Metropolitan Life Insurance Co. NY increased its stake in shares of Commercial Metals (NYSE:CMC) by 78.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 69,022 shares of the basic materials company’s stock after purchasing an additional 30,421 shares during the quarter. Metropolitan Life Insurance Co. NY owned about 0.06% of Commercial Metals worth $1,106,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Quantamental Technologies LLC bought a new stake in Commercial Metals in the fourth quarter valued at $47,000. Harel Insurance Investments & Financial Services Ltd. purchased a new position in Commercial Metals during the fourth quarter valued at approximately $48,000. Oppenheimer Asset Management Inc. purchased a new position in Commercial Metals during the fourth quarter valued at approximately $107,000. NumerixS Investment Technologies Inc raised its position in Commercial Metals by 260.7% during the fourth quarter. NumerixS Investment Technologies Inc now owns 10,100 shares of the basic materials company’s stock valued at $161,000 after acquiring an additional 7,300 shares in the last quarter. Finally, GSA Capital Partners LLP purchased a new position in Commercial Metals during the third quarter valued at approximately $207,000. Institutional investors own 88.79% of the company’s stock.
CMC traded down $0.29 during trading on Friday, hitting $17.58. The company’s stock had a trading volume of 811,617 shares, compared to its average volume of 1,293,259. The company has a current ratio of 2.75, a quick ratio of 1.60 and a debt-to-equity ratio of 0.87. Commercial Metals has a twelve month low of $15.23 and a twelve month high of $24.95. The firm has a market cap of $2.07 billion, a P/E ratio of 11.80, a PEG ratio of 0.98 and a beta of 1.31.
The company also recently declared a quarterly dividend, which was paid on Thursday, April 18th. Stockholders of record on Friday, April 5th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.73%. The ex-dividend date was Thursday, April 4th. Commercial Metals’s dividend payout ratio is presently 32.21%.
CMC has been the subject of several recent research reports. Goldman Sachs Group upgraded Commercial Metals from a “neutral” rating to a “buy” rating and set a $21.00 price target for the company in a research report on Monday, January 14th. Cowen assumed coverage on Commercial Metals in a report on Tuesday, January 8th. They issued a “market perform” rating and a $17.00 price objective on the stock. Zacks Investment Research raised Commercial Metals from a “hold” rating to a “strong-buy” rating and set a $18.00 price objective on the stock in a report on Wednesday, January 2nd. Macquarie set a $21.00 price objective on Commercial Metals and gave the company a “hold” rating in a report on Tuesday, January 8th. Finally, ValuEngine lowered Commercial Metals from a “sell” rating to a “strong sell” rating in a report on Friday, February 8th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $20.23.
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Commercial Metals Company Profile
Commercial Metals Company manufactures, recycles, and markets steel and metal products, and related materials and services in the United States and internationally. It operates through four segments: Americas Recycling, Americas Mills, Americas Fabrication, and International Mill. The Americas Recycling segment processes and sells 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.
Further Reading: Dividend
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