Covea Finance Raises Stake in Commercial Metals (NYSE:CMC)

Covea Finance boosted its stake in shares of Commercial Metals (NYSE:CMC) by 44.2% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 62,000 shares of the basic materials company’s stock after buying an additional 19,000 shares during the quarter. Covea Finance owned approximately 0.05% of Commercial Metals worth $3,075,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. State Street Corp grew its position in shares of Commercial Metals by 0.4% during the 3rd quarter. State Street Corp now owns 5,830,412 shares of the basic materials company’s stock valued at $320,439,000 after acquiring an additional 24,665 shares during the period. Geode Capital Management LLC grew its holdings in Commercial Metals by 1.0% during the third quarter. Geode Capital Management LLC now owns 2,839,601 shares of the basic materials company’s stock valued at $156,093,000 after purchasing an additional 28,019 shares during the period. Victory Capital Management Inc. grew its holdings in Commercial Metals by 1.9% during the third quarter. Victory Capital Management Inc. now owns 2,176,959 shares of the basic materials company’s stock valued at $119,646,000 after purchasing an additional 41,206 shares during the period. Principal Financial Group Inc. increased its position in Commercial Metals by 1.1% in the third quarter. Principal Financial Group Inc. now owns 1,714,116 shares of the basic materials company’s stock worth $94,208,000 after buying an additional 17,931 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Commercial Metals by 1.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,462,317 shares of the basic materials company’s stock valued at $80,369,000 after buying an additional 18,262 shares during the period. Hedge funds and other institutional investors own 86.90% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on CMC shares. BMO Capital Markets cut their price target on Commercial Metals from $62.00 to $58.00 and set a “market perform” rating for the company in a research note on Friday, January 3rd. Jefferies Financial Group dropped their price target on Commercial Metals from $65.00 to $62.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Wolfe Research lowered Commercial Metals from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, October 9th. BNP Paribas cut shares of Commercial Metals from an “outperform” rating to a “neutral” rating in a research report on Friday, January 3rd. Finally, The Goldman Sachs Group started coverage on shares of Commercial Metals in a report on Monday, December 2nd. They set a “buy” rating and a $75.00 price target for the company. Six equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Commercial Metals currently has a consensus rating of “Hold” and a consensus price target of $63.83.

Commercial Metals Trading Up 1.2 %

CMC opened at $49.05 on Wednesday. Commercial Metals has a one year low of $45.50 and a one year high of $64.53. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.78 and a current ratio of 3.94. The stock has a market cap of $5.57 billion, a price-to-earnings ratio of 11.85, a P/E/G ratio of 2.74 and a beta of 1.19. The stock’s 50 day moving average price is $56.35 and its 200-day moving average price is $54.80.

Commercial Metals (NYSE:CMC) last issued its earnings results on Monday, January 6th. The basic materials company reported $0.78 EPS for the quarter, hitting analysts’ consensus estimates of $0.78. Commercial Metals had a net margin of 6.13% and a return on equity of 12.20%. The business had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.85 billion. During the same period last year, the company posted $1.49 earnings per share. The company’s quarterly revenue was down 4.7% compared to the same quarter last year. On average, equities analysts forecast that Commercial Metals will post 4.26 EPS for the current year.

Commercial Metals Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 30th. Stockholders of record on Thursday, January 16th will be given a $0.18 dividend. The ex-dividend date is Thursday, January 16th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.47%. Commercial Metals’s payout ratio is 64.86%.

Commercial Metals Company Profile

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.