Glenmede Trust Co. NA Grows Stock Position in Commercial Metals (NYSE:CMC)

Glenmede Trust Co. NA boosted its holdings in Commercial Metals (NYSE:CMC) by 3.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 30,689 shares of the basic materials company’s stock after buying an additional 1,122 shares during the period. Glenmede Trust Co. NA’s holdings in Commercial Metals were worth $1,687,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. First Dallas Securities Inc. grew its holdings in 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 valued at $1,222,000 after purchasing an additional 185 shares during the period. Wealth Enhancement Advisory Services LLC grew its stake in shares of Commercial Metals by 0.7% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 26,778 shares of the basic materials company’s stock valued at $1,473,000 after buying an additional 187 shares during the period. Tectonic Advisors LLC increased its holdings in shares of Commercial Metals by 1.6% during the 3rd quarter. Tectonic Advisors LLC now owns 17,774 shares of the basic materials company’s stock worth $977,000 after buying an additional 272 shares during the last quarter. SummerHaven Investment Management LLC raised its position in shares of Commercial Metals by 2.1% in the 2nd quarter. SummerHaven Investment Management LLC now owns 13,615 shares of the basic materials company’s stock worth $749,000 after buying an additional 276 shares during the period. Finally, Assetmark Inc. boosted its holdings in Commercial Metals by 6.4% in the third quarter. Assetmark Inc. now owns 4,602 shares of the basic materials company’s stock valued at $253,000 after acquiring an additional 277 shares during the last quarter. Hedge funds and other institutional investors own 86.90% of the company’s stock.

Commercial Metals Price Performance

CMC stock opened at $61.69 on Monday. The firm has a market cap of $7.03 billion, a P/E ratio of 14.90, a price-to-earnings-growth ratio of 2.74 and a beta of 1.14. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.78 and a current ratio of 3.94. Commercial Metals has a 1 year low of $44.78 and a 1 year high of $63.40. The stock has a 50-day simple moving average of $56.45 and a 200-day simple moving average of $54.89.

Commercial Metals (NYSE:CMC) last issued its quarterly earnings data on Thursday, October 17th. The basic materials company reported $0.90 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.91 by ($0.01). Commercial Metals had a net margin of 6.13% and a return on equity of 12.20%. The firm had revenue of $2 billion during the quarter, compared to analyst estimates of $2.07 billion. On average, equities analysts predict that Commercial Metals will post 4.26 earnings per share for the current fiscal year.

Commercial Metals Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, October 31st were paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.17%. The ex-dividend date was Thursday, October 31st. Commercial Metals’s dividend payout ratio (DPR) is 17.39%.

Wall Street Analysts Forecast Growth

CMC has been the topic of a number of research reports. Wolfe Research downgraded Commercial Metals from an “outperform” rating to a “peer perform” rating in a report on Wednesday, October 9th. Jefferies Financial Group assumed 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, BMO Capital Markets set a $62.00 price objective on shares of Commercial Metals and gave the stock a “market perform” rating in a research note on Friday, October 18th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $65.25.

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.