Commercial Metals (NYSE:CMC – Get Rating) – Stock analysts at KeyCorp upped their FY2022 EPS estimates for Commercial Metals in a research note issued on Tuesday, September 20th. KeyCorp analyst P. Gibbs now forecasts that the basic materials company will post earnings of $7.90 per share for the year, up from their prior estimate of $7.85. KeyCorp currently has a “Overweight” rating and a $45.00 price objective on the stock. The consensus estimate for Commercial Metals’ current full-year earnings is $7.95 per share. KeyCorp also issued estimates for Commercial Metals’ Q4 2022 earnings at $2.14 EPS and FY2023 earnings at $6.15 EPS.
Several other equities analysts have also weighed in on CMC. Credit Suisse Group upped their price objective on shares of Commercial Metals from $37.00 to $39.00 and gave the company a “neutral” rating in a report on Friday, June 17th. StockNews.com downgraded shares of Commercial Metals from a “buy” rating to a “hold” rating in a report on Monday, June 20th. JPMorgan Chase & Co. lowered their target price on shares of Commercial Metals from $55.00 to $54.00 in a research note on Tuesday, June 14th. Citigroup lifted their price objective on Commercial Metals to $42.00 in a research note on Tuesday, September 13th. Finally, The Goldman Sachs Group dropped their price objective on Commercial Metals from $42.00 to $38.00 in a research note on Tuesday, May 31st. Five analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $43.78.
Commercial Metals Stock Performance
Shares of CMC opened at $37.07 on Friday. The company has a current ratio of 2.48, a quick ratio of 1.51 and a debt-to-equity ratio of 0.36. The stock has a market capitalization of $4.47 billion, a P/E ratio of 4.21 and a beta of 1.22. The firm’s fifty day simple moving average is $39.79 and its two-hundred day simple moving average is $39.38. Commercial Metals has a 12 month low of $29.96 and a 12 month high of $46.68.
Insider Activity at Commercial Metals
In related news, SVP Ty L. Garrison sold 20,000 shares of the business’s stock in a transaction dated Tuesday, August 2nd. The stock was sold at an average price of $39.28, for a total transaction of $785,600.00. Following the transaction, the senior vice president now owns 114,609 shares in the company, valued at approximately $4,501,841.52. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.20% of the stock is owned by company insiders.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently made changes to their positions in CMC. Ronald Blue Trust Inc. purchased a new position in shares of Commercial Metals during the 2nd quarter worth approximately $30,000. Baldwin Brothers LLC MA bought a new position in Commercial Metals in the 2nd quarter valued at approximately $33,000. CWM LLC lifted its holdings in shares of Commercial Metals by 222.2% during the 1st quarter. CWM LLC now owns 828 shares of the basic materials company’s stock valued at $34,000 after buying an additional 571 shares during the period. Triasima Portfolio Management inc. lifted its holdings in shares of Commercial Metals by 48.3% during the 2nd quarter. Triasima Portfolio Management inc. now owns 1,075 shares of the basic materials company’s stock valued at $35,000 after buying an additional 350 shares during the period. Finally, Investors Asset Management of Georgia Inc. GA ADV bought a new position in shares of Commercial Metals during the 2nd quarter valued at $35,000. Hedge funds and other institutional investors own 85.81% of the company’s stock.
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. 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.
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