Bank of America Corporation reiterated their neutral rating on shares of Commercial Metals Company (NYSE:CMC) in a research report released on Tuesday morning. They currently have a $21.00 target price on the basic materials company’s stock, up from their previous target price of $20.00.

CMC has been the subject of several other reports. Zacks Investment Research lowered Commercial Metals from a hold rating to a strong sell rating in a research note on Monday, September 4th. Jefferies Group LLC reaffirmed a hold rating and issued a $19.00 price objective on shares of Commercial Metals in a research note on Wednesday, June 28th. BidaskClub raised Commercial Metals from a sell rating to a hold rating in a research note on Wednesday, June 14th. Clarkson Capital reaffirmed a sell rating and issued a $16.00 price objective on shares of Commercial Metals in a research note on Tuesday, August 15th. Finally, Citigroup Inc. raised Commercial Metals from a neutral rating to a buy rating and raised their price target for the stock from $21.00 to $22.00 in a research note on Tuesday, June 13th. Four research analysts have rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company. Commercial Metals presently has an average rating of Hold and an average target price of $21.22.

Shares of Commercial Metals (CMC) opened at 18.47 on Tuesday. Commercial Metals has a 12 month low of $14.57 and a 12 month high of $24.64. The firm has a 50-day moving average price of $18.55 and a 200 day moving average price of $18.87. The company has a market cap of $2.14 billion, a P/E ratio of 28.55 and a beta of 1.22.

Commercial Metals (NYSE:CMC) last posted its quarterly earnings data on Thursday, June 22nd. The basic materials company reported $0.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.11. The business had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.34 billion. Commercial Metals had a return on equity of 7.84% and a net margin of 1.57%. The company’s revenue for the quarter was up 12.6% on a year-over-year basis. During the same period last year, the company earned $0.31 EPS. Equities analysts predict that Commercial Metals will post $0.89 earnings per share for the current year.

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Several hedge funds have recently modified their holdings of CMC. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Commercial Metals by 67.2% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,331 shares of the basic materials company’s stock worth $102,000 after acquiring an additional 2,142 shares during the last quarter. Elkfork Partners LLC lifted its stake in shares of Commercial Metals by 13.6% during the 1st quarter. Elkfork Partners LLC now owns 5,500 shares of the basic materials company’s stock worth $105,000 after acquiring an additional 660 shares during the last quarter. Point72 Asia Hong Kong Ltd lifted its stake in shares of Commercial Metals by 367.8% during the 1st quarter. Point72 Asia Hong Kong Ltd now owns 6,591 shares of the basic materials company’s stock worth $126,000 after acquiring an additional 5,182 shares during the last quarter. Meadow Creek Investment Management LLC lifted its stake in shares of Commercial Metals by 13.6% during the 1st quarter. Meadow Creek Investment Management LLC now owns 7,000 shares of the basic materials company’s stock worth $134,000 after acquiring an additional 840 shares during the last quarter. Finally, Riverhead Capital Management LLC lifted its stake in shares of Commercial Metals by 56.6% during the 2nd quarter. Riverhead Capital Management LLC now owns 6,892 shares of the basic materials company’s stock worth $134,000 after acquiring an additional 2,492 shares during the last quarter. 90.64% of the stock is owned by hedge funds and other institutional investors.

About Commercial Metals

Commercial Metals Company, together with its subsidiaries, manufactures, recycles and markets steel and metal products, related materials and services through a network. The Company’s Americas Recycling segment processes scrap metals for use as a raw material by manufacturers of new metal products. The Americas Mills segment consists of steel mills, commonly referred to as minimills that produce reinforcing bar (rebar), angles, flats and rounds.

Analyst Recommendations for Commercial Metals (NYSE:CMC)

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