Wells Fargo & Company Cuts Commercial Metals (NYSE:CMC) Price Target to $68.00

Commercial Metals (NYSE:CMC) had its target price trimmed by Wells Fargo & Company from $80.00 to $68.00 in a research report released on Tuesday morning,Benzinga reports. The brokerage currently has an equal weight rating on the basic materials company’s stock.

CMC has been the subject of several other research reports. The Goldman Sachs Group reiterated a “buy” rating and issued a $85.00 price objective on shares of Commercial Metals in a research report on Thursday, August 6th. Morgan Stanley raised their target price on Commercial Metals from $83.00 to $88.00 and gave the company an “overweight” rating in a research note on Monday, June 22nd. BMO Capital Markets lifted their price target on Commercial Metals from $77.00 to $80.00 and gave the company a “market perform” rating in a report on Thursday, August 6th. Bank of America reduced their price target on shares of Commercial Metals from $84.00 to $78.00 and set a “buy” rating on the stock in a research report on Thursday, July 9th. Finally, Citigroup decreased their price objective on shares of Commercial Metals from $85.00 to $75.00 and set a “buy” rating on the stock in a report on Tuesday, July 7th. Nine investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $80.55.

Commercial Metals Stock Performance

NYSE:CMC opened at $63.12 on Tuesday. The stock has a market capitalization of $6.98 billion, a P/E ratio of 11.89, a price-to-earnings-growth ratio of 0.32 and a beta of 1.53. The company has a current ratio of 2.33, a quick ratio of 1.54 and a debt-to-equity ratio of 0.73. Commercial Metals has a 1 year low of $53.08 and a 1 year high of $84.87. The firm has a 50 day moving average of $67.76 and a 200-day moving average of $68.20.

Commercial Metals declared that its Board of Directors has approved a share buyback plan on Wednesday, August 5th that permits the company to repurchase $600.00 million in outstanding shares. This repurchase authorization permits the basic materials company to purchase up to 7.5% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Insider Activity at Commercial Metals

In other news, Director John McPherson bought 1,390 shares of the company’s stock in a transaction dated Thursday, August 13th. The stock was bought at an average price of $71.92 per share, for a total transaction of $99,968.80. Following the completion of the transaction, the director directly owned 21,927 shares in the company, valued at $1,576,989.84. The trade was a 6.77% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 0.62% of the company’s stock.

Hedge Funds Weigh In On Commercial Metals

Several hedge funds have recently added to or reduced their stakes in CMC. USA Financial Formulas raised its holdings in Commercial Metals by 67.6% during the 1st quarter. USA Financial Formulas now owns 496 shares of the basic materials company’s stock worth $30,000 after purchasing an additional 200 shares during the last quarter. Global Retirement Partners LLC bought a new position in shares of Commercial Metals in the 2nd quarter valued at about $34,000. Caitong International Asset Management Co. Ltd boosted its stake in shares of Commercial Metals by 617.2% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 832 shares of the basic materials company’s stock valued at $58,000 after purchasing an additional 716 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new stake in shares of Commercial Metals during the 2nd quarter worth approximately $63,000. Finally, EverSource Wealth Advisors LLC grew its position in shares of Commercial Metals by 105.0% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,222 shares of the basic materials company’s stock worth $75,000 after buying an additional 626 shares during the period. Institutional investors own 86.90% of the company’s stock.

Commercial Metals Company Profile

Commercial Metals Company (NYSE: CMC) is a steel and metals manufacturer, fabricator and recycler headquartered in Irving, Texas. Founded in 1915, the company operates a vertically integrated business that collects and processes ferrous scrap, produces steel and supplies products used in construction and infrastructure projects.

CMC’s product portfolio includes reinforcing bar, merchant bar, wire rod, structural components and other steel products. Through its fabrication and construction services, the company also processes and prepares reinforcing steel for commercial, industrial, transportation and other building projects.