Intech Investment Management LLC Acquires Shares of 19,382 Commercial Metals (NYSE:CMC)

Intech Investment Management LLC bought a new position in shares of Commercial Metals (NYSE:CMC) in the 2nd quarter, HoldingsChannel reports. The fund bought 19,382 shares of the basic materials company’s stock, valued at approximately $1,066,000.

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

Wall Street Analysts Forecast Growth

CMC has been the subject of several analyst reports. Wolfe Research upgraded shares of Commercial Metals from a “hold” rating to a “strong-buy” rating in a report on Wednesday, September 18th. Jefferies Financial Group began coverage on shares of Commercial Metals in a research note on Tuesday, September 3rd. They issued a “buy” rating and a $65.00 price objective for the company. StockNews.com downgraded Commercial Metals from a “buy” rating to a “hold” rating in a research note on Thursday, June 20th. Finally, Bank of America decreased their price target on Commercial Metals from $70.00 to $69.00 and set a “buy” rating for the company in a research report on Wednesday, June 26th. Three equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $61.40.

Commercial Metals Trading Up 1.6 %

Shares of CMC stock opened at $54.52 on Wednesday. The company has a quick ratio of 2.83, a current ratio of 4.24 and a debt-to-equity ratio of 0.27. The firm has a market cap of $6.27 billion, a P/E ratio of 11.36 and a beta of 1.15. The company has a 50 day moving average of $54.04 and a 200-day moving average of $54.71. Commercial Metals has a 12-month low of $39.85 and a 12-month high of $61.26.

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.