State of New Jersey Common Pension Fund D Acquires Shares of 129,700 Commercial Metals (NYSE:CMC)

State of New Jersey Common Pension Fund D acquired a new stake in Commercial Metals (NYSE:CMC) in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund acquired 129,700 shares of the basic materials company’s stock, valued at approximately $2,254,000.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. raised its position in Commercial Metals by 3.2% in the 2nd quarter. Vanguard Group Inc. now owns 11,835,470 shares of the basic materials company’s stock valued at $211,263,000 after purchasing an additional 368,873 shares during the last quarter. Highline Capital Management L.P. raised its position in Commercial Metals by 9.8% in the 2nd quarter. Highline Capital Management L.P. now owns 4,434,008 shares of the basic materials company’s stock valued at $79,147,000 after purchasing an additional 395,000 shares during the last quarter. Northern Trust Corp increased its stake in shares of Commercial Metals by 1.0% in 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 buying an additional 29,518 shares during the period. Deprince Race & Zollo Inc. increased its stake in shares of Commercial Metals by 7.2% in 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 buying an additional 182,237 shares during the period. Finally, Hodges Capital Management Inc. increased its stake in shares of Commercial Metals by 0.3% in the 2nd quarter. Hodges Capital Management Inc. now owns 2,197,590 shares of the basic materials company’s stock valued at $39,227,000 after buying an additional 6,857 shares during the period. Hedge funds and other institutional investors own 95.00% of the company’s stock.

NYSE CMC opened at $20.50 on Friday. The stock has a fifty day moving average of $18.51 and a 200-day moving average of $17.00. The stock has a market capitalization of $2.37 billion, a P/E ratio of 9.86, a price-to-earnings-growth ratio of 2.55 and a beta of 1.78. Commercial Metals has a 52 week low of $13.27 and a 52 week high of $20.52. The company has a debt-to-equity ratio of 0.76, a quick ratio of 2.00 and a current ratio of 2.99.

Commercial Metals (NYSE:CMC) last released its earnings results on Wednesday, October 23rd. The basic materials company reported $0.76 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.70 by $0.06. Commercial Metals had a return on equity of 16.04% and a net margin of 3.40%. The company had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.57 billion. During the same period last year, the firm earned $0.51 EPS. The business’s revenue for the quarter was up 17.9% on a year-over-year basis. Equities research analysts forecast that Commercial Metals will post 2.05 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 20th. Investors of record on Wednesday, November 6th will be paid a dividend of $0.12 per share. The ex-dividend date is Tuesday, November 5th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.34%. Commercial Metals’s dividend payout ratio (DPR) is presently 23.08%.

CMC has been the subject of several research reports. TheStreet raised Commercial Metals from a “c+” rating to a “b” rating in a research note on Tuesday, July 16th. Goldman Sachs Group cut Commercial Metals from a “buy” rating to a “neutral” rating and set a $20.00 target price for the company. in a research note on Sunday, September 22nd. JPMorgan Chase & Co. set a $22.00 target price on Commercial Metals and gave the company a “buy” rating in a research note on Monday, September 23rd. ValuEngine raised Commercial Metals from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Finally, Bank of America lifted their target price on Commercial Metals from $13.00 to $15.00 and gave the company an “underperform” rating in a research note on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Hold” and an average target price of $18.87.

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.

Featured Article: What is the CBOE Russell 2000® Volatility Index?

Want to see what other hedge funds are holding CMC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Commercial Metals (NYSE:CMC).

Institutional Ownership by Quarter for Commercial Metals (NYSE:CMC)

Receive News & Ratings for Commercial Metals Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Commercial Metals and related companies with MarketBeat.com's FREE daily email newsletter.