Commercial Metals (NYSE:CMC) Shares Purchased by Covea Finance

Covea Finance lifted its position in Commercial Metals (NYSE:CMC) by 44.2% in the 4th quarter, HoldingsChannel.com reports. The firm owned 62,000 shares of the basic materials company’s stock after acquiring an additional 19,000 shares during the quarter. Covea Finance’s holdings in Commercial Metals were worth $3,075,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. nVerses Capital LLC purchased a new stake in shares of Commercial Metals during the third quarter worth about $66,000. GAMMA Investing LLC grew its holdings in shares of Commercial Metals by 56.6% during the fourth quarter. GAMMA Investing LLC now owns 2,611 shares of the basic materials company’s stock worth $130,000 after buying an additional 944 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. lifted its stake in shares of Commercial Metals by 10.0% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,784 shares of the basic materials company’s stock worth $138,000 after buying an additional 254 shares in the last quarter. KBC Group NV raised its holdings in Commercial Metals by 15.9% in the 3rd quarter. KBC Group NV now owns 3,099 shares of the basic materials company’s stock valued at $170,000 after acquiring an additional 425 shares during the last quarter. Finally, Highland Capital Management LLC purchased a new position in Commercial Metals in the 3rd quarter worth approximately $206,000. 86.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CMC has been the topic of several recent research reports. BMO Capital Markets lowered their price target on shares of Commercial Metals from $62.00 to $58.00 and set a “market perform” rating on the stock in a research report on Friday, January 3rd. Morgan Stanley assumed coverage on shares of Commercial Metals in a report on Thursday, December 19th. They issued an “equal weight” rating and a $65.00 price objective on the stock. The Goldman Sachs Group started coverage on shares of Commercial Metals in a research note on Monday, December 2nd. They set a “buy” rating and a $75.00 target price for the company. BNP Paribas downgraded shares of Commercial Metals from an “outperform” rating to a “neutral” rating in a research note on Friday, January 3rd. Finally, Wolfe Research cut shares of Commercial Metals from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, October 9th. Six investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $63.83.

Commercial Metals Trading Up 1.2 %

NYSE CMC opened at $49.05 on Wednesday. The company has a debt-to-equity ratio of 0.27, a current ratio of 3.94 and a quick ratio of 2.78. Commercial Metals has a 12 month low of $45.50 and a 12 month high of $64.53. The firm’s fifty day moving average price is $56.35 and its 200 day moving average price is $54.80. The company has a market capitalization of $5.57 billion, a price-to-earnings ratio of 11.85, a price-to-earnings-growth ratio of 2.74 and a beta of 1.19.

Commercial Metals (NYSE:CMC) last released its quarterly earnings data on Monday, January 6th. The basic materials company reported $0.78 EPS for the quarter, meeting the consensus estimate of $0.78. Commercial Metals had a return on equity of 12.20% and a net margin of 6.13%. The company had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.85 billion. During the same period last year, the company posted $1.49 earnings per share. The firm’s revenue was down 4.7% compared to the same quarter last year. On average, sell-side analysts expect that Commercial Metals will post 4.26 earnings per share for the current fiscal year.

Commercial Metals Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 30th. Stockholders of record on Thursday, January 16th will be paid a dividend of $0.18 per share. The ex-dividend date is Thursday, January 16th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.47%. Commercial Metals’s dividend payout ratio is currently 64.86%.

Commercial Metals Company Profile

Commercial Metals Company manufactures, recycles, and fabricates steel and metal products, and related materials and services in the United States, Poland, China, and internationally. It operates through two segments, North America and Europe. 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.