Assetmark Inc. Purchases 277 Shares of Commercial Metals (NYSE:CMC)

Assetmark Inc. grew its position in shares of Commercial Metals (NYSE:CMC) by 6.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,602 shares of the basic materials company’s stock after acquiring an additional 277 shares during the quarter. Assetmark Inc.’s holdings in Commercial Metals were worth $253,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of CMC. Russell Investments Group Ltd. raised its holdings in Commercial Metals by 11.7% during the 1st quarter. Russell Investments Group Ltd. now owns 198,675 shares of the basic materials company’s stock valued at $11,676,000 after acquiring an additional 20,751 shares during the period. ProShare Advisors LLC boosted its stake in Commercial Metals by 4.7% during the 1st quarter. ProShare Advisors LLC now owns 26,745 shares of the basic materials company’s stock valued at $1,572,000 after purchasing an additional 1,189 shares during the last quarter. State Board of Administration of Florida Retirement System boosted its holdings in Commercial Metals by 22.1% in the first quarter. State Board of Administration of Florida Retirement System now owns 40,864 shares of the basic materials company’s stock worth $2,402,000 after purchasing an additional 7,405 shares during the last quarter. O Shaughnessy Asset Management LLC raised its position in Commercial Metals by 13.6% in the first quarter. O Shaughnessy Asset Management LLC now owns 12,905 shares of the basic materials company’s stock worth $758,000 after acquiring an additional 1,545 shares during the period. Finally, Clearbridge Investments LLC raised its position in shares of Commercial Metals by 2.1% during the 1st quarter. Clearbridge Investments LLC now owns 225,447 shares of the basic materials company’s stock valued at $13,250,000 after purchasing an additional 4,728 shares during the period. Hedge funds and other institutional investors own 86.90% of the company’s stock.

Wall Street Analysts Forecast Growth

CMC has been the topic of several analyst reports. Wolfe Research downgraded Commercial Metals from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, October 9th. BMO Capital Markets set a $62.00 price objective on shares of Commercial Metals and gave the company a “market perform” rating in a report on Friday, October 18th. Finally, Jefferies Financial Group began coverage on shares of Commercial Metals in a research note on Tuesday, September 3rd. They issued a “buy” rating and a $65.00 price target on the stock. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $65.25.

Commercial Metals Stock Performance

Commercial Metals stock opened at $59.35 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.78 and a current ratio of 3.94. Commercial Metals has a one year low of $43.52 and a one year high of $63.40. The stock’s 50 day moving average price is $54.47 and its 200 day moving average price is $54.57. The firm has a market capitalization of $6.76 billion, a PE ratio of 14.34, a price-to-earnings-growth ratio of 2.61 and a beta of 1.14.

Commercial Metals (NYSE:CMC) last issued its quarterly earnings results on Thursday, October 17th. The basic materials company reported $0.90 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.01). The firm had revenue of $2 billion for the quarter, compared to the consensus estimate of $2.07 billion. Commercial Metals had a net margin of 6.13% and a return on equity of 12.20%. As a group, sell-side analysts expect that Commercial Metals will post 4.35 EPS for the current fiscal year.

Commercial Metals Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, October 31st were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date of this dividend was Thursday, October 31st. Commercial Metals’s dividend payout ratio (DPR) is currently 17.39%.

About Commercial Metals

Commercial Metals Company manufactures, recycles, and fabricates steel and metal products, and related materials and services in the United States, Poland, China, and internationally. It operates through two segments, North America and Europe. The company processes and sells ferrous and nonferrous 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.