Assenagon Asset Management S.A. acquired a new stake in shares of Commercial Metals (NYSE:CMC) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 80,192 shares of the basic materials company’s stock, valued at approximately $1,646,000. Assenagon Asset Management S.A. owned approximately 0.07% of Commercial Metals as of its most recent SEC filing.
Other institutional investors have also recently modified their holdings of the company. UBS Group AG increased its stake in shares of Commercial Metals by 84.7% in the first quarter. UBS Group AG now owns 76,520 shares of the basic materials company’s stock valued at $1,566,000 after buying an additional 35,085 shares in the last quarter. Principal Financial Group Inc. increased its position in Commercial Metals by 3.5% in the first quarter. Principal Financial Group Inc. now owns 506,006 shares of the basic materials company’s stock worth $10,353,000 after purchasing an additional 16,952 shares during the period. Xact Kapitalforvaltning AB increased its position in Commercial Metals by 24.4% in the second quarter. Xact Kapitalforvaltning AB now owns 21,397 shares of the basic materials company’s stock worth $452,000 after purchasing an additional 4,200 shares during the period. Alpha Windward LLC acquired a new stake in Commercial Metals in the second quarter worth about $440,000. Finally, Deprince Race & Zollo Inc. increased its position in Commercial Metals by 1.5% in the second quarter. Deprince Race & Zollo Inc. now owns 1,850,232 shares of the basic materials company’s stock worth $39,058,000 after purchasing an additional 28,100 shares during the period. Hedge funds and other institutional investors own 89.01% of the company’s stock.
Shares of CMC opened at $19.52 on Friday. The company has a current ratio of 3.83, a quick ratio of 2.75 and a debt-to-equity ratio of 0.76. Commercial Metals has a 1 year low of $17.26 and a 1 year high of $26.72. The stock has a market cap of $2.39 billion, a price-to-earnings ratio of 13.10 and a beta of 1.26.
Commercial Metals (NYSE:CMC) last issued its earnings results on Thursday, October 25th. The basic materials company reported $0.51 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.08. Commercial Metals had a return on equity of 12.11% and a net margin of 2.88%. The firm had revenue of $1.31 billion for the quarter, compared to analysts’ expectations of $1.29 billion. As a group, equities analysts predict that Commercial Metals will post 2.19 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 21st. Shareholders of record on Wednesday, November 7th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 2.46%. The ex-dividend date of this dividend is Tuesday, November 6th. Commercial Metals’s dividend payout ratio (DPR) is currently 32.21%.
A number of brokerages recently commented on CMC. Seaport Global Securities began coverage on Commercial Metals in a research report on Thursday, October 11th. They issued a “neutral” rating and a $20.00 price objective for the company. Macquarie set a $23.00 price objective on Commercial Metals and gave the stock a “hold” rating in a research report on Friday, October 26th. Deutsche Bank lowered Commercial Metals to a “buy” rating in a research report on Tuesday, October 2nd. Goldman Sachs Group upgraded Commercial Metals from a “sell” rating to a “neutral” rating and set a $24.00 price objective for the company in a research report on Monday, August 13th. Finally, Citigroup lowered their price objective on Commercial Metals from $24.00 to $19.00 and set a “neutral” rating for the company in a research report on Monday, October 29th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $24.13.
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Commercial Metals Profile
Commercial Metals Company manufactures, recycles, and markets steel and metal products, and related materials and services in the United States and internationally. It operates through five segments: Americas Recycling, Americas Mills, Americas Fabrication, International Mill, and International Marketing and Distribution.
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