Short Interest in Commercial Metals (NYSE:CMC) Expands By 5.9%

Commercial Metals (NYSE:CMC) was the recipient of a large growth in short interest during the month of October. As of October 15th, there was short interest totalling 3,040,000 shares, a growth of 5.9% from the September 30th total of 2,870,000 shares. Based on an average daily volume of 781,800 shares, the days-to-cover ratio is currently 3.9 days. Currently, 2.7% of the company’s stock are short sold.

Commercial Metals Stock Down 1.1 %

CMC opened at $53.79 on Friday. The stock’s fifty day simple moving average is $52.92 and its 200 day simple moving average is $54.22. Commercial Metals has a 1-year low of $42.07 and a 1-year high of $61.26. The stock has a market cap of $6.13 billion, a PE ratio of 12.99 and a beta of 1.14. The company has a current ratio of 4.24, a quick ratio of 2.83 and a debt-to-equity ratio of 0.27.

Commercial Metals Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.34%. The ex-dividend date is Thursday, October 31st. Commercial Metals’s dividend payout ratio is presently 17.39%.

Institutional Trading of Commercial Metals

Hedge funds and other institutional investors have recently modified their holdings of the stock. First Dallas Securities Inc. boosted its stake in Commercial Metals by 0.8% in the 2nd quarter. First Dallas Securities Inc. now owns 22,234 shares of the basic materials company’s stock valued at $1,222,000 after purchasing an additional 185 shares during the period. Wealth Enhancement Advisory Services LLC boosted its position in shares of Commercial Metals by 0.7% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 26,778 shares of the basic materials company’s stock valued at $1,473,000 after acquiring an additional 187 shares during the period. Tectonic Advisors LLC grew its stake in shares of Commercial Metals by 1.6% in the third quarter. Tectonic Advisors LLC now owns 17,774 shares of the basic materials company’s stock valued at $977,000 after acquiring an additional 272 shares in the last quarter. SummerHaven Investment Management LLC increased its position in Commercial Metals by 2.1% during the second quarter. SummerHaven Investment Management LLC now owns 13,615 shares of the basic materials company’s stock worth $749,000 after acquiring an additional 276 shares during the period. Finally, GAMMA Investing LLC raised its stake in Commercial Metals by 21.9% in the 2nd quarter. GAMMA Investing LLC now owns 1,572 shares of the basic materials company’s stock worth $86,000 after purchasing an additional 282 shares in the last quarter. Institutional investors own 86.90% of the company’s stock.

Analyst Upgrades and Downgrades

CMC has been the subject of several recent analyst reports. BMO Capital Markets set a $62.00 price objective on Commercial Metals and gave the company a “market perform” rating in a report on Friday, October 18th. Jefferies Financial Group started coverage on shares of Commercial Metals in a research report on Tuesday, September 3rd. They set a “buy” rating and a $65.00 price target on the stock. Finally, Wolfe Research downgraded shares of 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 issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $65.25.

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.