Palisade Capital Management LLC NJ lowered its position in Commercial Metals (NYSE:CMC) by 0.9% during the first quarter, HoldingsChannel reports. The institutional investor owned 588,910 shares of the basic materials company’s stock after selling 5,361 shares during the quarter. Palisade Capital Management LLC NJ’s holdings in Commercial Metals were worth $12,049,000 as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of CMC. Strs Ohio lifted its holdings in Commercial Metals by 176.5% in the 4th quarter. Strs Ohio now owns 4,700 shares of the basic materials company’s stock worth $100,000 after buying an additional 3,000 shares in the last quarter. Cerebellum GP LLC acquired a new position in Commercial Metals in the 4th quarter worth $129,000. Global X Management Co. LLC lifted its holdings in Commercial Metals by 75.2% in the 4th quarter. Global X Management Co. LLC now owns 8,040 shares of the basic materials company’s stock worth $171,000 after buying an additional 3,450 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Commercial Metals by 38.3% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,092 shares of the basic materials company’s stock worth $173,000 after buying an additional 2,239 shares in the last quarter. Finally, CoreCommodity Management LLC acquired a new position in Commercial Metals in the 4th quarter worth $223,000. Hedge funds and other institutional investors own 91.12% of the company’s stock.
A number of equities research analysts have recently issued reports on the stock. JPMorgan Chase upgraded shares of Commercial Metals from a “neutral” rating to an “overweight” rating in a research note on Friday, March 9th. Jefferies Group restated a “buy” rating on shares of Commercial Metals in a research note on Friday, March 23rd. Zacks Investment Research lowered shares of Commercial Metals from a “buy” rating to a “hold” rating in a research note on Tuesday, March 27th. ValuEngine upgraded shares of Commercial Metals from a “hold” rating to a “buy” rating in a research note on Thursday, March 1st. Finally, Citigroup lowered shares of Commercial Metals from a “buy” rating to a “neutral” rating and cut their target price for the company from $26.72 to $22.00 in a research note on Tuesday, April 3rd. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $24.33.
In other news, VP Adam R. Hickey sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, March 2nd. The shares were sold at an average price of $25.85, for a total transaction of $517,000.00. Following the completion of the sale, the vice president now owns 15,632 shares of the company’s stock, valued at approximately $404,087.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 1.50% of the company’s stock.
Shares of Commercial Metals opened at $23.92 on Tuesday, MarketBeat Ratings reports. The stock has a market capitalization of $2.81 billion, a PE ratio of 38.58, a P/E/G ratio of 0.41 and a beta of 1.35. Commercial Metals has a 1 year low of $17.05 and a 1 year high of $26.72. The company has a current ratio of 3.11, a quick ratio of 2.12 and a debt-to-equity ratio of 0.55.
Commercial Metals (NYSE:CMC) last announced its quarterly earnings data on Thursday, March 22nd. The basic materials company reported $0.26 EPS for the quarter, hitting the consensus estimate of $0.26. The company had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.19 billion. Commercial Metals had a net margin of 1.15% and a return on equity of 8.05%. The company’s quarterly revenue was up 22.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.25 EPS. sell-side analysts forecast that Commercial Metals will post 1.39 earnings per share for the current year.
Commercial Metals Profile
Commercial Metals Company manufactures, recycles, and markets steel and metal products, and related materials and services in the United States and internationally. It operates through five segments: Americas Recycling, Americas Mills, Americas Fabrication, International Mill, and International Marketing and Distribution.
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