Commercial Metals (NYSE:CMC) Shares Sold by Peirce Capital Management LLC

Peirce Capital Management LLC trimmed its stake in shares of Commercial Metals (NYSE:CMC) by 10.5% in the 3rd quarter, HoldingsChannel reports. The firm owned 10,966 shares of the basic materials company’s stock after selling 1,291 shares during the period. Commercial Metals makes up 0.3% of Peirce Capital Management LLC’s investment portfolio, making the stock its 19th biggest position. Peirce Capital Management LLC’s holdings in Commercial Metals were worth $603,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the stock. Cim LLC acquired a new stake in Commercial Metals in the fourth quarter valued at approximately $2,120,000. Congress Asset Management Co. MA lifted its stake in Commercial Metals by 0.4% during the fourth quarter. Congress Asset Management Co. MA now owns 67,943 shares of the basic materials company’s stock worth $3,400,000 after purchasing an additional 251 shares during the last quarter. Wellington Management Group LLP increased its stake in Commercial Metals by 4.4% in the fourth quarter. Wellington Management Group LLP now owns 310,681 shares of the basic materials company’s stock valued at $15,546,000 after purchasing an additional 13,073 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Commercial Metals by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 12,641,427 shares of the basic materials company’s stock valued at $632,577,000 after buying an additional 191,345 shares during the last quarter. Finally, Adirondack Trust Co. lifted its position in Commercial Metals by 88.2% in the fourth quarter. Adirondack Trust Co. now owns 3,200 shares of the basic materials company’s stock valued at $173,000 after acquiring an additional 1,500 shares during the last quarter. Institutional investors and hedge funds own 86.90% of the company’s stock.

Commercial Metals Price Performance

Shares of Commercial Metals stock traded up $0.35 during trading on Thursday, reaching $52.94. The company’s stock had a trading volume of 253,807 shares, compared to its average volume of 851,571. The business has a 50 day moving average price of $52.92 and a 200-day moving average price of $54.64. The company has a market capitalization of $6.09 billion, a P/E ratio of 10.95 and a beta of 1.14. The company has a quick ratio of 2.83, a current ratio of 4.24 and a debt-to-equity ratio of 0.27. Commercial Metals has a 12-month low of $39.85 and a 12-month high of $61.26.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on CMC shares. Bank of America reduced their target price on Commercial Metals from $70.00 to $69.00 and set a “buy” rating for the company in a report on Wednesday, June 26th. StockNews.com cut shares of Commercial Metals from a “buy” rating to a “hold” rating in a report on Thursday, June 20th. 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 objective on the stock. Finally, Wolfe Research downgraded shares of Commercial Metals from an “outperform” rating to a “peer perform” rating in a research note on Wednesday. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $61.40.

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.