Meeder Asset Management Inc. Increases Holdings in Commercial Metals Company $CMC

Meeder Asset Management Inc. lifted its holdings in shares of Commercial Metals Company (NYSE:CMC) by 187.8% during the first quarter, HoldingsChannel reports. The firm owned 11,770 shares of the basic materials company’s stock after purchasing an additional 7,681 shares during the quarter. Meeder Asset Management Inc.’s holdings in Commercial Metals were worth $723,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Qsemble Capital Management LP grew its holdings in Commercial Metals by 118.6% during the fourth quarter. Qsemble Capital Management LP now owns 49,885 shares of the basic materials company’s stock valued at $3,453,000 after purchasing an additional 27,062 shares during the period. Tudor Investment Corp ET AL raised its stake in shares of Commercial Metals by 45.5% in the third quarter. Tudor Investment Corp ET AL now owns 217,082 shares of the basic materials company’s stock valued at $12,434,000 after buying an additional 67,864 shares during the period. NFJ Investment Group LLC bought a new stake in shares of Commercial Metals in the fourth quarter valued at $12,600,000. Vaughan Nelson Investment Management L.P. lifted its position in shares of Commercial Metals by 2.9% during the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 977,385 shares of the basic materials company’s stock valued at $67,655,000 after buying an additional 27,775 shares during the last quarter. Finally, Artemis Investment Management LLP purchased a new position in shares of Commercial Metals during the 4th quarter valued at $103,962,000. 86.90% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CMC has been the subject of several recent research reports. Jefferies Financial Group raised Commercial Metals from a “buy” rating to a “buy” rating in a report on Friday, June 5th. Wall Street Zen lowered shares of Commercial Metals from a “strong-buy” rating to a “buy” rating in a research report on Saturday, April 4th. Weiss Ratings upgraded shares of Commercial Metals from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, June 30th. Barclays began coverage on shares of Commercial Metals in a research report on Thursday, May 21st. They issued an “equal weight” rating and a $75.00 price target on the stock. Finally, Morgan Stanley raised their price objective on shares of Commercial Metals from $83.00 to $88.00 and gave the stock an “overweight” rating in a report on Monday, June 22nd. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $79.45.

Commercial Metals Stock Down 1.5%

Shares of NYSE CMC opened at $65.44 on Tuesday. Commercial Metals Company has a 52 week low of $49.66 and a 52 week high of $84.87. The business has a 50-day simple moving average of $70.36 and a two-hundred day simple moving average of $70.55. The company has a quick ratio of 1.54, a current ratio of 2.33 and a debt-to-equity ratio of 0.73. The company has a market cap of $7.24 billion, a P/E ratio of 12.32, a P/E/G ratio of 0.38 and a beta of 1.54.

Commercial Metals (NYSE:CMC) last announced its quarterly earnings results on Thursday, June 25th. The basic materials company reported $1.73 earnings per share for the quarter, beating the consensus estimate of $1.70 by $0.03. The firm had revenue of $2.48 billion for the quarter, compared to analysts’ expectations of $2.40 billion. Commercial Metals had a return on equity of 15.69% and a net margin of 6.72%.The company’s revenue was up 22.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.74 earnings per share. Research analysts anticipate that Commercial Metals Company will post 6.63 earnings per share for the current fiscal year.

Commercial Metals Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Monday, July 6th were issued a $0.20 dividend. The ex-dividend date of this dividend was Monday, July 6th. This represents a $0.80 annualized dividend and a dividend yield of 1.2%. Commercial Metals’s dividend payout ratio (DPR) is presently 15.07%.

Insiders Place Their Bets

In related news, CEO Peter R. Matt bought 8,230 shares of the stock in a transaction that occurred on Friday, July 10th. The shares were acquired at an average cost of $61.30 per share, with a total value of $504,499.00. Following the completion of the purchase, the chief executive officer directly owned 181,522 shares of the company’s stock, valued at $11,127,298.60. This trade represents a 4.75% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 0.62% of the stock is owned by corporate insiders.

Commercial Metals Profile

Commercial Metals Company (NYSE: CMC) is a leading global steel and metal recycler, manufacturer and fabricator based in Irving, Texas. The company operates an integrated network of scrap recycling facilities, electric arc furnace steel mills, metal fabrication plants and distribution centers. Through these operations, Commercial Metals collects and processes ferrous scrap to produce finished steel products and provides recycled metal to a variety of end markets.

In its steelmaking segment, CMC uses electric arc furnace technology to transform recycled scrap into reinforcing bar (rebar), merchant bar, coil and structural products.