SpiderRock Advisors LLC Grows Holdings in Commercial Metals (NYSE:CMC)

SpiderRock Advisors LLC increased its stake in Commercial Metals (NYSE:CMC) by 134.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 25,038 shares of the basic materials company’s stock after buying an additional 14,336 shares during the period. SpiderRock Advisors LLC’s holdings in Commercial Metals were worth $1,376,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in CMC. nVerses Capital LLC bought a new position in Commercial Metals in the third quarter worth about $66,000. Archer Investment Corp acquired a new position in Commercial Metals during the 2nd quarter valued at approximately $77,000. GAMMA Investing LLC grew its stake in Commercial Metals by 21.9% during the 2nd quarter. GAMMA Investing LLC now owns 1,572 shares of the basic materials company’s stock worth $86,000 after buying an additional 282 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Commercial Metals in the second quarter worth $129,000. Finally, Innealta Capital LLC bought a new stake in Commercial Metals in the second quarter valued at $195,000. Institutional investors own 86.90% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Commercial Metals Trading Up 1.9 %

Shares of NYSE:CMC opened at $62.24 on Monday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.78 and a current ratio of 3.94. Commercial Metals has a 1-year low of $43.52 and a 1-year high of $62.94. The stock has a market capitalization of $7.09 billion, a price-to-earnings ratio of 15.03, a PEG ratio of 2.52 and a beta of 1.14. The company has a 50 day moving average price of $53.50 and a 200 day moving average price of $54.34.

Commercial Metals (NYSE:CMC) last released 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 business 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%. On average, research analysts anticipate that Commercial Metals will post 4.66 EPS for the current fiscal year.

Commercial Metals Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Thursday, October 31st will be paid a $0.18 dividend. The ex-dividend date is Thursday, October 31st. This represents a $0.72 annualized dividend and a dividend yield of 1.16%. 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.