HighTower Advisors LLC Has $2.92 Million Position in Commercial Metals (NYSE:CMC)

HighTower Advisors LLC lifted its holdings in shares of Commercial Metals (NYSE:CMC) by 269.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 58,768 shares of the basic materials company’s stock after purchasing an additional 42,840 shares during the quarter. HighTower Advisors LLC’s holdings in Commercial Metals were worth $2,915,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of CMC. Jacobs Levy Equity Management Inc. raised its position in Commercial Metals by 122.8% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,245,535 shares of the basic materials company’s stock valued at $68,455,000 after buying an additional 686,519 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec acquired a new stake in Commercial Metals in the 3rd quarter valued at approximately $16,731,000. Victory Capital Management Inc. raised its position in Commercial Metals by 11.3% in the 4th quarter. Victory Capital Management Inc. now owns 2,422,427 shares of the basic materials company’s stock valued at $120,152,000 after buying an additional 245,468 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in Commercial Metals in the 4th quarter valued at approximately $11,052,000. Finally, Wellington Management Group LLP raised its position in Commercial Metals by 18.8% in the 3rd quarter. Wellington Management Group LLP now owns 714,808 shares of the basic materials company’s stock valued at $39,286,000 after buying an additional 113,156 shares during the last quarter. Institutional investors and hedge funds own 86.90% of the company’s stock.

Wall Street Analysts Forecast Growth

CMC has been the topic of a number of recent research reports. UBS Group raised Commercial Metals from a “sell” rating to a “neutral” rating and dropped their target price for the company from $56.00 to $54.00 in a research report on Friday, January 10th. Jefferies Financial Group dropped their target price on Commercial Metals from $65.00 to $62.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. The Goldman Sachs Group began coverage on Commercial Metals in a research note on Monday, December 2nd. They issued a “buy” rating and a $75.00 price target for the company. BMO Capital Markets decreased their price target on Commercial Metals from $58.00 to $54.00 and set a “market perform” rating for the company in a research note on Friday. Finally, Morgan Stanley decreased their price target on Commercial Metals from $56.00 to $53.00 and set an “equal weight” rating for the company in a research note on Friday, March 7th. Six equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $61.17.

Commercial Metals Stock Performance

Shares of NYSE CMC opened at $46.67 on Friday. The company has a current ratio of 2.76, a quick ratio of 1.94 and a debt-to-equity ratio of 0.29. Commercial Metals has a 12 month low of $42.62 and a 12 month high of $64.53. The stock has a 50 day moving average of $48.86 and a 200-day moving average of $52.72. The company has a market capitalization of $5.30 billion, a P/E ratio of 42.04, a P/E/G ratio of 2.62 and a beta of 1.17.

Commercial Metals (NYSE:CMC) last issued its earnings results on Thursday, March 20th. The basic materials company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.31 by ($0.05). The business had revenue of $1.75 billion for the quarter, compared to the consensus estimate of $1.73 billion. Commercial Metals had a return on equity of 9.88% and a net margin of 1.70%. The business’s revenue was down 5.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.88 earnings per share. As a group, equities research analysts predict that Commercial Metals will post 3.09 EPS for the current year.

Commercial Metals Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 9th. Investors of record on Monday, March 31st will be issued a dividend of $0.18 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.72 annualized dividend and a yield of 1.54%. Commercial Metals’s payout ratio is currently 64.86%.

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.