Commercial Metals Company $CMC Shares Acquired by Royce & Associates LP

Royce & Associates LP increased its position in Commercial Metals Company (NYSE:CMC) by 11.3% during the third quarter, HoldingsChannel.com reports. The fund owned 483,566 shares of the basic materials company’s stock after acquiring an additional 49,255 shares during the quarter. Royce & Associates LP’s holdings in Commercial Metals were worth $30,029,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Virtus Advisers LLC raised its holdings in Commercial Metals by 25.4% during the third quarter. Virtus Advisers LLC now owns 11,730 shares of the basic materials company’s stock worth $728,000 after purchasing an additional 2,377 shares during the last quarter. Allworth Financial LP boosted its position in Commercial Metals by 177.9% during the third quarter. Allworth Financial LP now owns 945 shares of the basic materials company’s stock worth $59,000 after purchasing an additional 605 shares in the last quarter. New York Life Investment Management LLC grew its holdings in Commercial Metals by 18.1% in the third quarter. New York Life Investment Management LLC now owns 16,414 shares of the basic materials company’s stock valued at $1,019,000 after purchasing an additional 2,510 shares during the last quarter. AlphaCore Capital LLC grew its holdings in Commercial Metals by 76.8% in the third quarter. AlphaCore Capital LLC now owns 5,696 shares of the basic materials company’s stock valued at $354,000 after purchasing an additional 2,474 shares during the last quarter. Finally, Fulcrum Asset Management LLP increased its position in shares of Commercial Metals by 27,400.0% in the third quarter. Fulcrum Asset Management LLP now owns 2,750 shares of the basic materials company’s stock valued at $171,000 after buying an additional 2,740 shares in the last quarter. Institutional investors and hedge funds own 86.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on CMC shares. JPMorgan Chase & Co. dropped their price target on Commercial Metals from $83.00 to $80.00 and set an “overweight” rating for the company in a research report on Friday, October 9th. Weiss Ratings upgraded shares of Commercial Metals from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, October 16th. Morgan Stanley lowered their price objective on shares of Commercial Metals from $88.00 to $84.00 and set an “overweight” rating on the stock in a research note on Monday, October 19th. Wells Fargo & Company restated an “underperform” rating and set a $70.00 target price on shares of Commercial Metals in a report on Friday, October 16th. Finally, Wall Street Zen downgraded shares of Commercial Metals from a “buy” rating to a “hold” rating in a report on Saturday, October 17th. Ten research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Commercial Metals has a consensus rating of “Moderate Buy” and an average price target of $79.18.

Commercial Metals Price Performance

CMC stock traded down $1.74 on Friday, reaching $62.11. The company had a trading volume of 1,023,189 shares, compared to its average volume of 1,134,011. Commercial Metals Company has a 1 year low of $57.01 and a 1 year high of $84.87. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.66 and a current ratio of 2.34. The company’s fifty day moving average is $64.76 and its 200 day moving average is $68.63. The company has a market cap of $6.83 billion, a P/E ratio of 10.58, a PEG ratio of 3.93 and a beta of 1.55.

Commercial Metals (NYSE:CMC) last announced its earnings results on Thursday, October 15th. The basic materials company reported $2.09 EPS for the quarter, beating analysts’ consensus estimates of $1.95 by $0.14. The firm had revenue of $2.66 billion for the quarter, compared to analysts’ expectations of $2.56 billion. Commercial Metals had a return on equity of 17.00% and a net margin of 6.98%. Commercial Metals’s quarterly revenue was up 25.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.37 EPS. On average, research analysts forecast that Commercial Metals Company will post 6.69 earnings per share for the current year.

Commercial Metals declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, August 5th that permits the company to repurchase $600 million in outstanding shares. This repurchase authorization permits the basic materials company to purchase up to 7.5% of its stock through open market purchases. Share repurchase plans are often an indication that the company’s leadership believes its shares are undervalued.

Commercial Metals Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 11th. Investors of record on Wednesday, October 28th were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Wednesday, October 28th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.3%. Commercial Metals’s dividend payout ratio (DPR) is presently 13.63%.

Commercial Metals Company Profile

Commercial Metals Company (CMC) is a metals recycling, manufacturing and construction-services company. Its operations span the collection and processing of ferrous and nonferrous scrap, which can be used as raw material for steelmaking, and the production of steel and other metal products. CMC manufactures products including reinforcing bar, merchant bar, wire rod and other steel products used in construction and industrial applications. The company also provides construction-related products and services, including steel fabrication and engineered solutions for infrastructure projects.