Raymond James & Associates lowered its stake in shares of Commercial Metals (NYSE:CMC – Free Report) by 5.4% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 203,160 shares of the basic materials company’s stock after selling 11,556 shares during the period. Raymond James & Associates owned approximately 0.18% of Commercial Metals worth $11,166,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Boston Partners boosted its position in shares of Commercial Metals by 23,390.7% during the first quarter. Boston Partners now owns 3,076,337 shares of the basic materials company’s stock valued at $180,752,000 after buying an additional 3,063,241 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Commercial Metals by 1.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,296,284 shares of the basic materials company’s stock worth $71,283,000 after acquiring an additional 18,205 shares during the last quarter. Janus Henderson Group PLC grew its stake in shares of Commercial Metals by 2.3% in the 1st quarter. Janus Henderson Group PLC now owns 1,159,769 shares of the basic materials company’s stock worth $68,160,000 after acquiring an additional 25,816 shares in the last quarter. Thompson Siegel & Walmsley LLC purchased a new stake in shares of Commercial Metals in the second quarter valued at about $50,132,000. Finally, American Century Companies Inc. lifted its position in shares of Commercial Metals by 1.5% during the second quarter. American Century Companies Inc. now owns 847,116 shares of the basic materials company’s stock valued at $46,583,000 after purchasing an additional 12,772 shares in the last quarter. 86.90% of the stock is owned by institutional investors.
Analysts Set New Price Targets
Several equities research analysts have commented on the stock. BMO Capital Markets set a $62.00 price objective on shares of Commercial Metals and gave the company a “market perform” rating in a research note on Friday, October 18th. Jefferies Financial Group assumed coverage on Commercial Metals in a research report on Tuesday, September 3rd. They set a “buy” rating and a $65.00 price target for the company. Finally, Wolfe Research cut Commercial Metals from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, October 9th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $65.25.
Commercial Metals Stock Up 4.5 %
Commercial Metals stock opened at $54.31 on Tuesday. The company has a quick ratio of 2.83, a current ratio of 4.24 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $6.25 billion, a P/E ratio of 11.31 and a beta of 1.14. The firm has a 50 day moving average price of $52.89 and a 200-day moving average price of $54.22. Commercial Metals has a twelve month low of $41.86 and a twelve month high of $61.26.
Commercial Metals Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st will be given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.33%. The ex-dividend date is Thursday, October 31st. Commercial Metals’s dividend payout ratio is currently 15.00%.
Commercial Metals Profile
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.
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