103,018 Shares in Commercial Metals (NYSE:CMC) Bought by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Commercial Metals (NYSE:CMC) during the 3rd quarter, Holdings Channel.com reports. The fund purchased 103,018 shares of the basic materials company’s stock, valued at approximately $5,662,000.

A number of other hedge funds also recently made changes to their positions in the business. Boston Partners increased its stake in 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 during the period. Victory Capital Management Inc. boosted its holdings in Commercial Metals by 1.9% during the third quarter. Victory Capital Management Inc. now owns 2,176,959 shares of the basic materials company’s stock valued at $119,646,000 after purchasing an additional 41,206 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of Commercial Metals by 1.1% in the 3rd quarter. Principal Financial Group Inc. now owns 1,714,116 shares of the basic materials company’s stock valued at $94,208,000 after purchasing an additional 17,931 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Commercial Metals by 1.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,296,284 shares of the basic materials company’s stock worth $71,283,000 after buying an additional 18,205 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its position in shares of Commercial Metals by 2.3% during the 1st quarter. Janus Henderson Group PLC now owns 1,159,769 shares of the basic materials company’s stock worth $68,160,000 after buying an additional 25,816 shares during the period. Institutional investors and hedge funds own 86.90% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on CMC. BMO Capital Markets set a $62.00 price target on Commercial Metals and gave the company a “market perform” rating in a research report on Friday, October 18th. Wolfe Research cut shares of Commercial Metals from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, October 9th. Finally, Jefferies Financial Group initiated coverage on shares of Commercial Metals in a research report on Tuesday, September 3rd. They issued a “buy” rating and a $65.00 price target on the stock. Three analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $65.25.

Commercial Metals Price Performance

Shares of CMC stock opened at $61.22 on Friday. The stock’s fifty day moving average is $55.52 and its 200-day moving average is $54.74. The stock has a market capitalization of $6.97 billion, a PE ratio of 14.79, a PEG ratio of 2.56 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. Commercial Metals has a 52 week low of $43.52 and a 52 week high of $63.40.

Commercial Metals (NYSE:CMC) last released its quarterly earnings results on Thursday, October 17th. The basic materials company reported $0.90 EPS for the quarter, missing the consensus estimate of $0.91 by ($0.01). The company had revenue of $2 billion for the quarter, compared to the consensus estimate of $2.07 billion. Commercial Metals had a net margin of 6.13% and a return on equity of 12.20%. Equities research analysts expect that Commercial Metals will post 4.35 EPS for the current fiscal year.

Commercial Metals Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st were given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 1.18%. The ex-dividend date of this dividend was Thursday, October 31st. Commercial Metals’s payout ratio is 17.39%.

About Commercial Metals

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.