ProShare Advisors LLC Decreases Stock Holdings in Commercial Metals (NYSE:CMC)

ProShare Advisors LLC lessened its holdings in Commercial Metals (NYSE:CMC) by 20.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 21,161 shares of the basic materials company’s stock after selling 5,584 shares during the quarter. ProShare Advisors LLC’s holdings in Commercial Metals were worth $1,164,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. boosted its position in shares of Commercial Metals by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 12,641,427 shares of the basic materials company’s stock worth $632,577,000 after acquiring an additional 191,345 shares in the last quarter. Boston Partners boosted its holdings in Commercial Metals by 23,390.7% in the first quarter. Boston Partners now owns 3,076,337 shares of the basic materials company’s stock valued at $180,752,000 after purchasing an additional 3,063,241 shares in the last quarter. Principal Financial Group Inc. increased its stake in Commercial Metals by 4.5% in the first quarter. Principal Financial Group Inc. now owns 1,774,666 shares of the basic materials company’s stock valued at $104,297,000 after purchasing an additional 76,742 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in Commercial Metals by 1.4% during the second quarter. Bank of New York Mellon Corp now owns 1,296,284 shares of the basic materials company’s stock worth $71,283,000 after purchasing an additional 18,205 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its position in shares of Commercial Metals by 2.3% during the 1st quarter. Janus Henderson Group PLC now owns 1,159,769 shares of the basic materials company’s stock worth $68,160,000 after buying an additional 25,816 shares during the last quarter. 86.90% of the stock is currently owned by institutional investors and hedge funds.

Commercial Metals Price Performance

Shares of NYSE:CMC opened at $55.00 on Friday. Commercial Metals has a one year low of $39.85 and a one year high of $61.26. The stock has a market capitalization of $6.32 billion, a price-to-earnings ratio of 11.46 and a beta of 1.15. The company has a 50-day simple moving average of $53.82 and a 200-day simple moving average of $54.73. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.83 and a current ratio of 4.24.

Analysts Set New Price Targets

CMC has been the topic of a number of recent analyst reports. StockNews.com downgraded shares of Commercial Metals from a “buy” rating to a “hold” rating in a research report on Thursday, June 20th. Jefferies Financial Group started coverage on Commercial Metals in a report on Tuesday, September 3rd. They set a “buy” rating and a $65.00 price objective on the stock. Wolfe Research raised Commercial Metals from a “hold” rating to a “strong-buy” rating in a report on Wednesday, September 18th. Finally, Bank of America dropped their price target on Commercial Metals from $70.00 to $69.00 and set a “buy” rating on the stock in a research note on Wednesday, June 26th. Three analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target 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.