Allianz Asset Management GmbH Raises Holdings in Commercial Metals Company $CMC

Allianz Asset Management GmbH raised its holdings in shares of Commercial Metals Company (NYSE:CMC) by 76.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 171,217 shares of the basic materials company’s stock after purchasing an additional 74,366 shares during the period. Allianz Asset Management GmbH owned approximately 0.15% of Commercial Metals worth $8,374,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. National Bank of Canada FI boosted its stake in Commercial Metals by 80.3% during the 1st quarter. National Bank of Canada FI now owns 548 shares of the basic materials company’s stock valued at $25,000 after purchasing an additional 244 shares during the last quarter. Signaturefd LLC boosted its stake in Commercial Metals by 51.4% during the 2nd quarter. Signaturefd LLC now owns 890 shares of the basic materials company’s stock valued at $44,000 after purchasing an additional 302 shares during the last quarter. Wayfinding Financial LLC purchased a new stake in Commercial Metals during the 1st quarter valued at $47,000. UMB Bank n.a. boosted its stake in Commercial Metals by 77.8% during the 2nd quarter. UMB Bank n.a. now owns 1,394 shares of the basic materials company’s stock valued at $68,000 after purchasing an additional 610 shares during the last quarter. Finally, Harbour Investments Inc. boosted its stake in Commercial Metals by 17.5% during the 2nd quarter. Harbour Investments Inc. now owns 1,830 shares of the basic materials company’s stock valued at $90,000 after purchasing an additional 273 shares during the last quarter. 86.90% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Commercial Metals

In other news, Director John R. Mcpherson bought 1,722 shares of the stock in a transaction that occurred on Monday, October 20th. The shares were bought at an average price of $58.09 per share, for a total transaction of $100,030.98. Following the purchase, the director owned 6,722 shares in the company, valued at $390,480.98. This represents a 34.44% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. 0.46% of the stock is owned by insiders.

Commercial Metals Stock Performance

Shares of CMC opened at $61.98 on Wednesday. The business has a 50-day simple moving average of $58.10 and a two-hundred day simple moving average of $51.69. The company has a quick ratio of 2.03, a current ratio of 2.78 and a debt-to-equity ratio of 0.31. Commercial Metals Company has a 52 week low of $37.92 and a 52 week high of $64.53. The stock has a market cap of $6.88 billion, a price-to-earnings ratio of 81.55, a PEG ratio of 1.98 and a beta of 1.32.

Commercial Metals (NYSE:CMC) last announced its quarterly earnings data on Thursday, October 16th. The basic materials company reported $1.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.32 by $0.05. The company had revenue of $2.11 billion during the quarter, compared to the consensus estimate of $2.10 billion. Commercial Metals had a return on equity of 8.76% and a net margin of 1.09%.The firm’s revenue was up 5.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.90 EPS. On average, analysts expect that Commercial Metals Company will post 3.09 EPS for the current year.

Commercial Metals Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 13th. Stockholders of record on Thursday, October 30th will be paid a $0.18 dividend. The ex-dividend date of this dividend is Thursday, October 30th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.2%. Commercial Metals’s dividend payout ratio is 94.74%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Bank of America increased their price target on Commercial Metals from $60.00 to $70.00 and gave the company a “buy” rating in a report on Monday, September 15th. Weiss Ratings reiterated a “hold (c)” rating on shares of Commercial Metals in a research report on Wednesday, October 8th. Zacks Research raised Commercial Metals from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 14th. JPMorgan Chase & Co. upped their price target on shares of Commercial Metals from $63.00 to $64.00 and gave the company a “neutral” rating in a research report on Monday. Finally, UBS Group raised their price objective on shares of Commercial Metals from $48.00 to $56.00 and gave the stock a “neutral” rating in a report on Wednesday, August 13th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $61.85.

About Commercial Metals

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.