Connor Clark & Lunn Investment Management Ltd. Purchases New Position in Commercial Metals (NYSE:CMC)

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Commercial Metals (NYSE:CMC) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 103,018 shares of the basic materials company’s stock, valued at approximately $5,662,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.09% of Commercial Metals as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in CMC. First Dallas Securities Inc. raised its holdings in shares of Commercial Metals by 0.8% during the 2nd 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 in the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in Commercial Metals by 0.7% during the second 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 in the last quarter. Tectonic Advisors LLC raised its holdings in Commercial Metals by 1.6% during the third quarter. Tectonic Advisors LLC now owns 17,774 shares of the basic materials company’s stock valued at $977,000 after buying an additional 272 shares in the last quarter. SummerHaven Investment Management LLC lifted its position in shares of Commercial Metals by 2.1% in the second 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 last quarter. Finally, Assetmark Inc. boosted its stake in shares of Commercial Metals by 6.4% during the 3rd quarter. Assetmark Inc. now owns 4,602 shares of the basic materials company’s stock worth $253,000 after acquiring an additional 277 shares in the last quarter. 86.90% of the stock is currently owned by institutional investors and hedge funds.

Commercial Metals Stock Up 1.3 %

Shares of CMC stock opened at $61.22 on Friday. The stock has a 50 day moving average of $55.52 and a 200-day moving average of $54.74. The firm has a market cap of $6.97 billion, a PE ratio of 14.79, a price-to-earnings-growth ratio of 2.56 and a beta of 1.14. The company has a quick ratio of 2.78, a current ratio of 3.94 and a debt-to-equity ratio of 0.27. Commercial Metals has a 12 month low of $43.52 and a 12 month high of $63.40.

Commercial Metals (NYSE:CMC) last issued its quarterly earnings results on Thursday, October 17th. The basic materials company reported $0.90 earnings per share for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.01). The company had revenue of $2 billion during the quarter, compared to the consensus estimate of $2.07 billion. Commercial Metals had a net margin of 6.13% and a return on equity of 12.20%. On average, equities analysts predict that Commercial Metals will post 4.35 EPS for the current year.

Commercial Metals Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, October 31st were paid a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 1.18%. The ex-dividend date of this dividend was Thursday, October 31st. Commercial Metals’s payout ratio is presently 17.39%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on CMC shares. Wolfe Research lowered Commercial Metals from an “outperform” rating to a “peer perform” rating in a report on Wednesday, October 9th. Jefferies Financial Group initiated coverage on shares of Commercial Metals in a report on Tuesday, September 3rd. They set a “buy” rating and a $65.00 price objective for the company. Finally, BMO Capital Markets set a $62.00 target price on shares of Commercial Metals and gave the stock a “market perform” rating in a report on Friday, October 18th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $65.25.

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.