Dark Forest Capital Management LP Boosts Holdings in Commercial Metals (NYSE:CMC)

Dark Forest Capital Management LP grew its stake in shares of Commercial Metals (NYSE:CMC) by 280.0% in the second quarter, HoldingsChannel reports. The fund owned 24,414 shares of the basic materials company’s stock after buying an additional 17,990 shares during the quarter. Dark Forest Capital Management LP’s holdings in Commercial Metals were worth $1,343,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. Rise Advisors LLC acquired a new position in Commercial Metals during the first quarter worth approximately $28,000. SYSTM Wealth Solutions LLC purchased a new stake in shares of Commercial Metals during the 1st quarter valued at $44,000. Archer Investment Corp acquired a new stake in shares of Commercial Metals during the 2nd quarter worth $77,000. GAMMA Investing LLC raised its position in shares of Commercial Metals by 21.9% in the 2nd quarter. GAMMA Investing LLC now owns 1,572 shares of the basic materials company’s stock worth $86,000 after buying an additional 282 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. acquired a new position in Commercial Metals in the second quarter valued at $129,000. 86.90% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Commercial Metals Stock Performance

Shares of NYSE:CMC opened at $53.56 on Thursday. The business’s 50-day simple moving average is $53.94 and its 200 day simple moving average is $54.70. The company has a market cap of $6.16 billion, a P/E ratio of 11.16 and a beta of 1.15. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.83 and a current ratio of 4.24. Commercial Metals has a one year low of $39.85 and a one year 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.