Commercial Metals (NYSE:CMC) Now Covered by The Goldman Sachs Group

Analysts at The Goldman Sachs Group started coverage on shares of Commercial Metals (NYSE:CMC) in a research note issued to investors on Monday,Benzinga reports. The firm set a “buy” rating and a $75.00 price target on the basic materials company’s stock. The Goldman Sachs Group’s price target would suggest a potential upside of 21.58% from the company’s previous close.

Other research analysts have also issued research reports about the company. BMO Capital Markets set a $62.00 target price on Commercial Metals and gave the company a “market perform” rating in a report on Friday, October 18th. Wolfe Research lowered shares of Commercial Metals from an “outperform” rating to a “peer perform” rating in a report on Wednesday, October 9th. Finally, Jefferies Financial Group assumed coverage on shares of Commercial Metals in a report on Tuesday, September 3rd. They issued a “buy” rating and a $65.00 price target for the company. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $67.20.

Commercial Metals Stock Performance

NYSE CMC opened at $61.69 on Monday. The company’s 50 day moving average is $56.45 and its 200-day moving average is $54.89. The firm has a market cap of $7.03 billion, a P/E ratio of 14.90, a price-to-earnings-growth ratio of 2.74 and a beta of 1.14. Commercial Metals has a 12-month low of $44.78 and a 12-month high of $63.40. The company has a quick ratio of 2.78, a current ratio of 3.94 and a debt-to-equity ratio of 0.27.

Commercial Metals (NYSE:CMC) last posted its earnings results on Thursday, October 17th. The basic materials company reported $0.90 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.91 by ($0.01). Commercial Metals had a return on equity of 12.20% and a net margin of 6.13%. The company had revenue of $2 billion for the quarter, compared to analysts’ expectations of $2.07 billion. Sell-side analysts predict that Commercial Metals will post 4.26 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CMC. nVerses Capital LLC bought a new stake in Commercial Metals during the third quarter worth about $66,000. Archer Investment Corp purchased a new stake in Commercial Metals in the second quarter worth approximately $77,000. GAMMA Investing LLC boosted its stake in Commercial Metals by 21.9% in the second quarter. GAMMA Investing LLC now owns 1,572 shares of the basic materials company’s stock worth $86,000 after buying an additional 282 shares in the last quarter. KBC Group NV raised its stake in shares of Commercial Metals by 15.9% during the third quarter. KBC Group NV now owns 3,099 shares of the basic materials company’s stock worth $170,000 after acquiring an additional 425 shares in the last quarter. Finally, Innealta Capital LLC bought a new stake in shares of Commercial Metals in the 2nd quarter worth approximately $195,000. 86.90% of the stock is currently owned by hedge funds and other institutional investors.

About Commercial Metals

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.