Strategic Financial Concepts LLC Invests $984,000 in Commercial Metals (NYSE:CMC)

Strategic Financial Concepts LLC purchased a new stake in shares of Commercial Metals (NYSE:CMC) in the fourth quarter, Holdings Channel reports. The firm purchased 19,840 shares of the basic materials company’s stock, valued at approximately $984,000.

Other institutional investors have also added to or reduced their stakes in the company. JPMorgan Chase & Co. raised its stake in shares of Commercial Metals by 6.5% during the third quarter. JPMorgan Chase & Co. now owns 1,081,153 shares of the basic materials company’s stock valued at $59,420,000 after acquiring an additional 66,092 shares during the last quarter. Principal Financial Group Inc. increased its holdings in Commercial Metals by 1.1% during the 3rd quarter. Principal Financial Group Inc. now owns 1,714,116 shares of the basic materials company’s stock valued at $94,208,000 after purchasing an additional 17,931 shares during the period. Assenagon Asset Management S.A. raised its position in Commercial Metals by 66.0% during the 4th quarter. Assenagon Asset Management S.A. now owns 71,151 shares of the basic materials company’s stock valued at $3,529,000 after purchasing an additional 28,297 shares during the last quarter. Vestcor Inc lifted its holdings in Commercial Metals by 108.0% in the 3rd quarter. Vestcor Inc now owns 18,103 shares of the basic materials company’s stock worth $995,000 after buying an additional 9,400 shares during the period. Finally, Covea Finance grew its position in shares of Commercial Metals by 44.2% in the 4th quarter. Covea Finance now owns 62,000 shares of the basic materials company’s stock worth $3,075,000 after buying an additional 19,000 shares during the last quarter. Hedge funds and other institutional investors own 86.90% of the company’s stock.

Wall Street Analyst Weigh In

CMC has been the subject of a number of recent analyst reports. Morgan Stanley decreased their target price on Commercial Metals from $65.00 to $56.00 and set an “equal weight” rating for the company in a report on Monday, February 3rd. Jefferies Financial Group dropped their target price on shares of Commercial Metals from $65.00 to $62.00 and set a “buy” rating for the company in a research report on Monday, January 6th. BNP Paribas cut shares of Commercial Metals from an “outperform” rating to a “neutral” rating in a research report on Friday, January 3rd. UBS Group raised shares of Commercial Metals from a “sell” rating to a “neutral” rating and decreased their price target for the stock from $56.00 to $54.00 in a research note on Friday, January 10th. Finally, The Goldman Sachs Group started coverage on Commercial Metals in a research report on Monday, December 2nd. They set a “buy” rating and a $75.00 price objective on the stock. Six analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $62.33.

Commercial Metals Price Performance

Shares of CMC opened at $53.03 on Wednesday. Commercial Metals has a fifty-two week low of $45.50 and a fifty-two week high of $64.53. The firm’s 50-day simple moving average is $50.68 and its two-hundred day simple moving average is $53.71. The stock has a market cap of $6.03 billion, a PE ratio of 47.78, a price-to-earnings-growth ratio of 2.58 and a beta of 1.18. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.94 and a current ratio of 2.76.

Commercial Metals (NYSE:CMC) last posted its quarterly earnings results on Monday, January 6th. The basic materials company reported $0.78 earnings per share for the quarter, hitting the consensus estimate of $0.78. The company had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.85 billion. Commercial Metals had a return on equity of 9.88% and a net margin of 1.70%. The firm’s quarterly revenue was down 4.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.49 EPS. Analysts anticipate that Commercial Metals will post 3.09 earnings per share for the current fiscal year.

Commercial Metals Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 30th. Stockholders of record on Thursday, January 16th were given a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 1.36%. The ex-dividend date of this dividend was Thursday, January 16th. Commercial Metals’s dividend payout ratio is presently 64.86%.

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.