Ellington Management Group LLC bought a new stake in shares of Commercial Metals (NYSE:CMC) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 19,100 shares of the basic materials company’s stock, valued at approximately $407,000.
A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Stone Ridge Asset Management LLC purchased a new stake in Commercial Metals during the 4th quarter valued at $515,000. Guggenheim Capital LLC raised its stake in Commercial Metals by 57.2% during the 4th quarter. Guggenheim Capital LLC now owns 157,704 shares of the basic materials company’s stock valued at $3,364,000 after buying an additional 57,356 shares during the last quarter. Deutsche Bank AG raised its stake in Commercial Metals by 9.6% during the 4th quarter. Deutsche Bank AG now owns 662,263 shares of the basic materials company’s stock valued at $14,117,000 after buying an additional 58,086 shares during the last quarter. Quantitative Investment Management LLC purchased a new stake in Commercial Metals during the 4th quarter valued at $1,888,000. Finally, CoreCommodity Management LLC purchased a new stake in Commercial Metals during the 4th quarter valued at $223,000. Institutional investors and hedge funds own 88.25% of the company’s stock.
Several equities research analysts have recently commented on the company. ValuEngine upgraded Commercial Metals from a “hold” rating to a “buy” rating in a research note on Thursday, March 1st. Bank of America lowered Commercial Metals from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $25.36 to $28.00 in a research note on Wednesday. They noted that the move was a valuation call. JPMorgan Chase & Co. upgraded Commercial Metals from a “neutral” rating to an “overweight” rating in a research note on Friday, March 9th. Finally, Zacks Investment Research lowered Commercial Metals from a “hold” rating to a “sell” rating in a research note on Thursday, December 28th. Four investment analysts have rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $22.38.
Shares of Commercial Metals (NYSE CMC) opened at $24.31 on Friday. The company has a quick ratio of 2.07, a current ratio of 3.20 and a debt-to-equity ratio of 0.56. The company has a market capitalization of $2,860.98, a price-to-earnings ratio of 25.55 and a beta of 1.21. Commercial Metals has a 12 month low of $17.05 and a 12 month high of $26.72.
Commercial Metals (NYSE:CMC) last issued its earnings results on Wednesday, January 3rd. The basic materials company reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.14. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.18 billion. Commercial Metals had a net margin of 1.53% and a return on equity of 8.08%. Commercial Metals’s quarterly revenue was up 24.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.06 EPS. research analysts anticipate that Commercial Metals will post 1.45 earnings per share for the current fiscal year.
In related news, CAO Adam R. Hickey sold 20,000 shares of the company’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $25.50, for a total value of $510,000.00. Following the completion of the transaction, the chief accounting officer now owns 15,632 shares of the company’s stock, valued at approximately $398,616. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Tracy L. Porter sold 13,601 shares of the company’s stock in a transaction on Thursday, January 18th. The stock was sold at an average price of $25.04, for a total transaction of $340,569.04. Following the completion of the transaction, the executive vice president now directly owns 10 shares of the company’s stock, valued at approximately $250.40. The disclosure for this sale can be found here. Insiders sold a total of 60,536 shares of company stock valued at $1,541,915 in the last ninety days. 1.50% of the stock is currently owned by insiders.
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About Commercial Metals
Commercial Metals Company, together with its subsidiaries, manufactures, recycles and markets steel and metal products, related materials and services through a network. The Company’s Americas Recycling segment processes scrap metals for use as a raw material by manufacturers of new metal products. The Americas Mills segment consists of steel mills, commonly referred to as minimills that produce reinforcing bar (rebar), angles, flats and rounds.
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