Great West Life Assurance Co. Can increased its position in shares of Commercial Metals (NYSE:CMC) by 4.5% during the first quarter, HoldingsChannel.com reports. The fund owned 75,148 shares of the basic materials company’s stock after acquiring an additional 3,245 shares during the quarter. Great West Life Assurance Co. Can’s holdings in Commercial Metals were worth $1,282,000 at the end of the most recent reporting period.
Other large investors have also recently added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund increased its stake in Commercial Metals by 1,502.0% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 739,003 shares of the basic materials company’s stock worth $46,000 after purchasing an additional 692,873 shares in the last quarter. Cullen Frost Bankers Inc. purchased a new position in Commercial Metals in the 1st quarter worth about $51,000. Macquarie Group Ltd. purchased a new position in Commercial Metals in the 4th quarter worth about $100,000. Oppenheimer Asset Management Inc. purchased a new position in Commercial Metals in the 4th quarter worth about $107,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Commercial Metals by 27.9% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,393 shares of the basic materials company’s stock worth $160,000 after purchasing an additional 2,047 shares in the last quarter. 90.64% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities analysts recently weighed in on the company. TheStreet cut Commercial Metals from a “b-” rating to a “c+” rating in a research note on Wednesday, May 22nd. ValuEngine cut Commercial Metals from a “sell” rating to a “strong sell” rating in a research note on Tuesday, May 14th. Citigroup set a $16.00 price target on Commercial Metals and gave the stock a “hold” rating in a research note on Tuesday. Bank of America reissued an “underperform” rating and issued a $18.00 price target on shares of Commercial Metals in a research note on Friday, May 31st. Finally, Cowen reissued a “market perform” rating and issued a $18.50 price target (up previously from $17.00) on shares of Commercial Metals in a research note on Tuesday, April 9th. Two analysts have rated the stock with a sell rating, three have given a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. Commercial Metals presently has an average rating of “Hold” and an average target price of $19.10.
Commercial Metals (NYSE:CMC) last announced its quarterly earnings data on Thursday, March 21st. The basic materials company reported $0.29 EPS for the quarter, topping the Zacks’ consensus estimate of $0.25 by $0.04. Commercial Metals had a return on equity of 12.49% and a net margin of 2.41%. The firm had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.46 billion. During the same period last year, the company posted $0.26 EPS. The business’s quarterly revenue was up 33.1% compared to the same quarter last year. Equities analysts expect that Commercial Metals will post 2.02 EPS for the current year.
Commercial Metals 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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