Morgan Stanley Lowers Commercial Metals (NYSE:CMC) Price Target to $53.00

Commercial Metals (NYSE:CMC) had its target price decreased by research analysts at Morgan Stanley from $56.00 to $53.00 in a report released on Friday,Benzinga reports. The brokerage currently has an “equal weight” rating on the basic materials company’s stock. Morgan Stanley’s target price would suggest a potential upside of 15.60% from the stock’s current price.

A number of other equities research analysts also recently issued reports on CMC. UBS Group raised shares of Commercial Metals from a “sell” rating to a “neutral” rating and cut their price objective for the company from $56.00 to $54.00 in a research report on Friday, January 10th. 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. BMO Capital Markets cut 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 report on Friday, January 3rd. Jefferies Financial Group cut their price objective on shares of Commercial Metals from $65.00 to $62.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Finally, BNP Paribas downgraded shares of Commercial Metals from an “outperform” rating to a “neutral” rating in a research report on Friday, January 3rd. Six research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $61.83.

Commercial Metals Price Performance

Shares of CMC opened at $45.85 on Friday. The firm has a market cap of $5.21 billion, a PE ratio of 41.30, a P/E/G ratio of 2.62 and a beta of 1.17. The company has a current ratio of 2.76, a quick ratio of 1.94 and a debt-to-equity ratio of 0.29. The firm has a fifty day simple moving average of $49.49 and a two-hundred day simple moving average of $53.27. Commercial Metals has a 1-year low of $43.81 and a 1-year high of $64.53.

Commercial Metals (NYSE:CMC) last announced its earnings results on Monday, January 6th. The basic materials company reported $0.78 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.78. The business had revenue of $1.91 billion during the quarter, compared to analyst estimates of $1.85 billion. Commercial Metals had a net margin of 1.70% and a return on equity of 9.88%. The company’s quarterly revenue was down 4.7% compared to the same quarter last year. During the same period in the previous year, the business earned $1.49 EPS. On average, equities analysts anticipate that Commercial Metals will post 3.09 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of CMC. Park Square Financial Group LLC bought a new position in shares of Commercial Metals during the 4th quarter valued at about $33,000. Heck Capital Advisors LLC bought a new position in shares of Commercial Metals during the 4th quarter valued at about $34,000. V Square Quantitative Management LLC boosted its holdings in shares of Commercial Metals by 60.7% during the 4th quarter. V Square Quantitative Management LLC now owns 707 shares of the basic materials company’s stock valued at $35,000 after purchasing an additional 267 shares during the last quarter. South Plains Financial Inc. bought a new position in shares of Commercial Metals during the 4th quarter valued at about $73,000. Finally, Jones Financial Companies Lllp boosted its holdings in shares of Commercial Metals by 22.0% during the 4th quarter. Jones Financial Companies Lllp now owns 1,646 shares of the basic materials company’s stock valued at $82,000 after purchasing an additional 297 shares during the last quarter. Institutional investors 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.