Spring Capital Management LLC Buys Shares of 5,000 Commercial Metals (NYSE:CMC)

Spring Capital Management LLC purchased a new position in Commercial Metals (NYSE:CMC) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 5,000 shares of the basic materials company’s stock, valued at approximately $248,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Covea Finance lifted its stake 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 valued at $3,075,000 after purchasing an additional 19,000 shares during the period. Thurston Springer Miller Herd & Titak Inc. lifted its stake in Commercial Metals by 10.0% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,784 shares of the basic materials company’s stock valued at $138,000 after buying an additional 254 shares during the period. Assenagon Asset Management S.A. lifted its stake in Commercial Metals by 66.0% in the fourth quarter. Assenagon Asset Management S.A. now owns 71,151 shares of the basic materials company’s stock valued at $3,529,000 after buying an additional 28,297 shares during the period. Fulton Bank N.A. boosted its holdings in shares of Commercial Metals by 36.3% during the 4th quarter. Fulton Bank N.A. now owns 7,635 shares of the basic materials company’s stock worth $379,000 after buying an additional 2,032 shares in the last quarter. Finally, Nordea Investment Management AB grew its position in shares of Commercial Metals by 3.4% during the 4th quarter. Nordea Investment Management AB now owns 248,166 shares of the basic materials company’s stock worth $12,381,000 after buying an additional 8,226 shares during the period. Institutional investors and hedge funds own 86.90% of the company’s stock.

Commercial Metals Stock Performance

Shares of CMC opened at $50.63 on Friday. Commercial Metals has a 52 week low of $45.50 and a 52 week high of $64.53. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.78 and a current ratio of 2.76. The stock has a 50 day moving average price of $55.57 and a two-hundred day moving average price of $54.69. The firm has a market capitalization of $5.75 billion, a P/E ratio of 45.61, a P/E/G ratio of 2.08 and a beta of 1.19.

Commercial Metals (NYSE:CMC) last released its quarterly earnings results on Monday, January 6th. The basic materials company reported $0.78 EPS for the quarter, meeting analysts’ consensus estimates of $0.78. Commercial Metals had a return on equity of 9.88% and a net margin of 1.70%. The business had revenue of $1.91 billion during the quarter, compared to analyst estimates of $1.85 billion. During the same period in the prior year, the firm posted $1.49 EPS. Commercial Metals’s quarterly revenue was down 4.7% compared to the same quarter last year. Equities analysts forecast that Commercial Metals will post 3.47 earnings per share for the current fiscal year.

Commercial Metals Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 30th. Stockholders of record on Thursday, January 16th will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 1.42%. The ex-dividend date is Thursday, January 16th. Commercial Metals’s dividend payout ratio is presently 64.86%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on CMC shares. BNP Paribas lowered shares of Commercial Metals from an “outperform” rating to a “neutral” rating in a research note on Friday, January 3rd. The Goldman Sachs Group initiated coverage on shares of Commercial Metals in a research report on Monday, December 2nd. They set a “buy” rating and a $75.00 price objective on the stock. Morgan Stanley started coverage on Commercial Metals in a research report on Thursday, December 19th. They issued an “equal weight” rating and a $65.00 target price for the company. UBS Group upgraded Commercial Metals from a “sell” rating to a “neutral” rating and cut their price target for the stock from $56.00 to $54.00 in a report on Friday, January 10th. Finally, Jefferies Financial Group decreased their price objective on Commercial Metals from $65.00 to $62.00 and set a “buy” rating for the company in a report on Monday, January 6th. Six analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, Commercial Metals presently has an average rating of “Hold” and an average price target of $63.83.

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.