Sciencast Management LP Acquires New Position in Commercial Metals (NYSE:CMC)

Sciencast Management LP acquired a new stake in shares of Commercial Metals (NYSE:CMC) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 25,903 shares of the basic materials company’s stock, valued at approximately $525,000.

Other hedge funds have also recently made changes to their positions in the company. Invesco Ltd. lifted its stake in shares of Commercial Metals by 72.7% in the 1st quarter. Invesco Ltd. now owns 535,140 shares of the basic materials company’s stock worth $8,449,000 after purchasing an additional 225,214 shares during the period. AlphaCrest Capital Management LLC grew its holdings in Commercial Metals by 3.1% during the 1st quarter. AlphaCrest Capital Management LLC now owns 64,344 shares of the basic materials company’s stock valued at $1,016,000 after buying an additional 1,957 shares in the last quarter. Canada Pension Plan Investment Board grew its holdings in Commercial Metals by 696.7% during the 1st quarter. Canada Pension Plan Investment Board now owns 67,719 shares of the basic materials company’s stock valued at $1,069,000 after buying an additional 59,219 shares in the last quarter. State of Tennessee Treasury Department grew its holdings in Commercial Metals by 10.3% during the 1st quarter. State of Tennessee Treasury Department now owns 33,505 shares of the basic materials company’s stock valued at $529,000 after buying an additional 3,133 shares in the last quarter. Finally, Deutsche Bank AG grew its holdings in Commercial Metals by 146.0% during the 1st quarter. Deutsche Bank AG now owns 153,212 shares of the basic materials company’s stock valued at $2,419,000 after buying an additional 90,928 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors.

A number of brokerages have issued reports on CMC. BMO Capital Markets increased their price objective on shares of Commercial Metals from $15.00 to $22.00 and gave the company a “market perform” rating in a report on Friday, June 19th. ValuEngine lowered shares of Commercial Metals from a “sell” rating to a “strong sell” rating in a report on Friday, May 1st. TheStreet raised shares of Commercial Metals from a “c” rating to a “b-” rating in a report on Monday, June 1st. Deutsche Bank raised their target price on shares of Commercial Metals from $20.00 to $24.00 in a report on Monday, June 22nd. Finally, Credit Suisse Group lifted their price objective on shares of Commercial Metals from $24.00 to $25.00 and gave the stock an “outperform” rating in a research note on Friday, June 19th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Commercial Metals presently has a consensus rating of “Buy” and an average price target of $20.44.

In other news, COO Tracy L. Porter sold 52,045 shares of the business’s stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $20.14, for a total transaction of $1,048,186.30. Following the sale, the chief operating officer now owns 10 shares in the company, valued at $201.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.20% of the stock is currently owned by insiders.

NYSE CMC opened at $20.68 on Friday. The company has a quick ratio of 2.39, a current ratio of 3.42 and a debt-to-equity ratio of 0.64. The company has a fifty day moving average of $19.85 and a two-hundred day moving average of $18.27. The firm has a market capitalization of $2.46 billion, a price-to-earnings ratio of 8.31 and a beta of 1.44. Commercial Metals has a 52 week low of $10.76 and a 52 week high of $24.04.

Commercial Metals (NYSE:CMC) last released its earnings results on Thursday, June 18th. The basic materials company reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.22. Commercial Metals had a return on equity of 18.16% and a net margin of 5.31%. The business had revenue of $1.34 billion during the quarter, compared to the consensus estimate of $1.25 billion. During the same period last year, the company earned $0.67 earnings per share. The business’s revenue for the quarter was down 16.5% compared to the same quarter last year. Equities research analysts anticipate that Commercial Metals will post 2.37 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Monday, July 20th. Stockholders of record on Monday, July 6th were paid a dividend of $0.12 per share. The ex-dividend date was Thursday, July 2nd. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.32%. Commercial Metals’s payout ratio is 23.08%.

Commercial Metals Company 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 four segments: Americas Recycling, Americas Mills, Americas Fabrication, and International Mill. The Americas Recycling segment processes and sells scrap metals to steel mills and foundries, aluminum sheet and ingot manufacturers, brass and bronze ingot makers, copper refineries and mills, secondary lead smelters, specialty steel mills, high temperature alloy manufacturers, and other consumers.

See Also: Commodities

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Institutional Ownership by Quarter for Commercial Metals (NYSE:CMC)

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