CMC. The Goldman Sachs Group initiated coverage on shares of Commercial Metals in a research report on Monday, December 2nd. They set a “buy” rating and a $75.00 price objective for the company. UBS Group reiterated a “sell” rating and set a $56.00 target price (down previously from $62.00) on shares of Commercial Metals in a research report on Thursday, December 12th. BMO Capital Markets reduced their price target on Commercial Metals from $62.00 to $58.00 and set a “market perform” rating for the company in a report on Friday, January 3rd. Wolfe Research lowered Commercial Metals from an “outperform” rating to a “peer perform” rating in a report on Wednesday, October 9th. Finally, BNP Paribas cut shares of Commercial Metals from an “outperform” rating to a “neutral” rating in a research note on Friday, January 3rd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $64.17.

Commercial Metals Stock Performance

Shares of CMC opened at $48.77 on Monday. The company’s 50 day simple moving average is $56.87 and its 200-day simple moving average is $54.97. Commercial Metals has a 12-month low of $47.42 and a 12-month high of $64.53. The firm has a market cap of $5.56 billion, a PE ratio of 11.78, a price-to-earnings-growth ratio of 2.74 and a beta of 1.19. The company has a current ratio of 3.94, a quick ratio of 2.78 and a debt-to-equity ratio of 0.27.

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

Institutional Investors Weigh In On Commercial Metals

A number of large investors have recently bought and sold shares of the stock. Commonwealth Equity Services LLC increased its position in Commercial Metals by 2.6% during the 2nd quarter. Commonwealth Equity Services LLC now owns 17,604 shares of the basic materials company’s stock worth $968,000 after purchasing an additional 440 shares in the last quarter. Arizona State Retirement System raised its holdings in Commercial Metals by 1.3% in the 2nd quarter. Arizona State Retirement System now owns 32,393 shares of the basic materials company’s stock valued at $1,781,000 after acquiring an additional 407 shares during the last quarter. Ballentine Partners LLC purchased a new position in shares of Commercial Metals during the 2nd quarter worth $237,000. Quest Partners LLC grew its position in shares of Commercial Metals by 525.3% in the second quarter. Quest Partners LLC now owns 13,706 shares of the basic materials company’s stock valued at $754,000 after purchasing an additional 11,514 shares during the period. Finally, Choreo LLC acquired a new stake in Commercial Metals in the 2nd quarter worth about $566,000. Institutional investors and hedge funds own 86.90% of the company’s stock.

Commercial Metals Company Profile

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.