Parallel Advisors LLC Reduces Stock Position in Commercial Metals Company $CMC

Parallel Advisors LLC reduced its holdings in shares of Commercial Metals Company (NYSE:CMC) by 26.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,710 shares of the basic materials company’s stock after selling 602 shares during the quarter. Parallel Advisors LLC’s holdings in Commercial Metals were worth $84,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of CMC. Nuveen LLC purchased a new stake in Commercial Metals in the 1st quarter worth approximately $44,345,000. Pacer Advisors Inc. lifted its stake in Commercial Metals by 4,372.6% in the 1st quarter. Pacer Advisors Inc. now owns 759,484 shares of the basic materials company’s stock worth $34,944,000 after purchasing an additional 742,503 shares in the last quarter. American Century Companies Inc. lifted its stake in Commercial Metals by 86.1% in the 1st quarter. American Century Companies Inc. now owns 1,587,259 shares of the basic materials company’s stock worth $73,030,000 after purchasing an additional 734,265 shares in the last quarter. Victory Capital Management Inc. lifted its stake in Commercial Metals by 27.5% in the 1st quarter. Victory Capital Management Inc. now owns 3,089,313 shares of the basic materials company’s stock worth $142,139,000 after purchasing an additional 666,886 shares in the last quarter. Finally, Fuller & Thaler Asset Management Inc. lifted its stake in Commercial Metals by 14.9% in the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 4,161,292 shares of the basic materials company’s stock worth $191,461,000 after purchasing an additional 539,309 shares in the last quarter. 86.90% of the stock is currently owned by hedge funds and other institutional investors.

Commercial Metals Price Performance

CMC stock opened at $57.08 on Thursday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.00 and a current ratio of 2.86. Commercial Metals Company has a 52 week low of $37.92 and a 52 week high of $64.53. The firm’s fifty day moving average is $55.89 and its 200 day moving average is $50.02. The firm has a market cap of $6.39 billion, a P/E ratio of 184.13, a P/E/G ratio of 1.99 and a beta of 1.33.

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

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Jefferies Financial Group reiterated a “buy” rating on shares of Commercial Metals in a research note on Friday, June 20th. BMO Capital Markets reiterated a “market perform” rating and issued a $55.00 target price (down from $57.00) on shares of Commercial Metals in a research note on Tuesday, June 24th. Wolfe Research upgraded shares of Commercial Metals from a “peer perform” rating to an “outperform” rating in a research note on Friday, June 20th. JPMorgan Chase & Co. increased their target price on shares of Commercial Metals from $52.00 to $54.00 and gave the stock a “neutral” rating in a research note on Monday, July 14th. Finally, Bank of America raised their price objective on shares of Commercial Metals from $60.00 to $70.00 and gave the company a “buy” rating in a research report on Monday, September 15th. Five equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $60.39.

Commercial Metals Company 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.