Commercial Metals (NYSE:CMC) Stock Gets Price Target Trim from JPMorgan Chase & Co.

Commercial Metals (NYSE:CMC) had its price objective cut by JPMorgan Chase & Co. from $83.00 to $80.00 in a research report report published on Friday morning,Benzinga reports. They currently have an overweight rating on the basic materials company’s stock.

Several other equities research analysts have also commented on CMC. BNP Paribas Exane upgraded Commercial Metals from a “neutral” rating to an “outperform” rating and set a $75.00 price objective for the company in a research note on Wednesday, July 8th. BMO Capital Markets increased their target price on Commercial Metals from $77.00 to $80.00 and gave the company a “market perform” rating in a report on Thursday, August 6th. Citigroup decreased their target price on Commercial Metals from $85.00 to $75.00 and set a “buy” rating on the stock in a research report on Tuesday, July 7th. Morgan Stanley lifted their price target on Commercial Metals from $83.00 to $88.00 and gave the stock an “overweight” rating in a research note on Monday, June 22nd. Finally, Wells Fargo & Company dropped their price target on Commercial Metals from $80.00 to $68.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 6th. Nine analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $80.27.

Commercial Metals Stock Up 0.1%

CMC opened at $63.93 on Friday. The company has a market cap of $7.07 billion, a PE ratio of 12.04, a price-to-earnings-growth ratio of 0.33 and a beta of 1.53. Commercial Metals has a twelve month low of $53.08 and a twelve month high of $84.87. The company has a 50-day moving average price of $67.66 and a 200 day moving average price of $68.21. The company has a quick ratio of 1.54, a current ratio of 2.33 and a debt-to-equity ratio of 0.73.

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

Insider Buying and Selling at Commercial Metals

In other Commercial Metals news, Director John McPherson purchased 1,390 shares of the stock in a transaction that occurred on Thursday, August 13th. The shares were purchased at an average cost of $71.92 per share, for a total transaction of $99,968.80. Following the completion of the transaction, the director owned 21,927 shares of the company’s stock, valued at $1,576,989.84. The trade was a 6.77% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.62% of the company’s stock.

Institutional Trading of Commercial Metals

Large investors have recently bought and sold shares of the business. GAMMA Investing LLC increased its holdings in shares of Commercial Metals by 23.1% in the third quarter. GAMMA Investing LLC now owns 4,396 shares of the basic materials company’s stock valued at $273,000 after purchasing an additional 824 shares during the last quarter. Green Alpha Advisors LLC lifted its position in Commercial Metals by 14.0% during the third quarter. Green Alpha Advisors LLC now owns 23,122 shares of the basic materials company’s stock worth $1,436,000 after buying an additional 2,839 shares in the last quarter. CoreCap Advisors LLC lifted its position in Commercial Metals by 24.0% during the third quarter. CoreCap Advisors LLC now owns 1,448 shares of the basic materials company’s stock worth $90,000 after buying an additional 280 shares in the last quarter. Apella Capital LLC purchased a new position in Commercial Metals during the third quarter worth approximately $247,000. Finally, Congress Asset Management Co. boosted its stake in Commercial Metals by 20.8% during the third quarter. Congress Asset Management Co. now owns 90,211 shares of the basic materials company’s stock worth $5,602,000 after buying an additional 15,546 shares during the last quarter. Hedge funds and other 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.