Norges Bank Takes $97.98 Million Position in Commercial Metals Company $CMC

Norges Bank acquired a new stake in Commercial Metals Company (NYSE:CMC) in the 4th quarter, Holdings Channel.com reports. The institutional investor acquired 1,415,531 shares of the basic materials company’s stock, valued at approximately $97,983,000.

Several other large investors have also modified their holdings of the company. IF Advisors LLC acquired a new stake in shares of Commercial Metals in the fourth quarter valued at approximately $426,000. Intech Investment Management LLC boosted its holdings in shares of Commercial Metals by 195.8% in the fourth quarter. Intech Investment Management LLC now owns 143,076 shares of the basic materials company’s stock valued at $9,904,000 after acquiring an additional 94,714 shares during the period. Arista Wealth Management LLC acquired a new stake in shares of Commercial Metals in the fourth quarter valued at approximately $346,000. Geode Capital Management LLC boosted its holdings in shares of Commercial Metals by 3.1% in the fourth quarter. Geode Capital Management LLC now owns 2,926,864 shares of the basic materials company’s stock valued at $202,626,000 after acquiring an additional 86,749 shares during the period. Finally, Jackson Creek Investment Advisors LLC boosted its holdings in shares of Commercial Metals by 340.5% in the fourth quarter. Jackson Creek Investment Advisors LLC now owns 32,520 shares of the basic materials company’s stock valued at $2,251,000 after acquiring an additional 25,137 shares during the period. 86.90% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CMC has been the subject of several research analyst reports. Deutsche Bank Aktiengesellschaft raised Commercial Metals to a “buy” rating in a report on Friday, May 22nd. Jefferies Financial Group raised Commercial Metals from a “buy” rating to a “buy” rating in a report on Friday. Barclays started coverage on Commercial Metals in a report on Thursday, May 21st. They issued an “equal weight” rating and a $75.00 price objective for the company. JPMorgan Chase & Co. decreased their price target on Commercial Metals from $83.00 to $78.00 and set an “overweight” rating for the company in a report on Tuesday, April 14th. Finally, Morgan Stanley increased their price target on Commercial Metals from $75.00 to $83.00 and gave the stock an “overweight” rating in a report on Friday, May 29th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, Commercial Metals has an average rating of “Moderate Buy” and a consensus price target of $77.10.

Commercial Metals Price Performance

Commercial Metals stock opened at $74.07 on Friday. Commercial Metals Company has a one year low of $47.06 and a one year high of $84.87. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.55 and a current ratio of 2.38. The business has a fifty day moving average of $68.67 and a two-hundred day moving average of $70.01. The company has a market cap of $8.21 billion, a P/E ratio of 16.50, a price-to-earnings-growth ratio of 0.46 and a beta of 1.50.

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

Commercial Metals Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Monday, April 6th were issued a $0.20 dividend. 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 of this dividend was Monday, April 6th. Commercial Metals’s dividend payout ratio is 16.04%.

Commercial Metals 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.