Commercial Metals (NYSE:CMC) Stake Increased by Moran Wealth Management LLC

Moran Wealth Management LLC increased its stake in Commercial Metals (NYSE:CMC) by 336.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 60,372 shares of the basic materials company’s stock after buying an additional 46,547 shares during the period. Moran Wealth Management LLC’s holdings in Commercial Metals were worth $3,318,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in CMC. State Board of Administration of Florida Retirement System increased its stake in shares of Commercial Metals by 22.1% in the first quarter. State Board of Administration of Florida Retirement System now owns 40,864 shares of the basic materials company’s stock worth $2,402,000 after buying an additional 7,405 shares during the last quarter. O Shaughnessy Asset Management LLC boosted its holdings in Commercial Metals by 13.6% in the first quarter. O Shaughnessy Asset Management LLC now owns 12,905 shares of the basic materials company’s stock worth $758,000 after purchasing an additional 1,545 shares during the period. Clearbridge Investments LLC boosted its holdings in Commercial Metals by 2.1% in the first quarter. Clearbridge Investments LLC now owns 225,447 shares of the basic materials company’s stock worth $13,250,000 after purchasing an additional 4,728 shares during the period. BOKF NA boosted its holdings in Commercial Metals by 45.7% in the first quarter. BOKF NA now owns 3,353 shares of the basic materials company’s stock worth $197,000 after purchasing an additional 1,051 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its holdings in Commercial Metals by 11.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 630,836 shares of the basic materials company’s stock worth $37,075,000 after purchasing an additional 67,068 shares during the period. Institutional investors own 86.90% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Commercial Metals Stock Performance

Shares of CMC opened at $59.75 on Thursday. Commercial Metals has a 1 year low of $43.52 and a 1 year high of $63.40. The company has a market cap of $6.81 billion, a price-to-earnings ratio of 14.43, a price-to-earnings-growth ratio of 2.55 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. The firm has a fifty day moving average of $55.10 and a 200-day moving average of $54.66.

Commercial Metals (NYSE:CMC) last posted its quarterly earnings data on Thursday, October 17th. The basic materials company reported $0.90 earnings per share for the quarter, missing the consensus estimate of $0.91 by ($0.01). The company had revenue of $2 billion during the quarter, compared to analyst estimates of $2.07 billion. Commercial Metals had a return on equity of 12.20% and a net margin of 6.13%. As a group, equities analysts anticipate that Commercial Metals will post 4.35 earnings per share for the current year.

Commercial Metals Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, October 31st were issued a dividend of $0.18 per share. The ex-dividend date was Thursday, October 31st. This represents a $0.72 annualized dividend and a yield of 1.21%. 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.