Commercial Metals (NYSE:CMC) Short Interest Update

Commercial Metals (NYSE:CMC) saw a significant increase in short interest in the month of October. As of October 15th, there was short interest totalling 3,040,000 shares, an increase of 5.9% from the September 30th total of 2,870,000 shares. Approximately 2.7% of the shares of the company are sold short. Based on an average daily volume of 781,800 shares, the days-to-cover ratio is presently 3.9 days.

Analyst Ratings Changes

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

Commercial Metals Stock Performance

Shares of NYSE:CMC opened at $54.43 on Friday. The business has a fifty day moving average of $52.95 and a 200-day moving average of $54.21. The firm has a market cap of $6.20 billion, a PE ratio of 13.15, a price-to-earnings-growth ratio of 2.18 and a beta of 1.14. 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 twelve month low of $43.52 and a twelve month high of $61.26.

Commercial Metals Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st will be given a dividend of $0.18 per share. The ex-dividend date is Thursday, October 31st. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.32%. Commercial Metals’s payout ratio is currently 17.39%.

Institutional Trading of Commercial Metals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CMC. Russell Investments Group Ltd. raised its position in shares of 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 last quarter. Boston Partners lifted its stake in Commercial Metals by 23,390.7% in the first quarter. Boston Partners now owns 3,076,337 shares of the basic materials company’s stock valued at $180,752,000 after buying an additional 3,063,241 shares during the period. BNP Paribas Financial Markets grew its position in shares of Commercial Metals by 61.9% during the 1st quarter. BNP Paribas Financial Markets now owns 67,054 shares of the basic materials company’s stock worth $3,941,000 after buying an additional 25,642 shares during the period. Jacobs Levy Equity Management Inc. raised its position in shares of Commercial Metals by 388.4% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 298,621 shares of the basic materials company’s stock valued at $17,550,000 after acquiring an additional 237,477 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its holdings in Commercial Metals by 11.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 630,836 shares of the basic materials company’s stock valued at $37,075,000 after purchasing an additional 67,068 shares during the period. 86.90% of the stock is currently owned by institutional investors and hedge funds.

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.