Assenagon Asset Management S.A. Purchases 5,786 Shares of Commercial Metals (NYSE:CMC)

Assenagon Asset Management S.A. boosted its position in Commercial Metals (NYSE:CMC) by 15.6% during the 3rd quarter, Holdings Channel.com reports. The fund owned 42,854 shares of the basic materials company’s stock after buying an additional 5,786 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Commercial Metals were worth $2,355,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. First Dallas Securities Inc. boosted its holdings in Commercial Metals by 0.8% during the second quarter. First Dallas Securities Inc. now owns 22,234 shares of the basic materials company’s stock worth $1,222,000 after buying an additional 185 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings 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 worth $1,473,000 after buying an additional 187 shares during the last quarter. SummerHaven Investment Management LLC boosted its holdings in Commercial Metals by 2.1% during the second quarter. SummerHaven Investment Management LLC now owns 13,615 shares of the basic materials company’s stock worth $749,000 after buying an additional 276 shares during the last quarter. GAMMA Investing LLC boosted its holdings 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 worth $86,000 after buying an additional 282 shares during the last quarter. Finally, Inspire Investing LLC boosted its holdings in Commercial Metals by 4.6% during the second quarter. Inspire Investing LLC now owns 6,392 shares of the basic materials company’s stock worth $351,000 after buying an additional 284 shares during the last quarter. Institutional investors own 86.90% of the company’s stock.

Analysts Set New Price Targets

CMC has been the topic of a number of recent analyst reports. Wolfe Research cut Commercial Metals from an “outperform” rating to a “peer perform” rating in a report on Wednesday, October 9th. BMO Capital Markets set a $62.00 price objective on Commercial Metals and gave the company a “market perform” rating in a report on Friday, October 18th. Finally, Jefferies Financial Group assumed coverage on Commercial Metals in a report on Tuesday, September 3rd. They set a “buy” rating and a $65.00 price objective on the stock. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, Commercial Metals presently has an average rating of “Moderate Buy” and an average target price of $65.25.

Commercial Metals Stock Down 1.1 %

Shares of Commercial Metals stock opened at $53.79 on Friday. The business’s 50 day simple moving average is $52.92 and its 200 day simple moving average is $54.22. Commercial Metals has a 52-week low of $42.07 and a 52-week high of $61.26. The firm has a market cap of $6.13 billion, a PE ratio of 12.99 and a beta of 1.14. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.83 and a current ratio of 4.24.

Commercial Metals Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Thursday, October 31st will be given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.34%. The ex-dividend date is Thursday, October 31st. Commercial Metals’s dividend payout ratio is presently 17.39%.

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.