Zurcher Kantonalbank Zurich Cantonalbank Raises Stock Position in Commercial Metals (NYSE:CMC)

Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Commercial Metals (NYSE:CMC) by 8.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 29,710 shares of the basic materials company’s stock after acquiring an additional 2,285 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Commercial Metals were worth $1,633,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of CMC. GAMMA Investing LLC lifted its position in Commercial Metals by 21.9% during the second quarter. GAMMA Investing LLC now owns 1,572 shares of the basic materials company’s stock valued at $86,000 after purchasing an additional 282 shares during the last quarter. Atlas Private Wealth Advisors lifted its position in Commercial Metals by 100.0% during the second quarter. Atlas Private Wealth Advisors now owns 16,000 shares of the basic materials company’s stock valued at $880,000 after purchasing an additional 8,000 shares during the last quarter. Diversified Trust Co lifted its position in Commercial Metals by 11.7% during the second quarter. Diversified Trust Co now owns 23,883 shares of the basic materials company’s stock valued at $1,313,000 after purchasing an additional 2,498 shares during the last quarter. FCG Investment Co bought a new stake in Commercial Metals during the second quarter valued at approximately $554,000. Finally, Wealth Enhancement Advisory Services LLC lifted its position in Commercial Metals by 0.7% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 26,778 shares of the basic materials company’s stock valued at $1,473,000 after purchasing an additional 187 shares during the last quarter. 86.90% of the stock is currently owned by institutional investors.

Commercial Metals Trading Down 1.5 %

NYSE:CMC opened at $62.19 on Thursday. The company has a fifty day moving average of $56.81 and a 200 day moving average of $54.94. Commercial Metals has a 52 week low of $44.93 and a 52 week high of $64.53. The company has a quick ratio of 2.78, a current ratio of 3.94 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $7.09 billion, a P/E ratio of 15.02, a P/E/G ratio of 2.82 and a beta of 1.15.

Commercial Metals (NYSE:CMC) last posted its quarterly earnings results on Thursday, October 17th. The basic materials company reported $0.90 EPS for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.01). Commercial Metals had a net margin of 6.13% and a return on equity of 12.20%. The firm had revenue of $2 billion for the quarter, compared to the consensus estimate of $2.07 billion. On average, research analysts predict that Commercial Metals will post 4.26 earnings per share for the current year.

Commercial Metals Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, October 31st were issued a dividend of $0.18 per share. The ex-dividend date was Thursday, October 31st. This represents a $0.72 dividend on an annualized basis and a yield of 1.16%. Commercial Metals’s dividend payout ratio is currently 17.39%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Wolfe Research lowered shares of Commercial Metals from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, October 9th. Jefferies Financial Group started coverage on shares of Commercial Metals in a report on Tuesday, September 3rd. They issued a “buy” rating and a $65.00 price objective for the company. The Goldman Sachs Group started coverage on shares of Commercial Metals in a report on Monday. They issued a “buy” rating and a $75.00 price objective for the company. Finally, BMO Capital Markets set a $62.00 price objective on shares of Commercial Metals and gave the stock a “market perform” rating in a report on Friday, October 18th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Commercial Metals has a consensus rating of “Moderate Buy” and an average price target of $67.20.

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.