Jacobs Levy Equity Management Inc. Increases Position in Commercial Metals (NYSE:CMC)

Jacobs Levy Equity Management Inc. boosted its holdings in shares of Commercial Metals (NYSE:CMC) by 388.4% in the 1st quarter, Holdings Channel reports. The fund owned 298,621 shares of the basic materials company’s stock after acquiring an additional 237,477 shares during the quarter. Jacobs Levy Equity Management Inc.’s holdings in Commercial Metals were worth $17,550,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in Commercial Metals by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 12,641,427 shares of the basic materials company’s stock valued at $632,577,000 after acquiring an additional 191,345 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Commercial Metals by 2.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 7,611,020 shares of the basic materials company’s stock valued at $380,859,000 after buying an additional 160,228 shares during the period. Norges Bank purchased a new stake in shares of Commercial Metals in the 4th quarter valued at approximately $94,722,000. Victory Capital Management Inc. grew its stake in shares of Commercial Metals by 241.3% in the 4th quarter. Victory Capital Management Inc. now owns 1,809,841 shares of the basic materials company’s stock valued at $90,564,000 after buying an additional 1,279,617 shares during the period. Finally, Principal Financial Group Inc. grew its stake in shares of Commercial Metals by 4.5% in the 1st quarter. Principal Financial Group Inc. now owns 1,774,666 shares of the basic materials company’s stock valued at $104,297,000 after buying an additional 76,742 shares during the period. Hedge funds and other institutional investors own 86.90% of the company’s stock.

Commercial Metals Stock Performance

Commercial Metals stock traded up $0.98 during midday trading on Wednesday, hitting $60.57. 144,031 shares of the company’s stock were exchanged, compared to its average volume of 889,968. Commercial Metals has a 12-month low of $39.85 and a 12-month high of $60.85. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.83 and a current ratio of 4.24. The stock has a market cap of $6.96 billion, a price-to-earnings ratio of 12.41 and a beta of 1.17. The firm’s 50 day simple moving average is $54.64 and its 200 day simple moving average is $54.67.

Commercial Metals (NYSE:CMC) last issued its quarterly earnings data on Thursday, June 20th. The basic materials company reported $1.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.02. Commercial Metals had a net margin of 6.95% and a return on equity of 14.62%. The company had revenue of $2.08 billion for the quarter, compared to the consensus estimate of $2.02 billion. During the same period last year, the firm posted $2.02 EPS. Commercial Metals’s revenue for the quarter was down 11.4% on a year-over-year basis. Equities research analysts predict that Commercial Metals will post 4.71 EPS for the current year.

Commercial Metals Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 10th. Investors of record on Monday, July 1st were paid a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 1.19%. The ex-dividend date was Monday, July 1st. Commercial Metals’s dividend payout ratio (DPR) is 15.00%.

Analysts Set New Price Targets

CMC has been the topic of several recent analyst reports. StockNews.com lowered shares of Commercial Metals from a “buy” rating to a “hold” rating in a report on Thursday, June 20th. Bank of America reduced their target price on shares of Commercial Metals from $70.00 to $69.00 and set a “buy” rating on the stock in a report on Wednesday, June 26th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $60.50.

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.