HighTower Advisors LLC lessened its holdings in Commercial Metals Company (NYSE:CMC – Free Report) by 46.6% in the 4th quarter, Holdings Channel reports. The firm owned 21,920 shares of the basic materials company’s stock after selling 19,108 shares during the quarter. HighTower Advisors LLC’s holdings in Commercial Metals were worth $1,517,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of the business. Ashton Thomas Private Wealth LLC lifted its stake in shares of Commercial Metals by 3.1% in the 4th quarter. Ashton Thomas Private Wealth LLC now owns 4,904 shares of the basic materials company’s stock valued at $339,000 after purchasing an additional 149 shares during the last quarter. Quadrant Capital Group LLC lifted its stake in shares of Commercial Metals by 2.9% in the 3rd quarter. Quadrant Capital Group LLC now owns 6,626 shares of the basic materials company’s stock valued at $380,000 after purchasing an additional 188 shares during the last quarter. Captrust Financial Advisors lifted its stake in shares of Commercial Metals by 4.4% in the 2nd quarter. Captrust Financial Advisors now owns 4,813 shares of the basic materials company’s stock valued at $235,000 after purchasing an additional 202 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Commercial Metals by 1.1% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 18,543 shares of the basic materials company’s stock valued at $1,383,000 after purchasing an additional 206 shares during the last quarter. Finally, Flagship Harbor Advisors LLC lifted its stake in shares of Commercial Metals by 4.7% in the 3rd quarter. Flagship Harbor Advisors LLC now owns 4,775 shares of the basic materials company’s stock valued at $274,000 after purchasing an additional 213 shares during the last quarter. Institutional investors and hedge funds own 86.90% of the company’s stock.
Wall Street Analysts Forecast Growth
Several equities research analysts recently issued reports on the stock. Morgan Stanley lifted their price objective on shares of Commercial Metals from $75.00 to $83.00 and gave the company an “overweight” rating in a research note on Friday. The Goldman Sachs Group assumed coverage on shares of Commercial Metals in a research note on Wednesday, April 1st. They issued a “neutral” rating and a $74.00 price objective for the company. Deutsche Bank Aktiengesellschaft raised shares of Commercial Metals to a “buy” rating in a research note on Friday, May 22nd. Barclays started coverage on shares of Commercial Metals in a research report on Thursday, May 21st. They set an “equal weight” rating and a $75.00 target price for the company. Finally, UBS Group raised shares of Commercial Metals from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $79.00 to $89.00 in a research report on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $77.10.
Commercial Metals Stock Up 1.2%
Commercial Metals stock opened at $76.66 on Wednesday. The firm has a market cap of $8.50 billion, a price-to-earnings ratio of 17.07, a P/E/G ratio of 0.45 and a beta of 1.50. The company has a debt-to-equity ratio of 0.75, a current ratio of 2.38 and a quick ratio of 1.55. Commercial Metals Company has a fifty-two week low of $47.06 and a fifty-two week high of $84.87. The firm has a fifty day moving average price of $67.56 and a two-hundred day moving average price of $69.63.
Commercial Metals (NYSE:CMC – Get Free Report) last released its earnings results on Thursday, March 26th. The basic materials company reported $1.16 earnings per share for the quarter, missing analysts’ consensus estimates of $1.28 by ($0.12). The firm had revenue of $2.13 billion for the quarter, compared to analyst estimates of $2.10 billion. Commercial Metals had a return on equity of 13.54% and a net margin of 6.02%.The firm’s revenue was up 21.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.26 EPS. As a group, analysts forecast that Commercial Metals Company will post 6.45 earnings per share for the current year.
Commercial Metals Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Monday, April 6th were given a dividend of $0.20 per share. This is an increase from Commercial Metals’s previous quarterly dividend of $0.18. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend was Monday, April 6th. Commercial Metals’s dividend payout ratio (DPR) is currently 16.04%.
About Commercial Metals
Commercial Metals Company (NYSE: CMC) is a leading global steel and metal recycler, manufacturer and fabricator based in Irving, Texas. The company operates an integrated network of scrap recycling facilities, electric arc furnace steel mills, metal fabrication plants and distribution centers. Through these operations, Commercial Metals collects and processes ferrous scrap to produce finished steel products and provides recycled metal to a variety of end markets.
In its steelmaking segment, CMC uses electric arc furnace technology to transform recycled scrap into reinforcing bar (rebar), merchant bar, coil and structural products.
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