The Goldman Sachs Group Initiates Coverage on Commercial Metals (NYSE:CMC)

Equities research analysts at The Goldman Sachs Group assumed coverage on shares of Commercial Metals (NYSE:CMC) in a research report issued 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 target price suggests a potential upside of 21.58% from the company’s current price.

CMC has been the topic of several other reports. Wolfe Research cut Commercial Metals from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, October 9th. Jefferies Financial Group initiated coverage on Commercial Metals in a research note on Tuesday, September 3rd. They set a “buy” rating and a $65.00 target price on the stock. Finally, BMO Capital Markets set a $62.00 price target on Commercial Metals and gave the stock a “market perform” rating in a research note on Friday, October 18th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $67.20.

Commercial Metals Price Performance

Shares of Commercial Metals stock opened at $61.69 on Monday. The company has a debt-to-equity ratio of 0.27, a current ratio of 3.94 and a quick ratio of 2.78. Commercial Metals has a one year low of $44.78 and a one year high of $63.40. The business’s 50 day simple moving average is $56.45 and its two-hundred day simple moving average is $54.89. The stock has a market capitalization 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 (NYSE:CMC) last posted its quarterly earnings results on Thursday, October 17th. The basic materials company reported $0.90 EPS for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.01). The firm had revenue of $2 billion for 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%. Analysts forecast that Commercial Metals will post 4.26 EPS for the current year.

Hedge Funds Weigh In On Commercial Metals

Institutional investors have recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio purchased a new stake in shares of Commercial Metals in the 1st quarter worth about $558,000. Comerica Bank increased its stake in shares of Commercial Metals by 10.5% during the first quarter. Comerica Bank now owns 64,920 shares of the basic materials company’s stock valued at $3,815,000 after purchasing an additional 6,174 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of Commercial Metals by 21.9% during the second quarter. GAMMA Investing LLC now owns 1,572 shares of the basic materials company’s stock valued at $86,000 after purchasing an additional 282 shares in the last quarter. Atlas Private Wealth Advisors lifted its holdings in shares of Commercial Metals by 100.0% during the second quarter. Atlas Private Wealth Advisors now owns 16,000 shares of the basic materials company’s stock valued at $880,000 after purchasing an additional 8,000 shares during the last quarter. Finally, Diversified Trust Co boosted its position in shares of Commercial Metals by 11.7% in the 2nd quarter. Diversified Trust Co now owns 23,883 shares of the basic materials company’s stock worth $1,313,000 after purchasing an additional 2,498 shares in 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.