8,735 Shares in Commercial Metals Company $CMC Purchased by Vestcor Inc

Vestcor Inc acquired a new position in Commercial Metals Company (NYSE:CMC) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 8,735 shares of the basic materials company’s stock, valued at approximately $605,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Merit Financial Group LLC acquired a new stake in Commercial Metals in the third quarter worth about $821,000. American Century Companies Inc. increased its position in Commercial Metals by 6.6% in the third quarter. American Century Companies Inc. now owns 1,823,923 shares of the basic materials company’s stock worth $104,474,000 after purchasing an additional 112,267 shares during the period. Qsemble Capital Management LP increased its position in Commercial Metals by 118.6% in the fourth quarter. Qsemble Capital Management LP now owns 49,885 shares of the basic materials company’s stock worth $3,453,000 after purchasing an additional 27,062 shares during the period. JPMorgan Chase & Co. increased its position in Commercial Metals by 7.9% in the third quarter. JPMorgan Chase & Co. now owns 884,604 shares of the basic materials company’s stock worth $50,670,000 after purchasing an additional 64,491 shares during the period. Finally, Russell Investments Group Ltd. increased its position in Commercial Metals by 14.1% in the third quarter. Russell Investments Group Ltd. now owns 459,657 shares of the basic materials company’s stock worth $26,329,000 after purchasing an additional 56,705 shares during the period. 86.90% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CMC has been the subject of a number of research reports. Barclays initiated coverage on Commercial Metals in a research report on Thursday, May 21st. They issued an “equal weight” rating and a $75.00 price objective for the company. Wells Fargo & Company reiterated an “equal weight” rating and issued a $77.00 price objective on shares of Commercial Metals in a research report on Thursday, June 4th. Morgan Stanley lifted their price objective on Commercial Metals from $75.00 to $83.00 and gave the stock an “overweight” rating in a research report on Friday, May 29th. UBS Group upgraded Commercial Metals from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $79.00 to $89.00 in a research report on Wednesday, May 13th. Finally, Wall Street Zen cut Commercial Metals from a “strong-buy” rating to a “buy” rating in a report on Saturday, April 4th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $77.10.

Commercial Metals Price Performance

Shares of CMC opened at $73.63 on Tuesday. The company has a current ratio of 2.38, a quick ratio of 1.55 and a debt-to-equity ratio of 0.75. Commercial Metals Company has a 1 year low of $47.06 and a 1 year high of $84.87. The stock has a market cap of $8.17 billion, a P/E ratio of 16.40, a price-to-earnings-growth ratio of 0.44 and a beta of 1.50. The stock’s 50-day moving average price is $68.95 and its two-hundred day moving average price is $70.20.

Commercial Metals (NYSE:CMC) last issued its earnings results on Thursday, March 26th. The basic materials company reported $1.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.28 by ($0.12). Commercial Metals had a return on equity of 13.54% and a net margin of 6.02%.The company had revenue of $2.13 billion for the quarter, compared to the consensus estimate of $2.10 billion. During the same quarter last year, the business posted $0.26 EPS. Commercial Metals’s quarterly revenue was up 21.5% on a year-over-year basis. On average, equities analysts predict that Commercial Metals Company will post 6.45 earnings per share for the current year.

Commercial Metals Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Monday, April 6th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.1%. This is an increase from Commercial Metals’s previous quarterly dividend of $0.18. The ex-dividend date was Monday, April 6th. Commercial Metals’s dividend payout ratio (DPR) is 16.04%.

Commercial Metals Company Profile

Commercial Metals Company (NYSE: CMC) is a leading global steel and metal recycler, manufacturer and fabricator based in Irving, Texas. The company operates an integrated network of scrap recycling facilities, electric arc furnace steel mills, metal fabrication plants and distribution centers. Through these operations, Commercial Metals collects and processes ferrous scrap to produce finished steel products and provides recycled metal to a variety of end markets.

In its steelmaking segment, CMC uses electric arc furnace technology to transform recycled scrap into reinforcing bar (rebar), merchant bar, coil and structural products.