Tocqueville Asset Management L.P. lifted its stake in Commercial Metals (NYSE:CMC) by 47.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 361,950 shares of the basic materials company’s stock after buying an additional 117,100 shares during the period. Tocqueville Asset Management L.P. owned about 0.31% of Commercial Metals worth $7,427,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently modified their holdings of CMC. First Republic Investment Management Inc. bought a new stake in Commercial Metals during the 3rd quarter worth approximately $251,000. Riverhead Capital Management LLC grew its position in Commercial Metals by 27.8% during the 3rd quarter. Riverhead Capital Management LLC now owns 12,403 shares of the basic materials company’s stock worth $255,000 after acquiring an additional 2,700 shares during the last quarter. JPMorgan Chase & Co. grew its position in Commercial Metals by 50.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 749,845 shares of the basic materials company’s stock worth $15,387,000 after acquiring an additional 252,682 shares during the last quarter. Royce & Associates LP grew its position in Commercial Metals by 4.1% during the 3rd quarter. Royce & Associates LP now owns 1,044,844 shares of the basic materials company’s stock worth $21,440,000 after acquiring an additional 41,300 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. bought a new stake in Commercial Metals during the 3rd quarter worth approximately $618,000. 87.03% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts recently commented on the company. Goldman Sachs Group upgraded Commercial Metals from a “sell” rating to a “neutral” rating and set a $24.00 price target on the stock in a research report on Monday, August 13th. Deutsche Bank lowered Commercial Metals to a “buy” rating in a research report on Tuesday, October 2nd. Citigroup increased their price target on Commercial Metals from $19.00 to $22.00 and gave the stock a “hold” rating in a research report on Tuesday, November 6th. Longbow Research set a $25.00 price target on Commercial Metals and gave the stock a “buy” rating in a research report on Monday, December 3rd. Finally, Seaport Global Securities assumed coverage on Commercial Metals in a research report on Thursday, October 11th. They set a “neutral” rating and a $20.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $23.88.
NYSE CMC opened at $18.17 on Friday. The company has a market cap of $2.17 billion, a P/E ratio of 12.19 and a beta of 1.25. The company has a debt-to-equity ratio of 0.76, a quick ratio of 2.75 and a current ratio of 3.83. Commercial Metals has a one year low of $17.26 and a one year high of $26.72.
Commercial Metals (NYSE:CMC) last announced its quarterly earnings data on Thursday, October 25th. The basic materials company reported $0.51 EPS for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.08. The firm had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.29 billion. Commercial Metals had a return on equity of 12.11% and a net margin of 2.88%. Analysts forecast that Commercial Metals will post 2.25 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 21st. Shareholders of record on Wednesday, November 7th were given a $0.12 dividend. The ex-dividend date of this dividend was Tuesday, November 6th. This represents a $0.48 dividend on an annualized basis and a yield of 2.64%. Commercial Metals’s payout ratio is 32.21%.
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 four segments: Americas Recycling, Americas Mills, Americas Fabrication, and International Mill. The Americas Recycling segment processes and sells 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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