Versor Investments LP Raises Stake in Commercial Metals (NYSE:CMC)

Versor Investments LP increased its stake in shares of Commercial Metals (NYSE:CMC) by 52.5% during the second quarter, HoldingsChannel.com reports. The firm owned 9,254 shares of the basic materials company’s stock after buying an additional 3,185 shares during the period. Versor Investments LP’s holdings in Commercial Metals were worth $509,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Farther Finance Advisors LLC raised its holdings in shares of Commercial Metals by 2,409.2% in the 2nd quarter. Farther Finance Advisors LLC now owns 6,273 shares of the basic materials company’s stock valued at $336,000 after acquiring an additional 6,023 shares in the last quarter. Commonwealth Equity Services LLC raised its holdings in shares of Commercial Metals by 2.6% in the 2nd quarter. Commonwealth Equity Services LLC now owns 17,604 shares of the basic materials company’s stock valued at $968,000 after acquiring an additional 440 shares in the last quarter. Hantz Financial Services Inc. purchased a new stake in shares of Commercial Metals in the 2nd quarter valued at about $831,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its holdings in shares of Commercial Metals by 163.5% in the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 219,770 shares of the basic materials company’s stock valued at $11,756,000 after acquiring an additional 136,367 shares in the last quarter. Finally, Innealta Capital LLC purchased a new stake in shares of Commercial Metals in the 2nd quarter valued at about $195,000. Hedge funds and other institutional investors own 86.90% of the company’s stock.

Commercial Metals Price Performance

Shares of Commercial Metals stock opened at $50.72 on Thursday. The company has a current ratio of 4.24, a quick ratio of 2.83 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $5.83 billion, a PE ratio of 10.57 and a beta of 1.17. The business’s 50-day moving average price is $54.77 and its 200-day moving average price is $54.96. Commercial Metals has a 12 month low of $39.85 and a 12 month high of $61.26.

Commercial Metals (NYSE:CMC) last announced its quarterly earnings data on Thursday, June 20th. The basic materials company reported $1.02 EPS for the quarter, beating the consensus estimate of $1.00 by $0.02. Commercial Metals had a return on equity of 14.62% and a net margin of 6.95%. The firm had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.02 billion. During the same period in the prior year, the company earned $2.02 EPS. The company’s revenue was down 11.4% on a year-over-year basis. Sell-side analysts forecast that Commercial Metals will post 4.53 EPS for the current fiscal year.

Commercial Metals Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 10th. Investors of record on Monday, July 1st were given a dividend of $0.18 per share. The ex-dividend date of this dividend was Monday, July 1st. This represents a $0.72 annualized dividend and a yield of 1.42%. Commercial Metals’s payout ratio is 15.00%.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Jefferies Financial Group assumed coverage on Commercial Metals in a report on Tuesday. They issued a “buy” rating and a $65.00 price target on the stock. StockNews.com cut Commercial Metals from a “buy” rating to a “hold” rating in a report on Thursday, June 20th. Finally, Bank of America reduced their price objective on Commercial Metals from $70.00 to $69.00 and set a “buy” rating on the stock in a research report on Wednesday, June 26th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $61.40.

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.