Assenagon Asset Management S.A. acquired a new position in Commercial Metals Company (NYSE:CMC) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 98,164 shares of the basic materials company’s stock, valued at approximately $1,868,000. Assenagon Asset Management S.A. owned 0.08% of Commercial Metals at the end of the most recent reporting period.
Several other hedge funds have also added to or reduced their stakes in CMC. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Commercial Metals by 9.8% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,853 shares of the basic materials company’s stock valued at $114,000 after acquiring an additional 522 shares in the last quarter. Riverhead Capital Management LLC grew its position in Commercial Metals by 56.6% in the 2nd quarter. Riverhead Capital Management LLC now owns 6,892 shares of the basic materials company’s stock worth $134,000 after purchasing an additional 2,492 shares during the period. LS Investment Advisors LLC grew its position in Commercial Metals by 20.2% in 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 during the period. Cim Investment Mangement Inc. bought a new stake in Commercial Metals in the 2nd quarter worth approximately $202,000. Finally, BlueCrest Capital Management Ltd bought a new stake in Commercial Metals in the 1st quarter worth approximately $267,000. Hedge funds and other institutional investors own 90.28% of the company’s stock.
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Shares of Commercial Metals Company (NYSE:CMC) traded up $0.02 on Friday, hitting $18.63. 1,769,200 shares of the stock traded hands, compared to its average volume of 2,099,725. Commercial Metals Company has a 52-week low of $17.05 and a 52-week high of $24.64. The stock has a market cap of $2,155.78, a PE ratio of 24.49, a PEG ratio of 0.69 and a beta of 1.26. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.82 and a quick ratio of 1.81.
Commercial Metals (NYSE:CMC) last posted its earnings results on Thursday, October 26th. The basic materials company reported $0.07 EPS for the quarter, missing the Zacks’ consensus estimate of $0.20 by ($0.13). The firm had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $1.21 billion. Commercial Metals had a net margin of 0.95% and a return on equity of 6.50%. The company’s revenue was up 14.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.01 EPS. equities analysts expect that Commercial Metals Company will post 1.28 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 22nd. Stockholders of record on Wednesday, November 8th will be paid a $0.12 dividend. The ex-dividend date is Tuesday, November 7th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.58%. Commercial Metals’s payout ratio is currently 120.00%.
A number of equities research analysts have recently issued reports on CMC shares. Jefferies Group LLC upgraded shares of Commercial Metals from a “hold” rating to a “buy” rating in a research note on Tuesday, October 17th. Citigroup Inc. decreased their price target on shares of Commercial Metals from $22.00 to $21.00 and set a “buy” rating on the stock in a research note on Friday, September 15th. Zacks Investment Research cut shares of Commercial Metals from a “buy” rating to a “hold” rating in a research note on Friday, October 27th. Bank of America Corporation restated a “neutral” rating and set a $21.00 target price (up from $20.00) on shares of Commercial Metals in a research report on Tuesday, September 5th. Finally, Clarkson Capital restated a “sell” rating and set a $16.00 target price on shares of Commercial Metals in a research report on Tuesday, August 15th. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $21.56.
About Commercial Metals
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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