AlphaQuest LLC Raises Stock Position in Commercial Metals (NYSE:CMC)

AlphaQuest LLC grew its holdings in shares of Commercial Metals (NYSE:CMC) by 569,200.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,079 shares of the basic materials company’s stock after purchasing an additional 17,076 shares during the period. AlphaQuest LLC’s holdings in Commercial Metals were worth $847,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of CMC. Jacobs Levy Equity Management Inc. increased its stake in Commercial Metals by 122.8% during 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 purchasing an additional 686,519 shares during the period. Thompson Siegel & Walmsley LLC increased its stake in Commercial Metals by 58.0% during the third quarter. Thompson Siegel & Walmsley LLC now owns 1,440,531 shares of the basic materials company’s stock worth $79,172,000 after purchasing an additional 528,876 shares during the period. Caisse DE Depot ET Placement DU Quebec purchased a new stake in Commercial Metals during the third quarter worth about $16,731,000. Victory Capital Management Inc. increased its stake 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 worth $120,152,000 after purchasing an additional 245,468 shares during the period. Finally, Raymond James Financial Inc. purchased a new stake in Commercial Metals during the fourth quarter worth about $11,052,000. 86.90% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CMC has been the topic of a number of recent research reports. UBS Group upgraded shares of Commercial Metals from a “sell” rating to a “neutral” rating and cut their target price for the stock from $56.00 to $54.00 in a research note on Friday, January 10th. Jefferies Financial Group cut their target price on shares of Commercial Metals from $65.00 to $62.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. BMO Capital Markets cut their target price on shares of Commercial Metals from $62.00 to $58.00 and set a “market perform” rating on the stock in a research note on Friday, January 3rd. Morgan Stanley cut their target price on shares of Commercial Metals from $56.00 to $53.00 and set an “equal weight” rating on the stock in a research note on Friday. Finally, The Goldman Sachs Group initiated coverage on shares of Commercial Metals in a research note on Monday, December 2nd. They set a “buy” rating and a $75.00 target price on the stock. Six equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $61.83.

Commercial Metals Stock Performance

Shares of Commercial Metals stock opened at $43.24 on Tuesday. The firm has a market capitalization of $4.91 billion, a P/E ratio of 38.95, a P/E/G ratio of 2.62 and a beta of 1.17. Commercial Metals has a 52 week low of $41.84 and a 52 week high of $64.53. The company has a quick ratio of 1.94, a current ratio of 2.76 and a debt-to-equity ratio of 0.29. The firm’s 50 day moving average is $49.37 and its two-hundred day moving average is $53.20.

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

Commercial Metals Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 30th. Stockholders of record on Thursday, January 16th were issued a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 1.67%. The ex-dividend date of this dividend was Thursday, January 16th. Commercial Metals’s payout ratio is currently 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.