Commercial Metals (NYSE:CMC) was upgraded by investment analysts at Deutsche Bank Aktiengesellschaft to a “hold” rating in a research note issued to investors on Wednesday, The Fly reports. The firm presently has a $36.00 price target on the basic materials company’s stock, up from their prior price target of $32.00. Deutsche Bank Aktiengesellschaft’s price target would suggest a potential upside of 21.01% from the company’s current price. The analysts noted that the move was a valuation call.
Several other equities analysts have also recently weighed in on CMC. JPMorgan Chase & Co. began coverage on Commercial Metals in a research report on Wednesday, June 16th. They issued a “neutral” rating and a $39.00 price target for the company. Zacks Investment Research downgraded Commercial Metals from a “buy” rating to a “hold” rating and set a $34.00 price target on the stock. in a report on Thursday, September 2nd. Finally, BMO Capital Markets lifted their price target on Commercial Metals from $26.00 to $32.00 and gave the company a “hold” rating in a research report on Thursday, July 1st. Two equities research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $29.10.
CMC opened at $29.75 on Wednesday. The company has a current ratio of 2.95, a quick ratio of 1.97 and a debt-to-equity ratio of 0.47. The stock has a market cap of $3.59 billion, a PE ratio of 10.98 and a beta of 1.30. The stock’s fifty day simple moving average is $32.17 and its 200 day simple moving average is $30.98. Commercial Metals has a 1-year low of $18.67 and a 1-year high of $36.49.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. lifted its position in Commercial Metals by 0.4% in the second quarter. BlackRock Inc. now owns 15,151,295 shares of the basic materials company’s stock valued at $465,448,000 after acquiring an additional 64,934 shares during the last quarter. Vanguard Group Inc. raised its position in Commercial Metals by 3.1% in the second quarter. Vanguard Group Inc. now owns 12,985,855 shares of the basic materials company’s stock worth $398,926,000 after acquiring an additional 386,121 shares in the last quarter. FMR LLC increased its position in shares of Commercial Metals by 4.8% in the second quarter. FMR LLC now owns 10,646,814 shares of the basic materials company’s stock valued at $327,070,000 after buying an additional 485,581 shares in the last quarter. State Street Corp boosted its stake in shares of Commercial Metals by 6.1% during the second quarter. State Street Corp now owns 6,813,598 shares of the basic materials company’s stock valued at $210,123,000 after acquiring an additional 388,750 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its stake in shares of Commercial Metals by 1,065.4% during the first quarter. Alliancebernstein L.P. now owns 5,265,577 shares of the basic materials company’s stock valued at $162,390,000 after acquiring an additional 4,813,741 shares during the last quarter. Institutional investors own 87.74% of the company’s stock.
About Commercial Metals
Commercial Metals Co engages in the manufacture, recycling, and marketing of steel and metal products. It operates through the following segments: North America and Europe. The North America segment is a vertically integrated network of recycling facilities, steel mills and fabrication operations. The Europe segment is a vertically integrated network of recycling facilities, an EAF mini mill and fabrication operations located in Poland.
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