Covalis Capital LLP increased its position in Commercial Metals (NYSE:CMC) by 251.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 320,620 shares of the basic materials company’s stock after purchasing an additional 229,460 shares during the quarter. Commercial Metals makes up 3.9% of Covalis Capital LLP’s portfolio, making the stock its 5th biggest position. Covalis Capital LLP owned 0.27% of Commercial Metals worth $5,723,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in Commercial Metals by 3.2% during the second quarter. Vanguard Group Inc. now owns 11,835,470 shares of the basic materials company’s stock worth $211,263,000 after buying an additional 368,873 shares during the last quarter. Highline Capital Management L.P. boosted its holdings in Commercial Metals by 9.8% during the second quarter. Highline Capital Management L.P. now owns 4,434,008 shares of the basic materials company’s stock worth $79,147,000 after buying an additional 395,000 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of Commercial Metals by 1.0% during the 2nd quarter. Northern Trust Corp now owns 2,895,053 shares of the basic materials company’s stock valued at $51,677,000 after purchasing an additional 29,518 shares in the last quarter. Deprince Race & Zollo Inc. lifted its holdings in shares of Commercial Metals by 7.2% during the 2nd quarter. Deprince Race & Zollo Inc. now owns 2,726,364 shares of the basic materials company’s stock valued at $48,666,000 after purchasing an additional 182,237 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Commercial Metals by 8.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,012,737 shares of the basic materials company’s stock valued at $35,927,000 after purchasing an additional 157,232 shares in the last quarter. Hedge funds and other institutional investors own 94.82% of the company’s stock.
CMC has been the topic of several recent analyst reports. Citigroup set a $16.00 price objective on Commercial Metals and gave the company a “hold” rating in a report on Tuesday, June 11th. Bank of America reiterated an “underperform” rating and set a $18.00 price objective on shares of Commercial Metals in a report on Friday, May 31st. ValuEngine upgraded Commercial Metals from a “strong sell” rating to a “sell” rating in a report on Friday, June 21st. Deutsche Bank cut Commercial Metals from a “buy” rating to a “hold” rating and set a $18.00 price objective on the stock. in a report on Thursday, July 11th. They noted that the move was a valuation call. Finally, TheStreet upgraded Commercial Metals from a “c+” rating to a “b” rating in a report on Tuesday, July 16th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. Commercial Metals currently has a consensus rating of “Hold” and a consensus target price of $19.10.
NYSE CMC traded down $0.23 during trading on Wednesday, hitting $18.66. The stock had a trading volume of 13,065 shares, compared to its average volume of 1,241,224. The company has a market capitalization of $2.22 billion, a PE ratio of 12.49, a P/E/G ratio of 2.41 and a beta of 1.74. The company’s 50-day moving average price is $16.42 and its two-hundred day moving average price is $16.60. The company has a debt-to-equity ratio of 0.84, a quick ratio of 1.86 and a current ratio of 3.00. Commercial Metals has a 12 month low of $13.27 and a 12 month high of $21.90.
Commercial Metals (NYSE:CMC) last released its earnings results on Thursday, June 20th. The basic materials company reported $0.67 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.63 by $0.04. The firm had revenue of $1.61 billion for the quarter, compared to analysts’ expectations of $1.60 billion. Commercial Metals had a return on equity of 14.34% and a net margin of 2.92%. The business’s quarterly revenue was up 33.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.41 EPS. As a group, equities analysts anticipate that Commercial Metals will post 2.02 earnings per share for the current fiscal year.
Commercial Metals Company Profile
Commercial Metals Company manufactures, recycles, and markets steel and metal products, and related materials and services in the United States and internationally. It operates through four segments: Americas Recycling, Americas Mills, Americas Fabrication, and International Mill. The Americas Recycling segment processes and sells 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.
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