Ameriprise Financial Inc. Raises Stake in Commercial Metals Company (CMC)
Ameriprise Financial Inc. grew its position in Commercial Metals Company (NYSE:CMC) by 37.0% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,084,420 shares of the basic materials company’s stock after purchasing an additional 292,863 shares during the period. Ameriprise Financial Inc. owned approximately 0.94% of Commercial Metals worth $21,071,000 at the end of the most recent quarter.
Other institutional investors have also recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Commercial Metals by 67.2% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,331 shares of the basic materials company’s stock worth $102,000 after acquiring an additional 2,142 shares in the last quarter. Point72 Asia Hong Kong Ltd raised its holdings in Commercial Metals by 367.8% during the first quarter. Point72 Asia Hong Kong Ltd now owns 6,591 shares of the basic materials company’s stock worth $126,000 after acquiring an additional 5,182 shares in the last quarter. Riverhead Capital Management LLC raised its holdings in Commercial Metals by 56.6% during the second quarter. Riverhead Capital Management LLC now owns 6,892 shares of the basic materials company’s stock worth $134,000 after acquiring an additional 2,492 shares in the last quarter. LS Investment Advisors LLC raised its holdings in Commercial Metals by 20.2% during the second quarter. LS Investment Advisors LLC now owns 9,197 shares of the basic materials company’s stock worth $179,000 after acquiring an additional 1,548 shares in the last quarter. Finally, Cim Investment Mangement Inc. bought a new stake in Commercial Metals during the second quarter worth about $202,000. Institutional investors own 90.64% of the company’s stock.
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Commercial Metals Company (NYSE CMC) opened at 19.03 on Friday. Commercial Metals Company has a 52-week low of $15.08 and a 52-week high of $24.64. The firm has a market cap of $2.20 billion, a P/E ratio of 29.41 and a beta of 1.22. The stock has a 50 day moving average price of $18.26 and a 200 day moving average price of $18.68.
Several research firms recently issued reports on CMC. Citigroup Inc. dropped their target price on Commercial Metals from $22.00 to $21.00 and set a “buy” rating on the stock in a report on Friday, September 15th. Macquarie began coverage on Commercial Metals in a report on Wednesday, September 6th. They set an “underperform” rating and a $16.00 target price on the stock. Bank of America Corporation reiterated a “neutral” rating and set a $21.00 target price (up previously from $20.00) on shares of Commercial Metals in a report on Tuesday, September 5th. Zacks Investment Research lowered Commercial Metals from a “hold” rating to a “strong sell” rating in a report on Monday, September 4th. Finally, Clarkson Capital reiterated a “sell” rating and set a $16.00 target price on shares of Commercial Metals in a report on Tuesday, August 15th. Four research analysts have rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company’s stock. Commercial Metals presently has an average rating of “Hold” and a consensus target price of $21.11.
Commercial Metals Company Profile
Commercial Metals Company, together with its subsidiaries, manufactures, recycles and markets steel and metal products, related materials and services through a network. The Company’s Americas Recycling segment processes scrap metals for use as a raw material by manufacturers of new metal products. The Americas Mills segment consists of steel mills, commonly referred to as minimills that produce reinforcing bar (rebar), angles, flats and rounds.
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