Commercial Metals (NYSE:CMC – Get Rating) had its price target boosted by equities researchers at KeyCorp from $46.00 to $50.00 in a report released on Tuesday, Stock Target Advisor reports. The brokerage currently has an “overweight” rating on the basic materials company’s stock. KeyCorp’s price objective points to a potential upside of 5.44% from the stock’s previous close.
CMC has been the subject of a number of other research reports. Citigroup lifted their price objective on shares of Commercial Metals from $42.00 to $44.00 and gave the company a “neutral” rating in a report on Friday, October 14th. The Goldman Sachs Group reduced their price objective on Commercial Metals from $41.00 to $37.00 and set a “neutral” rating on the stock in a research note on Thursday, October 6th. StockNews.com lowered Commercial Metals from a “buy” rating to a “hold” rating in a research report on Tuesday. Finally, BMO Capital Markets boosted their price objective on Commercial Metals from $37.00 to $43.00 and gave the stock a “market perform” rating in a research report on Friday, October 14th. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $44.63.
Commercial Metals Price Performance
CMC stock opened at $47.42 on Tuesday. The business’s fifty day moving average price is $41.88 and its 200 day moving average price is $39.63. Commercial Metals has a 12-month low of $30.59 and a 12-month high of $49.41. The company has a current ratio of 2.54, a quick ratio of 1.67 and a debt-to-equity ratio of 0.34. The company has a market capitalization of $5.56 billion, a PE ratio of 4.76 and a beta of 1.31.
Insider Activity at Commercial Metals
In other news, SVP Ty L. Garrison sold 696 shares of Commercial Metals stock in a transaction dated Thursday, October 20th. The stock was sold at an average price of $43.75, for a total transaction of $30,450.00. Following the sale, the senior vice president now owns 133,939 shares in the company, valued at $5,859,831.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, SVP Ty L. Garrison sold 696 shares of the company’s stock in a transaction on Thursday, October 20th. The shares were sold at an average price of $43.75, for a total value of $30,450.00. Following the completion of the sale, the senior vice president now owns 133,939 shares in the company, valued at approximately $5,859,831.25. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Ty L. Garrison sold 6,900 shares of the firm’s stock in a transaction on Monday, October 31st. The stock was sold at an average price of $45.76, for a total transaction of $315,744.00. Following the transaction, the senior vice president now directly owns 124,508 shares in the company, valued at $5,697,486.08. The disclosure for this sale can be found here. Insiders sold a total of 21,900 shares of company stock valued at $973,138 over the last ninety days. Insiders own 1.20% of the company’s stock.
Institutional Inflows and Outflows
A number of institutional investors have recently modified their holdings of the stock. State Street Corp increased its stake in Commercial Metals by 22.3% in the 1st quarter. State Street Corp now owns 7,494,116 shares of the basic materials company’s stock valued at $312,971,000 after buying an additional 1,367,997 shares during the period. Principal Financial Group Inc. lifted its holdings in Commercial Metals by 178.6% in the first quarter. Principal Financial Group Inc. now owns 1,509,265 shares of the basic materials company’s stock valued at $62,816,000 after acquiring an additional 967,546 shares during the period. Millennium Management LLC boosted its position in shares of Commercial Metals by 121.3% during the 2nd quarter. Millennium Management LLC now owns 1,195,557 shares of the basic materials company’s stock worth $39,573,000 after purchasing an additional 655,225 shares in the last quarter. Victory Capital Management Inc. grew its stake in shares of Commercial Metals by 683.6% during the 2nd quarter. Victory Capital Management Inc. now owns 725,884 shares of the basic materials company’s stock worth $24,026,000 after purchasing an additional 633,251 shares during the period. Finally, American Century Companies Inc. increased its holdings in shares of Commercial Metals by 120.6% in the 1st quarter. American Century Companies Inc. now owns 1,151,472 shares of the basic materials company’s stock valued at $47,924,000 after purchasing an additional 629,433 shares in the last quarter. Institutional investors and hedge funds 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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