QRG Capital Management Inc. Increases Position in Commercial Metals (NYSE:CMC)

QRG Capital Management Inc. raised its position in shares of Commercial Metals (NYSE:CMC) by 1.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 16,107 shares of the basic materials company’s stock after buying an additional 292 shares during the period. QRG Capital Management Inc.’s holdings in Commercial Metals were worth $799,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also modified their holdings of the company. State Street Corp increased its stake in Commercial Metals by 0.4% during the 3rd quarter. State Street Corp now owns 5,830,412 shares of the basic materials company’s stock worth $320,439,000 after buying an additional 24,665 shares during the period. Geode Capital Management LLC grew its stake in shares of Commercial Metals by 1.0% in the third quarter. Geode Capital Management LLC now owns 2,839,601 shares of the basic materials company’s stock worth $156,093,000 after acquiring an additional 28,019 shares in the last quarter. Victory Capital Management Inc. increased its position in shares of Commercial Metals by 1.9% during the third quarter. Victory Capital Management Inc. now owns 2,176,959 shares of the basic materials company’s stock worth $119,646,000 after acquiring an additional 41,206 shares during the period. Principal Financial Group Inc. raised its stake in shares of Commercial Metals by 1.1% in the third quarter. Principal Financial Group Inc. now owns 1,714,116 shares of the basic materials company’s stock valued at $94,208,000 after acquiring an additional 17,931 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Commercial Metals by 1.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,462,317 shares of the basic materials company’s stock valued at $80,369,000 after acquiring an additional 18,262 shares in the last quarter. 86.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on CMC shares. Jefferies Financial Group cut their price target on Commercial Metals from $65.00 to $62.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Morgan Stanley lowered their price objective on Commercial Metals from $65.00 to $56.00 and set an “equal weight” rating for the company in a research report on Monday, February 3rd. The Goldman Sachs Group began coverage on shares of Commercial Metals in a report on Monday, December 2nd. They issued a “buy” rating and a $75.00 target price on the stock. BMO Capital Markets lowered their price target on shares of Commercial Metals from $62.00 to $58.00 and set a “market perform” rating for the company in a report on Friday, January 3rd. Finally, UBS Group upgraded shares of Commercial Metals from a “sell” rating to a “neutral” rating and reduced their price objective for the company from $56.00 to $54.00 in a report on Friday, January 10th. Six research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $62.33.

Commercial Metals Stock Down 3.5 %

Shares of NYSE:CMC opened at $45.36 on Wednesday. The firm has a 50 day simple moving average of $49.73 and a 200-day simple moving average of $53.42. Commercial Metals has a twelve month low of $43.81 and a twelve month high of $64.53. The company has a current ratio of 2.76, a quick ratio of 1.94 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $5.15 billion, a PE ratio of 40.86, a P/E/G ratio of 2.62 and a beta of 1.18.

Commercial Metals (NYSE:CMC) last announced its quarterly earnings results on Monday, January 6th. The basic materials company reported $0.78 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.78. The firm had revenue of $1.91 billion during the quarter, compared to analysts’ expectations of $1.85 billion. Commercial Metals had a net margin of 1.70% and a return on equity of 9.88%. Commercial Metals’s quarterly revenue was down 4.7% compared to the same quarter last year. During the same period in the previous year, the company earned $1.49 earnings per share. On average, equities analysts predict that Commercial Metals will post 3.09 EPS for the current fiscal year.

Commercial Metals Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 30th. Investors of record on Thursday, January 16th were given a $0.18 dividend. The ex-dividend date of this dividend was Thursday, January 16th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.59%. Commercial Metals’s dividend payout ratio (DPR) is presently 64.86%.

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.