KLP Kapitalforvaltning AS Invests $1.83 Million in Commercial Metals (NYSE:CMC)

KLP Kapitalforvaltning AS bought a new stake in shares of Commercial Metals (NYSE:CMC) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 36,800 shares of the basic materials company’s stock, valued at approximately $1,825,000.

Several other institutional investors and hedge funds also recently bought and sold shares of CMC. Jacobs Levy Equity Management Inc. raised its stake in shares of Commercial Metals by 122.8% in the third quarter. Jacobs Levy Equity Management Inc. now owns 1,245,535 shares of the basic materials company’s stock worth $68,455,000 after buying an additional 686,519 shares during the period. Caisse DE Depot ET Placement DU Quebec bought a new stake in Commercial Metals during the 3rd quarter worth approximately $16,731,000. Victory Capital Management Inc. lifted its holdings in Commercial Metals by 11.3% during the fourth quarter. Victory Capital Management Inc. now owns 2,422,427 shares of the basic materials company’s stock valued at $120,152,000 after purchasing an additional 245,468 shares in the last quarter. Boston Partners boosted its position in shares of Commercial Metals by 6.4% in the fourth quarter. Boston Partners now owns 4,055,150 shares of the basic materials company’s stock worth $201,178,000 after purchasing an additional 243,921 shares during the period. Finally, Raymond James Financial Inc. purchased a new stake in shares of Commercial Metals in the fourth quarter worth $11,052,000. 86.90% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CMC has been the subject of several recent analyst reports. The Goldman Sachs Group initiated coverage on shares of Commercial Metals in a report on Monday, December 2nd. They issued a “buy” rating and a $75.00 target price for the company. Morgan Stanley dropped their price objective on Commercial Metals from $56.00 to $53.00 and set an “equal weight” rating for the company in a research note on Friday, March 7th. BMO Capital Markets decreased their target price on Commercial Metals from $58.00 to $54.00 and set a “market perform” rating on the stock in a research note on Friday, March 21st. BNP Paribas downgraded Commercial Metals from an “outperform” rating to a “neutral” rating in a research note on Friday, January 3rd. Finally, UBS Group reduced their price objective on shares of Commercial Metals from $54.00 to $49.00 and set a “neutral” rating on the stock in a research report on Monday. Six research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $60.33.

Commercial Metals Stock Performance

NYSE:CMC opened at $48.36 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.76 and a quick ratio of 1.94. The company has a market cap of $5.50 billion, a price-to-earnings ratio of 43.57, a PEG ratio of 2.62 and a beta of 1.17. Commercial Metals has a 1 year low of $42.62 and a 1 year high of $64.53. The stock’s 50 day simple moving average is $48.75 and its two-hundred day simple moving average is $52.68.

Commercial Metals (NYSE:CMC) last released its quarterly earnings results on Thursday, March 20th. The basic materials company reported $0.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.05). Commercial Metals had a net margin of 1.70% and a return on equity of 9.88%. The business had revenue of $1.75 billion for the quarter, compared to analysts’ expectations of $1.73 billion. During the same period in the previous year, the company earned $0.88 EPS. Commercial Metals’s revenue for the quarter was down 5.1% compared to the same quarter last year. As a group, equities 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 disclosed a quarterly dividend, which will be paid on Wednesday, April 9th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.18 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.72 annualized dividend and a yield of 1.49%. Commercial Metals’s payout ratio is currently 120.00%.

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.