Commercial Metals (NYSE:CMC) Shares Acquired by State Street Corp

State Street Corp lifted its position in Commercial Metals (NYSE:CMC) by 0.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,830,412 shares of the basic materials company’s stock after acquiring an additional 24,665 shares during the period. State Street Corp owned 5.12% of Commercial Metals worth $320,439,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. nVerses Capital LLC acquired a new position in shares of Commercial Metals in the third quarter valued at about $66,000. Archer Investment Corp acquired a new position in Commercial Metals in the 2nd quarter worth approximately $77,000. KBC Group NV raised its position in Commercial Metals by 15.9% during the 3rd quarter. KBC Group NV now owns 3,099 shares of the basic materials company’s stock worth $170,000 after buying an additional 425 shares during the last quarter. Innealta Capital LLC acquired a new stake in Commercial Metals during the 2nd quarter valued at approximately $195,000. Finally, Highland Capital Management LLC purchased a new stake in shares of Commercial Metals in the 3rd quarter valued at $206,000. Hedge funds and other institutional investors own 86.90% of the company’s stock.

Commercial Metals Stock Performance

NYSE CMC opened at $61.75 on Wednesday. The stock has a market capitalization of $7.04 billion, a price-to-earnings ratio of 14.92, a PEG ratio of 2.73 and a beta of 1.15. The stock has a 50-day moving average of $57.54 and a 200 day moving average of $55.14. The company has a current ratio of 3.94, a quick ratio of 2.78 and a debt-to-equity ratio of 0.27. Commercial Metals has a twelve month low of $45.55 and a twelve month high of $64.53.

Commercial Metals (NYSE:CMC) last announced its earnings results on Thursday, October 17th. The basic materials company reported $0.90 earnings per share for the quarter, missing the consensus estimate of $0.91 by ($0.01). Commercial Metals had a return on equity of 12.20% and a net margin of 6.13%. The business had revenue of $2 billion for the quarter, compared to analyst estimates of $2.07 billion. Sell-side analysts anticipate that Commercial Metals will post 4.26 EPS for the current fiscal year.

Commercial Metals Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st were given a $0.18 dividend. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $0.72 annualized dividend and a dividend yield of 1.17%. Commercial Metals’s dividend payout ratio (DPR) is 17.39%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. The Goldman Sachs Group began coverage on shares of Commercial Metals in a report on Monday, December 2nd. They set a “buy” rating and a $75.00 target price for the company. 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. Wolfe Research lowered Commercial Metals from an “outperform” rating to a “peer perform” rating in a report on Wednesday, October 9th. Finally, Jefferies Financial Group began 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. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $67.20.

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.