Assetmark Inc. Raises Stock Position in Commercial Metals (NYSE:CMC)

Assetmark Inc. grew its holdings in Commercial Metals (NYSE:CMC – Get Rating) by 18.8% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,653 shares of the basic materials company’s stock after buying an additional 262 shares during the period. Assetmark Inc.’s holdings in Commercial Metals were worth $59,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Ronald Blue Trust Inc. bought a new stake in shares of Commercial Metals in the 2nd quarter worth about $30,000. Baldwin Brothers LLC MA bought a new stake in shares of Commercial Metals in the 2nd quarter worth about $33,000. Geneos Wealth Management Inc. lifted its holdings in Commercial Metals by 920.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,020 shares of the basic materials company’s stock valued at $42,000 after buying an additional 920 shares in the last quarter. National Bank of Canada FI lifted its holdings in Commercial Metals by 32.8% during the 2nd quarter. National Bank of Canada FI now owns 1,062 shares of the basic materials company’s stock valued at $36,000 after buying an additional 262 shares in the last quarter. Finally, Investors Asset Management of Georgia Inc. GA ADV bought a new stake in Commercial Metals during the 2nd quarter valued at about $35,000. 84.30% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. The Goldman Sachs Group lifted their price objective on shares of Commercial Metals from $48.00 to $53.00 and gave the company a “neutral” rating in a report on Tuesday, January 10th. Bank of America initiated coverage on shares of Commercial Metals in a report on Wednesday, January 4th. They set a “neutral” rating and a $55.00 price objective for the company. StockNews.com upgraded shares of Commercial Metals from a “hold” rating to a “buy” rating in a report on Wednesday. KeyCorp boosted their price target on shares of Commercial Metals from $50.00 to $57.00 and gave the company an “overweight” rating in a report on Wednesday, January 11th. Finally, Citigroup boosted their price target on shares of Commercial Metals from $42.00 to $44.00 and gave the company a “neutral” rating in a report on Friday, October 14th. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Commercial Metals presently has a consensus rating of “Hold” and an average price target of $51.14.

Commercial Metals Stock Up 0.4 %

Shares of Commercial Metals stock opened at $52.15 on Friday. The firm’s 50 day moving average price is $49.60 and its 200-day moving average price is $43.45. The company has a quick ratio of 1.97, a current ratio of 2.99 and a debt-to-equity ratio of 0.30. Commercial Metals has a 52-week low of $31.47 and a 52-week high of $56.88. The company has a market cap of $6.12 billion, a P/E ratio of 5.08 and a beta of 1.29.

Commercial Metals Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, February 2nd. Shareholders of record on Thursday, January 19th will be given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 1.23%. The ex-dividend date is Wednesday, January 18th. Commercial Metals’s dividend payout ratio is presently 6.24%.

Insiders Place Their Bets

In other Commercial Metals news, CEO Barbara Smith sold 150,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 3rd. The shares were sold at an average price of $48.11, for a total transaction of $7,216,500.00. Following the sale, the chief executive officer now owns 227,651 shares of the company’s stock, valued at approximately $10,952,289.61. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Commercial Metals news, CEO Barbara Smith sold 150,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 3rd. The shares were sold at an average price of $48.11, for a total transaction of $7,216,500.00. Following the sale, the chief executive officer now owns 227,651 shares of the company’s stock, valued at approximately $10,952,289.61. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Ty L. Garrison sold 6,900 shares of the business’s stock in a transaction that occurred on Monday, October 31st. The stock was sold at an average price of $45.76, for a total transaction of $315,744.00. Following the sale, the senior vice president now directly owns 124,508 shares in the company, valued at approximately $5,697,486.08. The disclosure for this sale can be found here. In the last quarter, insiders have sold 162,400 shares of company stock valued at $7,804,384. Insiders own 1.20% of the company’s stock.

Commercial Metals Profile

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Commercial Metals Company manufactures, recycles, and fabricates steel and metal products, and related materials and services in the United States, Poland, China, and internationally. 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.