Commercial Metals (NYSE:CMC) Stock Position Lifted by Easterly Investment Partners LLC

Easterly Investment Partners LLC raised its stake in Commercial Metals (NYSE:CMC) by 0.2% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 406,047 shares of the basic materials company’s stock after purchasing an additional 634 shares during the quarter. Commercial Metals makes up 1.8% of Easterly Investment Partners LLC’s holdings, making the stock its 5th largest position. Easterly Investment Partners LLC’s holdings in Commercial Metals were worth $22,316,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. nVerses Capital LLC purchased a new position in shares of Commercial Metals during the 3rd quarter valued at $66,000. Archer Investment Corp purchased a new stake in shares of Commercial Metals during the second quarter worth $77,000. GAMMA Investing LLC boosted its position in Commercial Metals by 21.9% during the second quarter. GAMMA Investing LLC now owns 1,572 shares of the basic materials company’s stock valued at $86,000 after purchasing an additional 282 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Commercial Metals during the 2nd quarter worth about $129,000. Finally, Innealta Capital LLC bought a new position in Commercial Metals during the second quarter valued at approximately $195,000. Hedge funds and other institutional investors own 86.90% of the company’s stock.

Commercial Metals Stock Performance

Shares of CMC traded up $0.69 during midday trading on Friday, reaching $61.74. The stock had a trading volume of 134,162 shares, compared to its average volume of 863,414. Commercial Metals has a one year low of $43.52 and a one year high of $62.94. The firm has a market cap of $7.03 billion, a PE ratio of 14.75, a P/E/G ratio of 2.17 and a beta of 1.14. The firm has a 50 day simple moving average of $53.33 and a 200-day simple moving average of $54.29. The company has a current ratio of 3.94, a quick ratio of 2.78 and a debt-to-equity ratio of 0.27.

Commercial Metals Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st will be given a $0.18 dividend. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.17%. Commercial Metals’s payout ratio is 17.39%.

Wall Street Analysts Forecast Growth

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

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.