ClariVest Asset Management LLC acquired a new position in shares of Commercial Metals (NYSE:CMC) during the first quarter, Holdings Channel reports. The institutional investor acquired 284,400 shares of the basic materials company’s stock, valued at approximately $5,819,000.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. ING Groep NV boosted its stake in Commercial Metals by 23.3% during the fourth quarter. ING Groep NV now owns 17,479 shares of the basic materials company’s stock worth $373,000 after buying an additional 3,299 shares during the last quarter. Frontier Investment Mgmt Co. acquired a new position in shares of Commercial Metals in the 4th quarter valued at $617,000. Wealthstreet Investment Advisors LLC acquired a new position in shares of Commercial Metals in the 4th quarter valued at $350,000. Swiss National Bank lifted its stake in shares of Commercial Metals by 3.6% in the 4th quarter. Swiss National Bank now owns 197,300 shares of the basic materials company’s stock valued at $4,206,000 after purchasing an additional 6,900 shares during the last quarter. Finally, Koch Industries Inc. lifted its stake in shares of Commercial Metals by 115.0% in the 4th quarter. Koch Industries Inc. now owns 39,190 shares of the basic materials company’s stock valued at $836,000 after purchasing an additional 20,962 shares during the last quarter. 90.01% of the stock is currently owned by institutional investors.
CMC stock opened at $24.04 on Friday. The company has a current ratio of 3.11, a quick ratio of 2.12 and a debt-to-equity ratio of 0.55. The firm has a market capitalization of $2.76 billion, a P/E ratio of 24.40, a PEG ratio of 0.40 and a beta of 1.35. Commercial Metals has a 12-month low of $23.13 and a 12-month high of $23.76.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 19th. Investors of record on Wednesday, April 4th were issued a $0.12 dividend. The ex-dividend date of this dividend was Tuesday, April 3rd. This represents a $0.48 annualized dividend and a dividend yield of 2.00%. Commercial Metals’s dividend payout ratio is presently 77.42%.
Several brokerages have recently commented on CMC. Macquarie raised Commercial Metals from an “underperform” rating to a “neutral” rating and set a $24.00 price target on the stock in a research note on Thursday. Deutsche Bank decreased their price target on Commercial Metals from $27.00 to $26.00 and set a “buy” rating on the stock in a research note on Thursday, March 29th. ValuEngine raised 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 target for the company from $25.36 to $28.00 in a research note on Wednesday, March 14th. They noted that the move was a valuation call. Finally, Jefferies Group reaffirmed a “buy” rating on shares of Commercial Metals in a research note on Friday, March 23rd. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $24.33.
In related news, VP Adam R. Hickey sold 20,000 shares of the business’s stock in a transaction on Friday, March 2nd. The stock was sold at an average price of $25.85, for a total value of $517,000.00. Following the sale, the vice president now owns 15,632 shares in the company, valued at approximately $404,087.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.50% of the stock is currently owned by insiders.
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 five segments: Americas Recycling, Americas Mills, Americas Fabrication, International Mill, and International Marketing and Distribution.
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