Cresset Asset Management LLC Has $1.06 Million Holdings in Commercial Metals (NYSE:CMC)

Cresset Asset Management LLC lessened its holdings in Commercial Metals (NYSE:CMC) by 9.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 21,350 shares of the basic materials company’s stock after selling 2,123 shares during the period. Cresset Asset Management LLC’s holdings in Commercial Metals were worth $1,059,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of CMC. Cetera Investment Advisers raised its holdings in Commercial Metals by 36.0% in the 4th quarter. Cetera Investment Advisers now owns 6,567 shares of the basic materials company’s stock worth $326,000 after acquiring an additional 1,738 shares during the period. Brevan Howard Capital Management LP bought a new position in Commercial Metals in the 4th quarter worth $2,384,000. Balyasny Asset Management L.P. raised its holdings in Commercial Metals by 15,350.0% in the 4th quarter. Balyasny Asset Management L.P. now owns 568,095 shares of the basic materials company’s stock worth $28,178,000 after acquiring an additional 564,418 shares during the period. Baird Financial Group Inc. raised its holdings in Commercial Metals by 7.9% in the 4th quarter. Baird Financial Group Inc. now owns 332,050 shares of the basic materials company’s stock worth $16,470,000 after acquiring an additional 24,411 shares during the period. Finally, BNP Paribas Financial Markets raised its holdings in Commercial Metals by 11.5% in the 4th quarter. BNP Paribas Financial Markets now owns 33,198 shares of the basic materials company’s stock worth $1,647,000 after acquiring an additional 3,426 shares during the period. Institutional investors and hedge funds own 86.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on CMC shares. UBS Group dropped their target price on shares of Commercial Metals from $54.00 to $49.00 and set a “neutral” rating on the stock in a report on Monday, March 24th. Morgan Stanley dropped their target price on shares of Commercial Metals from $56.00 to $53.00 and set an “equal weight” rating on the stock in a report on Friday, March 7th. Finally, BMO Capital Markets dropped their target price on shares of Commercial Metals from $58.00 to $54.00 and set a “market perform” rating on the stock in a report on Friday, March 21st. Six equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $60.33.

Insider Activity at Commercial Metals

In other Commercial Metals news, Director John R. Mcpherson bought 2,475 shares of the stock in a transaction that occurred on Friday, April 4th. The shares were acquired at an average price of $40.42 per share, with a total value of $100,039.50. Following the completion of the purchase, the director now directly owns 15,141 shares in the company, valued at $611,999.22. The trade was a 19.54% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.46% of the stock is currently owned by insiders.

Commercial Metals Stock Performance

NYSE:CMC opened at $46.11 on Monday. The firm’s 50-day moving average is $44.60 and its 200-day moving average is $50.52. Commercial Metals has a 52-week low of $37.92 and a 52-week high of $64.53. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.94 and a current ratio of 2.76. The company has a market cap of $5.21 billion, a price-to-earnings ratio of 41.54, a PEG ratio of 2.62 and a beta of 1.29.

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

Commercial Metals Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 9th. Investors of record on Monday, March 31st were paid a $0.18 dividend. The ex-dividend date was Monday, March 31st. This represents a $0.72 dividend on an annualized basis and a yield of 1.56%. Commercial Metals’s payout ratio is currently 120.00%.

Commercial Metals 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.