Envestnet Asset Management Inc. Raises Stake in Commercial Metals (NYSE:CMC)

Envestnet Asset Management Inc. boosted its holdings in Commercial Metals (NYSE:CMC) by 19.1% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 302,192 shares of the basic materials company’s stock after purchasing an additional 48,453 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Commercial Metals were worth $16,618,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. UBS Group AG lifted its holdings in shares of Commercial Metals by 30.0% during the 4th quarter. UBS Group AG now owns 134,549 shares of the basic materials company’s stock valued at $6,733,000 after acquiring an additional 31,018 shares in the last quarter. Quest Partners LLC purchased a new position in Commercial Metals in the fourth quarter valued at about $123,000. Assetmark Inc. lifted its stake in shares of Commercial Metals by 23.4% during the fourth quarter. Assetmark Inc. now owns 4,755 shares of the basic materials company’s stock worth $238,000 after purchasing an additional 901 shares in the last quarter. Allianz Asset Management GmbH boosted its position in shares of Commercial Metals by 54.1% in the fourth quarter. Allianz Asset Management GmbH now owns 529,427 shares of the basic materials company’s stock worth $26,493,000 after buying an additional 185,796 shares during the period. Finally, TFO Wealth Partners LLC grew its stake in shares of Commercial Metals by 33,628.6% in the fourth quarter. TFO Wealth Partners LLC now owns 4,722 shares of the basic materials company’s stock valued at $236,000 after buying an additional 4,708 shares in the last quarter. 86.90% of the stock is owned by institutional investors and hedge funds.

Commercial Metals Trading Up 1.6 %

CMC opened at $54.52 on Wednesday. Commercial Metals has a 12-month low of $39.85 and a 12-month high of $61.26. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.24 and a quick ratio of 2.83. The stock has a market capitalization of $6.27 billion, a PE ratio of 11.36 and a beta of 1.15. The firm’s fifty day moving average price is $54.04 and its 200 day moving average price is $54.71.

Analyst Ratings Changes

Several equities analysts recently commented on CMC shares. Bank of America reduced their price target 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. Wolfe Research upgraded shares of Commercial Metals from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, September 18th. StockNews.com downgraded shares of Commercial Metals from a “buy” rating to a “hold” rating in a research note on Thursday, June 20th. Finally, 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 on the stock. Three analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $61.40.

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.