Commercial Metals Company (CMC) Position Lifted by Zurcher Kantonalbank Zurich Cantonalbank
Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Commercial Metals Company (NYSE:CMC) by 9.8% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 5,853 shares of the basic materials company’s stock after acquiring an additional 522 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Commercial Metals were worth $114,000 at the end of the most recent reporting period.
Other hedge funds also recently modified their holdings of the company. Point72 Asia Hong Kong Ltd raised its stake in shares of Commercial Metals by 367.8% in the 1st quarter. Point72 Asia Hong Kong Ltd now owns 6,591 shares of the basic materials company’s stock valued at $126,000 after acquiring an additional 5,182 shares in the last quarter. Meadow Creek Investment Management LLC grew its holdings in shares of Commercial Metals by 13.6% during the 1st quarter. Meadow Creek Investment Management LLC now owns 7,000 shares of the basic materials company’s stock worth $134,000 after purchasing an additional 840 shares in the last quarter. LS Investment Advisors LLC grew its holdings in shares of Commercial Metals by 20.2% during the 2nd quarter. LS Investment Advisors LLC now owns 9,197 shares of the basic materials company’s stock worth $179,000 after purchasing an additional 1,548 shares in the last quarter. US Bancorp DE grew its holdings in shares of Commercial Metals by 29.0% during the 1st quarter. US Bancorp DE now owns 10,619 shares of the basic materials company’s stock worth $204,000 after purchasing an additional 2,389 shares in the last quarter. Finally, BlueCrest Capital Management Ltd acquired a new stake in shares of Commercial Metals during the 1st quarter worth approximately $267,000. 90.64% of the stock is currently owned by institutional investors and hedge funds.
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Several brokerages have recently weighed in on CMC. BidaskClub lowered Commercial Metals from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. Clarkson Capital reaffirmed a “sell” rating and issued a $16.00 price target on shares of Commercial Metals in a research note on Tuesday, August 15th. Jefferies Group LLC reiterated a “hold” rating and issued a $19.00 price objective on shares of Commercial Metals in a research report on Wednesday, June 28th. Macquarie started coverage on Commercial Metals in a research report on Wednesday, September 6th. They issued an “underperform” rating and a $16.00 price objective for the company. Finally, Citigroup Inc. cut their price objective on Commercial Metals from $22.00 to $21.00 and set a “buy” rating for the company in a research report on Friday, September 15th. Four investment analysts have rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $21.11.
Commercial Metals Company (NYSE CMC) opened at 18.21 on Friday. The firm has a 50-day moving average price of $18.26 and a 200-day moving average price of $18.68. The firm has a market capitalization of $2.11 billion, a PE ratio of 28.15 and a beta of 1.22. Commercial Metals Company has a 1-year low of $15.08 and a 1-year high of $24.64.
Commercial Metals (NYSE:CMC) last issued its earnings results on Thursday, June 22nd. The basic materials company reported $0.34 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.23 by $0.11. The company had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.34 billion. Commercial Metals had a return on equity of 7.84% and a net margin of 1.57%. The firm’s revenue for the quarter was up 12.6% compared to the same quarter last year. During the same period last year, the business posted $0.31 EPS. Equities analysts expect that Commercial Metals Company will post $0.89 earnings per share for the current fiscal year.
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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