19,840 Shares in Commercial Metals (NYSE:CMC) Bought by Strategic Financial Concepts LLC

Strategic Financial Concepts LLC bought a new position in shares of Commercial Metals (NYSE:CMC) in the fourth quarter, HoldingsChannel reports. The firm bought 19,840 shares of the basic materials company’s stock, valued at approximately $984,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. JPMorgan Chase & Co. lifted its position in Commercial Metals by 6.5% during the third quarter. JPMorgan Chase & Co. now owns 1,081,153 shares of the basic materials company’s stock valued at $59,420,000 after purchasing an additional 66,092 shares during the last quarter. Principal Financial Group Inc. lifted its position in Commercial Metals by 1.1% during the third quarter. Principal Financial Group Inc. now owns 1,714,116 shares of the basic materials company’s stock valued at $94,208,000 after purchasing an additional 17,931 shares during the last quarter. Assenagon Asset Management S.A. lifted its position in Commercial Metals by 66.0% during the fourth quarter. Assenagon Asset Management S.A. now owns 71,151 shares of the basic materials company’s stock valued at $3,529,000 after purchasing an additional 28,297 shares during the last quarter. Vestcor Inc lifted its position in Commercial Metals by 108.0% during the third quarter. Vestcor Inc now owns 18,103 shares of the basic materials company’s stock valued at $995,000 after purchasing an additional 9,400 shares during the last quarter. Finally, Covea Finance lifted its position in Commercial Metals by 44.2% during the fourth quarter. Covea Finance now owns 62,000 shares of the basic materials company’s stock valued at $3,075,000 after purchasing an additional 19,000 shares during the last quarter. Institutional investors own 86.90% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on CMC shares. BNP Paribas lowered shares of Commercial Metals from an “outperform” rating to a “neutral” rating in a research report on Friday, January 3rd. Jefferies Financial Group lowered their price objective on shares of Commercial Metals from $65.00 to $62.00 and set a “buy” rating for the company in a research report on Monday, January 6th. The Goldman Sachs Group assumed coverage on shares of Commercial Metals in a report on Monday, December 2nd. They issued a “buy” rating and a $75.00 target price for the company. BMO Capital Markets lowered their target price on shares of Commercial Metals from $62.00 to $58.00 and set a “market perform” rating for the company in a report on Friday, January 3rd. Finally, Morgan Stanley lowered their target price on shares of Commercial Metals from $65.00 to $56.00 and set an “equal weight” rating for the company in a report on Monday, February 3rd. Six research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $62.33.

Commercial Metals Trading Down 1.8 %

CMC stock opened at $49.88 on Wednesday. The company has a market capitalization of $5.67 billion, a PE ratio of 44.94, a P/E/G ratio of 2.58 and a beta of 1.18. Commercial Metals has a 12 month low of $45.50 and a 12 month high of $64.53. The firm’s 50-day moving average is $51.68 and its 200 day moving average is $53.94. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.76 and a quick ratio of 1.94.

Commercial Metals (NYSE:CMC) last posted its quarterly earnings results on Monday, January 6th. The basic materials company reported $0.78 EPS for the quarter, hitting the consensus estimate of $0.78. The company had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.85 billion. Commercial Metals had a net margin of 1.70% and a return on equity of 9.88%. The firm’s revenue was down 4.7% compared to the same quarter last year. During the same quarter last year, the firm posted $1.49 EPS. On average, research analysts anticipate that Commercial Metals will post 3.09 EPS for the current year.

Commercial Metals Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, January 30th. Investors of record on Thursday, January 16th were paid a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.44%. The ex-dividend date was Thursday, January 16th. Commercial Metals’s dividend payout ratio is presently 64.86%.

About Commercial Metals

Commercial Metals Company manufactures, recycles, and fabricates steel and metal products, and related materials and services in the United States, Poland, China, and internationally. It operates through two segments, North America and Europe. The company processes and sells ferrous and nonferrous 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.