Quest Partners LLC Boosts Holdings in Commercial Metals (NYSE:CMC)

Quest Partners LLC increased its position in Commercial Metals (NYSE:CMC) by 525.3% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 13,706 shares of the basic materials company’s stock after purchasing an additional 11,514 shares during the quarter. Quest Partners LLC’s holdings in Commercial Metals were worth $754,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Ballentine Partners LLC acquired a new position in Commercial Metals in the 2nd quarter worth $237,000. Arizona State Retirement System increased its position in shares of Commercial Metals by 1.3% during the second quarter. Arizona State Retirement System now owns 32,393 shares of the basic materials company’s stock worth $1,781,000 after acquiring an additional 407 shares during the last quarter. First Dallas Securities Inc. lifted its stake in shares of Commercial Metals by 0.8% in the second quarter. First Dallas Securities Inc. now owns 22,234 shares of the basic materials company’s stock worth $1,222,000 after acquiring an additional 185 shares in the last quarter. Archer Investment Corp purchased a new position in Commercial Metals in the second quarter valued at about $77,000. Finally, Versor Investments LP grew its stake in Commercial Metals by 52.5% during the 2nd quarter. Versor Investments LP now owns 9,254 shares of the basic materials company’s stock valued at $509,000 after purchasing an additional 3,185 shares in the last quarter. 86.90% of the stock is owned by institutional investors and hedge funds.

Commercial Metals Stock Performance

CMC stock opened at $48.68 on Thursday. The stock’s 50 day simple moving average is $54.36 and its 200 day simple moving average is $54.79. Commercial Metals has a 12-month low of $39.85 and a 12-month high of $61.26. The firm has a market cap of $5.60 billion, a P/E ratio of 10.14 and a beta of 1.15. The company has a current ratio of 4.24, a quick ratio of 2.83 and a debt-to-equity ratio of 0.27.

Commercial Metals (NYSE:CMC) last issued its earnings results on Thursday, June 20th. The basic materials company reported $1.02 earnings per share for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $2.02 billion. During the same period in the prior year, the company earned $2.02 earnings per share. The firm’s revenue was down 11.4% compared to the same quarter last year. As a group, equities research analysts predict that Commercial Metals will post 4.33 EPS for the current year.

Commercial Metals Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 10th. Shareholders of record on Monday, July 1st were paid a $0.18 dividend. The ex-dividend date of this dividend was Monday, July 1st. This represents a $0.72 dividend on an annualized basis and a yield of 1.48%. Commercial Metals’s payout ratio is currently 15.00%.

Wall Street Analyst Weigh In

CMC has been the topic of a number of recent analyst reports. Bank of America cut their target price 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. Jefferies Financial Group started coverage on shares of Commercial Metals in a report on Tuesday, September 3rd. They issued a “buy” rating and a $65.00 price target on the stock. Finally, StockNews.com lowered shares of Commercial Metals from a “buy” rating to a “hold” rating in a report on Thursday, June 20th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, Commercial Metals currently has a consensus rating of “Moderate Buy” and an average target price of $61.40.

Commercial Metals 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.