The Manufacturers Life Insurance Company increased its stake in shares of Commercial Metals (NYSE:CMC) by 8.7% in the fourth quarter, HoldingsChannel reports. The firm owned 275,086 shares of the basic materials company’s stock after buying an additional 21,913 shares during the quarter. The Manufacturers Life Insurance Company ‘s holdings in Commercial Metals were worth $5,865,000 at the end of the most recent reporting period.
A number of other institutional investors also recently bought and sold shares of CMC. First Trust Advisors LP increased its position in Commercial Metals by 31.3% during the 3rd quarter. First Trust Advisors LP now owns 78,350 shares of the basic materials company’s stock worth $1,491,000 after purchasing an additional 18,696 shares in the last quarter. Crossmark Global Holdings Inc. purchased a new stake in Commercial Metals during the 3rd quarter worth about $282,000. Canada Pension Plan Investment Board purchased a new stake in Commercial Metals during the 3rd quarter worth about $101,000. IndexIQ Advisors LLC increased its position in Commercial Metals by 83.0% during the 3rd quarter. IndexIQ Advisors LLC now owns 45,308 shares of the basic materials company’s stock worth $862,000 after purchasing an additional 20,553 shares in the last quarter. Finally, Comerica Bank increased its position in Commercial Metals by 79.5% during the 3rd quarter. Comerica Bank now owns 275,628 shares of the basic materials company’s stock worth $5,372,000 after purchasing an additional 122,098 shares in the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.
A number of brokerages have issued reports on CMC. JPMorgan Chase & Co. raised Commercial Metals from a “neutral” rating to an “overweight” rating in a research note on Friday. ValuEngine raised Commercial Metals from a “hold” rating to a “buy” rating in a research note on Thursday, March 1st. Zacks Investment Research lowered Commercial Metals from a “hold” rating to a “sell” rating in a research note on Thursday, December 28th. Finally, Bank of America raised Commercial Metals from a “neutral” rating to a “buy” rating and raised their price target for the stock from $21.00 to $24.00 in a research note on Thursday, December 7th. Four research analysts have rated the stock with a sell rating and seven have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $21.88.
Shares of Commercial Metals (NYSE CMC) opened at $25.35 on Friday. The company has a quick ratio of 2.07, a current ratio of 3.20 and a debt-to-equity ratio of 0.56. Commercial Metals has a 52 week low of $17.05 and a 52 week high of $26.72. The stock has a market capitalization of $2,939.12, a PE ratio of 26.25 and a beta of 1.21.
Commercial Metals (NYSE:CMC) last released its quarterly earnings data on Wednesday, January 3rd. The basic materials company reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.14. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.18 billion. Commercial Metals had a return on equity of 8.08% and a net margin of 1.53%. The company’s revenue was up 24.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.06 EPS. equities analysts predict that Commercial Metals will post 1.41 earnings per share for the current year.
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Commercial Metals Company Profile
Commercial Metals Company, together with its subsidiaries, manufactures, recycles and markets steel and metal products, related materials and services through a network. The Company’s Americas Recycling segment processes scrap metals for use as a raw material by manufacturers of new metal products. The Americas Mills segment consists of steel mills, commonly referred to as minimills that produce reinforcing bar (rebar), angles, flats and rounds.
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