State of Alaska Department of Revenue Acquires 730 Shares of Commercial Metals (NYSE:CMC)

State of Alaska Department of Revenue lifted its holdings in shares of Commercial Metals (NYSE:CMC) by 5.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,361 shares of the basic materials company’s stock after purchasing an additional 730 shares during the period. State of Alaska Department of Revenue’s holdings in Commercial Metals were worth $734,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in CMC. nVerses Capital LLC bought a new stake in shares of Commercial Metals during the 3rd quarter worth $66,000. Archer Investment Corp bought a new stake in shares of Commercial Metals during the 2nd quarter worth $77,000. GAMMA Investing LLC raised its stake in shares of Commercial Metals by 21.9% during the 2nd quarter. GAMMA Investing LLC now owns 1,572 shares of the basic materials company’s stock worth $86,000 after purchasing an additional 282 shares during the period. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Commercial Metals in the 2nd quarter valued at about $129,000. Finally, Innealta Capital LLC bought a new stake in Commercial Metals in the 2nd quarter valued at about $195,000. 86.90% of the stock is currently owned by institutional investors.

Commercial Metals Stock Up 13.7 %

Shares of NYSE CMC opened at $62.81 on Thursday. Commercial Metals has a 12 month low of $43.52 and a 12 month high of $62.94. The company has a current ratio of 3.94, a quick ratio of 2.78 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $7.15 billion, a price-to-earnings ratio of 15.17, a PEG ratio of 2.18 and a beta of 1.14. The business has a 50-day moving average of $52.97 and a 200-day moving average of $54.18.

Commercial Metals Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st will be issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 1.15%. The ex-dividend date of this dividend is Thursday, October 31st. Commercial Metals’s payout ratio is 17.39%.

Analysts Set New Price Targets

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

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.