Meritage Portfolio Management Increases Holdings in Commercial Metals (NYSE:CMC)

Meritage Portfolio Management boosted its holdings in shares of Commercial Metals (NYSE:CMC) by 9.3% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 8,286 shares of the basic materials company’s stock after buying an additional 704 shares during the quarter. Meritage Portfolio Management’s holdings in Commercial Metals were worth $455,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Russell Investments Group Ltd. boosted its position in shares of Commercial Metals by 11.7% during the first quarter. Russell Investments Group Ltd. now owns 198,675 shares of the basic materials company’s stock worth $11,676,000 after acquiring an additional 20,751 shares during the last quarter. Boston Partners raised its holdings in shares of Commercial Metals by 23,390.7% in the first quarter. Boston Partners now owns 3,076,337 shares of the basic materials company’s stock valued at $180,752,000 after acquiring an additional 3,063,241 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its stake in Commercial Metals by 388.4% in the first quarter. Jacobs Levy Equity Management Inc. now owns 298,621 shares of the basic materials company’s stock worth $17,550,000 after buying an additional 237,477 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in Commercial Metals by 11.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 630,836 shares of the basic materials company’s stock valued at $37,075,000 after purchasing an additional 67,068 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC boosted its stake in Commercial Metals by 13.6% in the first quarter. O Shaughnessy Asset Management LLC now owns 12,905 shares of the basic materials company’s stock valued at $758,000 after acquiring an additional 1,545 shares in the last quarter. 86.90% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have commented on the stock. Wolfe Research cut shares of Commercial Metals from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, October 9th. Jefferies Financial Group began coverage on shares of Commercial Metals in a research note on Tuesday, September 3rd. They set a “buy” rating and a $65.00 target price for the company. Finally, BMO Capital Markets set a $62.00 price target on shares of Commercial Metals and gave the stock a “market perform” rating in a research note on Friday, October 18th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $65.25.

Commercial Metals Price Performance

Shares of NYSE CMC opened at $62.65 on Tuesday. The firm has a market capitalization of $7.14 billion, a P/E ratio of 15.13, a PEG ratio of 2.50 and a beta of 1.14. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.78 and a current ratio of 3.94. The company’s fifty day moving average is $53.68 and its two-hundred day moving average is $54.40. Commercial Metals has a one year low of $43.52 and a one year high of $63.40.

Commercial Metals (NYSE:CMC) last announced its quarterly earnings data on Thursday, October 17th. The basic materials company reported $0.90 EPS for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.01). Commercial Metals had a net margin of 6.13% and a return on equity of 12.20%. The business had revenue of $2 billion during the quarter, compared to analysts’ expectations of $2.07 billion. Analysts forecast that Commercial Metals will post 4.66 EPS for the current fiscal year.

Commercial Metals Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.15%. The ex-dividend date is Thursday, October 31st. Commercial Metals’s payout ratio is 17.39%.

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.