QRG Capital Management Inc. Cuts Holdings in Commercial Metals Company $CMC

QRG Capital Management Inc. trimmed its holdings in shares of Commercial Metals Company (NYSE:CMC) by 35.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 9,906 shares of the basic materials company’s stock after selling 5,451 shares during the period. QRG Capital Management Inc.’s holdings in Commercial Metals were worth $485,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Isthmus Partners LLC boosted its stake in shares of Commercial Metals by 3.2% in the 1st quarter. Isthmus Partners LLC now owns 7,381 shares of the basic materials company’s stock worth $340,000 after buying an additional 226 shares during the last quarter. Choreo LLC raised its holdings in Commercial Metals by 2.1% in the 1st quarter. Choreo LLC now owns 11,015 shares of the basic materials company’s stock worth $509,000 after purchasing an additional 228 shares during the period. National Bank of Canada FI raised its holdings in Commercial Metals by 80.3% in the 1st quarter. National Bank of Canada FI now owns 548 shares of the basic materials company’s stock worth $25,000 after purchasing an additional 244 shares during the period. Fulton Bank N.A. raised its holdings in Commercial Metals by 3.2% in the 2nd quarter. Fulton Bank N.A. now owns 8,309 shares of the basic materials company’s stock worth $406,000 after purchasing an additional 261 shares during the period. Finally, UMB Bank n.a. raised its holdings in Commercial Metals by 51.9% in the 1st quarter. UMB Bank n.a. now owns 784 shares of the basic materials company’s stock worth $36,000 after purchasing an additional 268 shares during the period. 86.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CMC has been the topic of a number of recent research reports. Bank of America raised their target price on Commercial Metals from $60.00 to $70.00 and gave the stock a “buy” rating in a report on Monday, September 15th. Wells Fargo & Company raised their target price on Commercial Metals from $61.00 to $64.00 and gave the stock an “overweight” rating in a report on Friday, September 19th. Wolfe Research raised Commercial Metals from a “peer perform” rating to an “outperform” rating in a report on Friday, June 20th. JPMorgan Chase & Co. raised their price target on Commercial Metals from $52.00 to $54.00 and gave the company a “neutral” rating in a report on Monday, July 14th. Finally, Wall Street Zen cut Commercial Metals from a “buy” rating to a “hold” rating in a report on Saturday, October 4th. Five research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, Commercial Metals has a consensus rating of “Hold” and an average price target of $60.39.

Commercial Metals Price Performance

NYSE:CMC opened at $57.02 on Friday. The company has a quick ratio of 2.00, a current ratio of 2.86 and a debt-to-equity ratio of 0.32. The business’s 50-day simple moving average is $57.26 and its two-hundred day simple moving average is $51.02. The stock has a market cap of $6.38 billion, a PE ratio of 183.94, a P/E/G ratio of 2.06 and a beta of 1.32. Commercial Metals Company has a 52 week low of $37.92 and a 52 week high of $64.53.

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.