Envestnet Asset Management Inc. Has $17.74 Million Holdings in Commercial Metals Company (NYSE:CMC)

Envestnet Asset Management Inc. grew its holdings in shares of Commercial Metals Company (NYSE:CMC) by 6.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 385,527 shares of the basic materials company’s stock after purchasing an additional 22,682 shares during the period. Envestnet Asset Management Inc. owned about 0.34% of Commercial Metals worth $17,738,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the company. Park Square Financial Group LLC bought a new position in shares of Commercial Metals during the fourth quarter valued at $33,000. Heck Capital Advisors LLC acquired a new stake in Commercial Metals in the fourth quarter worth $34,000. UMB Bank n.a. grew its holdings in Commercial Metals by 51.9% in the first quarter. UMB Bank n.a. now owns 784 shares of the basic materials company’s stock worth $36,000 after purchasing an additional 268 shares during the period. Wayfinding Financial LLC acquired a new position in shares of Commercial Metals during the first quarter valued at about $47,000. Finally, South Plains Financial Inc. acquired a new position in shares of Commercial Metals during the fourth quarter valued at about $73,000. Institutional investors and hedge funds own 86.90% of the company’s stock.

Analyst Ratings Changes

Several analysts have commented on CMC shares. UBS Group reaffirmed a “neutral” rating on shares of Commercial Metals in a research report on Friday, June 20th. BMO Capital Markets reaffirmed a “market perform” rating and set a $55.00 price objective (down previously from $57.00) on shares of Commercial Metals in a research note on Tuesday, June 24th. Wolfe Research raised shares of Commercial Metals from a “peer perform” rating to an “outperform” rating in a research note on Friday, June 20th. JPMorgan Chase & Co. boosted their price target on shares of Commercial Metals from $52.00 to $54.00 and gave the stock a “neutral” rating in a research note on Monday. Finally, Morgan Stanley set a $57.50 price objective on shares of Commercial Metals in a report on Wednesday, June 25th. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $57.50.

Commercial Metals Trading Up 2.6%

CMC stock opened at $52.59 on Friday. The firm has a fifty day moving average price of $49.33 and a 200 day moving average price of $47.84. Commercial Metals Company has a fifty-two week low of $37.92 and a fifty-two week high of $64.53. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.00 and a current ratio of 2.86. The firm has a market cap of $5.89 billion, a PE ratio of 169.63, a price-to-earnings-growth ratio of 2.08 and a beta of 1.26.

Commercial Metals (NYSE:CMC) last released its earnings results on Monday, June 23rd. The basic materials company reported $0.74 earnings per share for the quarter, missing the consensus estimate of $0.85 by ($0.11). The business had revenue of $2.02 billion for the quarter, compared to the consensus estimate of $2.04 billion. Commercial Metals had a return on equity of 7.45% and a net margin of 0.48%. The firm’s revenue for the quarter was down 2.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.02 earnings per share. Sell-side analysts anticipate that Commercial Metals Company will post 3.09 earnings per share for the current fiscal year.

Commercial Metals Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 9th. Investors of record on Monday, June 30th were given a $0.18 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $0.72 dividend on an annualized basis and a yield of 1.37%. Commercial Metals’s dividend payout ratio is currently 232.26%.

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.