Assenagon Asset Management S.A. Grows Holdings in Commercial Metals (NYSE:CMC)

Assenagon Asset Management S.A. raised its holdings in shares of Commercial Metals (NYSE:CMC) by 66.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 71,151 shares of the basic materials company’s stock after purchasing an additional 28,297 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Commercial Metals were worth $3,529,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Tectonic Advisors LLC raised its position in Commercial Metals by 1.6% during the 3rd quarter. Tectonic Advisors LLC now owns 17,774 shares of the basic materials company’s stock valued at $977,000 after purchasing an additional 272 shares in the last quarter. Assetmark Inc. lifted its stake in Commercial Metals by 6.4% in the third quarter. Assetmark Inc. now owns 4,602 shares of the basic materials company’s stock worth $253,000 after acquiring an additional 277 shares during the period. Inspire Investing LLC lifted its stake in Commercial Metals by 4.6% in the second quarter. Inspire Investing LLC now owns 6,392 shares of the basic materials company’s stock worth $351,000 after acquiring an additional 284 shares during the period. Verdence Capital Advisors LLC grew its holdings in Commercial Metals by 4.2% during the 3rd quarter. Verdence Capital Advisors LLC now owns 7,160 shares of the basic materials company’s stock worth $394,000 after acquiring an additional 287 shares in the last quarter. Finally, TD Private Client Wealth LLC increased its position in Commercial Metals by 6.0% during the 3rd quarter. TD Private Client Wealth LLC now owns 5,908 shares of the basic materials company’s stock valued at $325,000 after purchasing an additional 332 shares during the period. 86.90% of the stock is owned by hedge funds and other institutional investors.

Commercial Metals Price Performance

Shares of NYSE CMC opened at $51.64 on Wednesday. Commercial Metals has a fifty-two week low of $45.50 and a fifty-two week high of $64.53. The company has a market cap of $5.87 billion, a PE ratio of 46.52, a P/E/G ratio of 2.45 and a beta of 1.19. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.94 and a current ratio of 2.76. The business has a 50-day simple moving average of $55.13 and a two-hundred day simple moving average of $54.69.

Commercial Metals (NYSE:CMC) last released its earnings results on Monday, January 6th. The basic materials company reported $0.78 earnings per share for the quarter, hitting the consensus estimate of $0.78. The company had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.85 billion. Commercial Metals had a net margin of 1.70% and a return on equity of 9.88%. Commercial Metals’s revenue was down 4.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.49 EPS. As a group, equities analysts expect that Commercial Metals will post 3.28 EPS for the current fiscal year.

Commercial Metals Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 30th. Investors of record on Thursday, January 16th will be paid a $0.18 dividend. The ex-dividend date is Thursday, January 16th. This represents a $0.72 dividend on an annualized basis and a yield of 1.39%. Commercial Metals’s dividend payout ratio (DPR) is 64.86%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Morgan Stanley assumed coverage on shares of Commercial Metals in a research note on Thursday, December 19th. They set an “equal weight” rating and a $65.00 price objective on the stock. Jefferies Financial Group dropped their target price on Commercial Metals from $65.00 to $62.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. BNP Paribas lowered Commercial Metals from an “outperform” rating to a “neutral” rating in a research report on Friday, January 3rd. UBS Group upgraded Commercial Metals from a “sell” rating to a “neutral” rating and decreased their price objective for the stock from $56.00 to $54.00 in a research note on Friday, January 10th. Finally, Wolfe Research lowered Commercial Metals from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, October 9th. Six research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $63.83.

Commercial Metals 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.