Edgestream Partners L.P. Raises Holdings in Commercial Metals (NYSE:CMC)

Edgestream Partners L.P. raised its holdings in Commercial Metals (NYSE:CMC) by 264.5% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 129,838 shares of the basic materials company’s stock after purchasing an additional 94,221 shares during the quarter. Edgestream Partners L.P. owned about 0.11% of Commercial Metals worth $7,136,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Public Employees Retirement System of Ohio purchased a new stake in Commercial Metals during the 1st quarter valued at approximately $558,000. Comerica Bank raised its stake in shares of Commercial Metals by 10.5% during the first quarter. Comerica Bank now owns 64,920 shares of the basic materials company’s stock worth $3,815,000 after purchasing an additional 6,174 shares during the last quarter. Burney Co. acquired a new stake in shares of Commercial Metals during the first quarter worth $331,000. GAMMA Investing LLC grew its position in Commercial Metals by 21.9% in the 2nd quarter. GAMMA Investing LLC now owns 1,572 shares of the basic materials company’s stock valued at $86,000 after buying an additional 282 shares during the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. acquired a new position in Commercial Metals in the 2nd quarter valued at $129,000. Institutional investors and hedge funds own 86.90% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Commercial Metals Stock Performance

Shares of CMC opened at $61.78 on Friday. The company has a market capitalization of $7.04 billion, a PE ratio of 14.92, a P/E/G ratio of 2.73 and a beta of 1.14. Commercial Metals has a 52-week low of $44.78 and a 52-week high of $63.40. The company has a 50-day simple moving average of $56.28 and a 200-day simple moving average of $54.87. 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 (NYSE:CMC) last issued its earnings results on Thursday, October 17th. The basic materials company reported $0.90 earnings per share (EPS) 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 analysts’ expectations of $2.07 billion. Commercial Metals had a net margin of 6.13% and a return on equity of 12.20%. Equities research analysts predict that Commercial Metals will post 4.26 earnings per share for the current fiscal year.

Commercial Metals Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st were given a dividend of $0.18 per share. The ex-dividend date was Thursday, October 31st. This represents a $0.72 dividend on an annualized basis and a yield of 1.17%. Commercial Metals’s payout ratio is 17.39%.

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.