Victory Capital Management Inc. Grows Position in Commercial Metals (NYSE:CMC)

Victory Capital Management Inc. boosted its stake in shares of Commercial Metals (NYSE:CMC) by 11.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,422,427 shares of the basic materials company’s stock after purchasing an additional 245,468 shares during the period. Victory Capital Management Inc. owned approximately 2.13% of Commercial Metals worth $120,152,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of CMC. Truist Financial Corp raised its position in Commercial Metals by 3.5% during the fourth quarter. Truist Financial Corp now owns 7,150 shares of the basic materials company’s stock worth $355,000 after acquiring an additional 242 shares during the period. Thurston Springer Miller Herd & Titak Inc. raised its position in Commercial Metals by 10.0% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,784 shares of the basic materials company’s stock worth $138,000 after acquiring an additional 254 shares during the period. V Square Quantitative Management LLC raised its position in Commercial Metals by 60.7% during the fourth quarter. V Square Quantitative Management LLC now owns 707 shares of the basic materials company’s stock worth $35,000 after acquiring an additional 267 shares during the period. Assetmark Inc. raised its position in Commercial Metals by 6.4% during the third quarter. Assetmark Inc. now owns 4,602 shares of the basic materials company’s stock worth $253,000 after acquiring an additional 277 shares during the period. Finally, Verdence Capital Advisors LLC raised its position in Commercial Metals by 4.2% during the third quarter. Verdence Capital Advisors LLC now owns 7,160 shares of the basic materials company’s stock worth $394,000 after acquiring an additional 287 shares during the period. Hedge funds and other institutional investors own 86.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. BNP Paribas lowered shares of Commercial Metals from an “outperform” rating to a “neutral” rating in a report on Friday, January 3rd. UBS Group raised shares of Commercial Metals from a “sell” rating to a “neutral” rating and dropped their target price for the stock from $56.00 to $54.00 in a report on Friday, January 10th. Morgan Stanley dropped their target price on shares of Commercial Metals from $65.00 to $56.00 and set an “equal weight” rating for the company in a report on Monday, February 3rd. The Goldman Sachs Group assumed coverage on shares of Commercial Metals in a report on Monday, December 2nd. They set a “buy” rating and a $75.00 target price for the company. Finally, Jefferies Financial Group dropped their target price on shares of Commercial Metals from $65.00 to $62.00 and set a “buy” rating for the company in a report on Monday, January 6th. Six research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $62.33.

Commercial Metals Stock Performance

Shares of CMC opened at $47.21 on Thursday. The company has a current ratio of 2.76, a quick ratio of 1.94 and a debt-to-equity ratio of 0.29. The firm has a market cap of $5.36 billion, a PE ratio of 42.53, a price-to-earnings-growth ratio of 2.62 and a beta of 1.18. The company’s 50 day simple moving average is $49.73 and its 200-day simple moving average is $53.42. Commercial Metals has a 12-month low of $43.81 and a 12-month high of $64.53.

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

Commercial Metals Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 30th. Shareholders of record on Thursday, January 16th were issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.53%. The ex-dividend date was Thursday, January 16th. Commercial Metals’s dividend payout ratio (DPR) 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.