Congress Asset Management Co. Reduces Position in Commercial Metals (NYSE:CMC)

Congress Asset Management Co. decreased its holdings in shares of Commercial Metals (NYSE:CMC) by 1.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 61,980 shares of the basic materials company’s stock after selling 632 shares during the period. Congress Asset Management Co. owned about 0.05% of Commercial Metals worth $3,406,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of CMC. First Dallas Securities Inc. grew 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 valued at $1,222,000 after purchasing an additional 185 shares during the period. Wealth Enhancement Advisory Services LLC increased its holdings in Commercial Metals by 0.7% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 26,778 shares of the basic materials company’s stock worth $1,473,000 after acquiring an additional 187 shares in the last quarter. Tectonic Advisors LLC raised its stake 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 worth $977,000 after acquiring an additional 272 shares during the period. SummerHaven Investment Management LLC lifted 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 valued at $749,000 after purchasing an additional 276 shares in the last quarter. Finally, GAMMA Investing LLC boosted its position in shares of Commercial Metals by 21.9% in the second 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. 86.90% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Commercial Metals Stock Performance

CMC opened at $54.43 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.78 and a current ratio of 3.94. The stock has a market capitalization of $6.20 billion, a price-to-earnings ratio of 13.15, a PEG ratio of 2.18 and a beta of 1.14. The company has a fifty day moving average of $52.95 and a 200 day moving average of $54.21. Commercial Metals has a fifty-two week low of $43.52 and a fifty-two week 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 issued a $0.18 dividend. The ex-dividend date is Thursday, October 31st. This represents a $0.72 annualized dividend and a dividend yield of 1.32%. Commercial Metals’s dividend payout ratio (DPR) is 17.39%.

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.