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

by · The Markets Daily

Equities researchers at Morgan Stanley started coverage on shares of Commercial Metals (NYSE:CMC – Get Free Report) in a research report issued on Thursday, MarketBeat.com reports. The firm set an “equal weight” rating and a $65.00 price target on the basic materials company’s stock. Morgan Stanley’s price objective points to a potential upside of 29.30% from the stock’s previous close.

Several other brokerages also recently commented on CMC. UBS Group reissued a “sell” rating and issued a $56.00 price objective (down from $62.00) on shares of Commercial Metals in a research note on Thursday, December 12th. BMO Capital Markets set a $62.00 price objective on Commercial Metals and gave the company a “market perform” rating in a research note on Friday, October 18th. Jefferies Financial Group started coverage on shares of Commercial Metals in a research note on Tuesday, September 3rd. They issued a “buy” rating and a $65.00 target price for the company. Wolfe Research lowered shares of Commercial Metals from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, October 9th. Finally, 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. One investment analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $65.33.

Read Our Latest Analysis on Commercial Metals

Commercial Metals Price Performance

Shares of NYSE:CMC opened at $50.27 on Thursday. Commercial Metals has a twelve month low of $47.42 and a twelve month high of $64.53. The stock’s 50 day moving average is $57.90 and its 200-day moving average is $55.15. 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 capitalization of $5.73 billion, a price-to-earnings ratio of 12.14, a PEG ratio of 2.74 and a beta of 1.15.

Commercial Metals (NYSE:CMC – Get Free Report) last released its quarterly earnings data 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). The business had revenue of $2 billion during the quarter, compared to the consensus estimate of $2.07 billion. Commercial Metals had a net margin of 6.13% and a return on equity of 12.20%. Sell-side analysts forecast that Commercial Metals will post 4.26 EPS for the current fiscal year.

Institutional Investors Weigh In On Commercial Metals

Several institutional investors have recently added to or reduced their stakes in the business. Thompson Siegel & Walmsley LLC purchased a new position in shares of Commercial Metals in the second quarter worth about $50,132,000. Jacobs Levy Equity Management Inc. boosted its holdings in Commercial Metals by 122.8% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,245,535 shares of the basic materials company’s stock worth $68,455,000 after buying an additional 686,519 shares during the period. Caisse DE Depot ET Placement DU Quebec purchased a new position in Commercial Metals in the 3rd quarter valued at approximately $16,731,000. Van ECK Associates Corp raised its holdings in Commercial Metals by 204.3% during the 3rd quarter. Van ECK Associates Corp now owns 420,808 shares of the basic materials company’s stock valued at $21,570,000 after acquiring an additional 282,511 shares during the period. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its position in shares of Commercial Metals by 163.5% during the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 219,770 shares of the basic materials company’s stock worth $11,756,000 after acquiring an additional 136,367 shares in the last quarter. 86.90% of the stock is owned by hedge funds and other institutional investors.

About Commercial Metals

(Get Free Report)

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.

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