Commercial Metals (NYSE:CMC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Thursday.
According to Zacks, “Commercial Metals Company and its subsidiaries manufacture, recycle and market steel and metal products, related materials and services through a network including four electric arc furnace (EAF) mini mills, an EAF Micro mill, a rerolling mill, steel fabrication and processing plants, construction-related product warehouses, metal recycling facilities and marketing and distribution offices in the United States and in strategic international markets. CMC is an efficient, high quality, low-cost producer. CMC has a high degree of vertical integration and is organized into two business units: CMC Americas and CMC International. “
A number of other equities analysts also recently issued reports on the company. Citigroup decreased their price objective on Commercial Metals from $22.00 to $21.00 and set a “buy” rating for the company in a report on Friday, September 15th. Bank of America reiterated a “neutral” rating and issued a $21.00 price objective (up previously from $20.00) on shares of Commercial Metals in a report on Tuesday, September 5th. Jefferies Group decreased their price objective on Commercial Metals from $26.00 to $24.00 and set a “buy” rating for the company in a report on Monday, October 30th. Finally, Macquarie initiated coverage on Commercial Metals in a report on Wednesday, September 6th. They issued an “underperform” rating and a $16.00 price objective for the company. Four investment analysts have rated the stock with a sell rating and five have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $21.88.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Canada Pension Plan Investment Board purchased a new stake in shares of Commercial Metals in the third quarter worth $101,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Commercial Metals by 9.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,853 shares of the basic materials company’s stock worth $114,000 after acquiring an additional 522 shares during the last quarter. Riverhead Capital Management LLC grew its stake in shares of Commercial Metals by 56.6% in the second quarter. Riverhead Capital Management LLC now owns 6,892 shares of the basic materials company’s stock worth $134,000 after acquiring an additional 2,492 shares during the last quarter. Cim Investment Mangement Inc. purchased a new stake in shares of Commercial Metals in the second quarter worth $202,000. Finally, Crossmark Global Holdings Inc. purchased a new stake in shares of Commercial Metals in the third quarter worth $282,000. 88.55% of the stock is currently owned by hedge funds and other institutional investors.
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About Commercial Metals
Commercial Metals Company, together with its subsidiaries, manufactures, recycles and markets steel and metal products, related materials and services through a network. The Company’s Americas Recycling segment processes scrap metals for use as a raw material by manufacturers of new metal products. The Americas Mills segment consists of steel mills, commonly referred to as minimills that produce reinforcing bar (rebar), angles, flats and rounds.
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