Lazard Asset Management LLC Makes New $140,000 Investment in Commercial Metals (NYSE:CMC)

Lazard Asset Management LLC acquired a new position in Commercial Metals (NYSE:CMCGet Rating) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 4,241 shares of the basic materials company’s stock, valued at approximately $140,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Envestnet Asset Management Inc. grew its stake in shares of Commercial Metals by 81.4% in the 2nd quarter. Envestnet Asset Management Inc. now owns 230,568 shares of the basic materials company’s stock worth $7,632,000 after buying an additional 103,438 shares in the last quarter. State of Michigan Retirement System grew its stake in shares of Commercial Metals by 1.0% in the 1st quarter. State of Michigan Retirement System now owns 30,837 shares of the basic materials company’s stock worth $1,283,000 after buying an additional 299 shares in the last quarter. Xponance Inc. lifted its holdings in shares of Commercial Metals by 7.2% in the 2nd quarter. Xponance Inc. now owns 18,904 shares of the basic materials company’s stock worth $626,000 after acquiring an additional 1,274 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Commercial Metals by 178.6% in the 1st quarter. Principal Financial Group Inc. now owns 1,509,265 shares of the basic materials company’s stock worth $62,816,000 after acquiring an additional 967,546 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV lifted its holdings in shares of Commercial Metals by 86.5% in the 1st quarter. Mercer Global Advisors Inc. ADV now owns 27,773 shares of the basic materials company’s stock worth $1,156,000 after acquiring an additional 12,884 shares during the last quarter. 85.81% of the stock is owned by hedge funds and other institutional investors.

Commercial Metals Trading Down 0.1 %

Shares of CMC opened at $47.42 on Tuesday. The company has a debt-to-equity ratio of 0.34, a current ratio of 2.54 and a quick ratio of 1.67. The firm has a market capitalization of $5.56 billion, a price-to-earnings ratio of 4.76 and a beta of 1.31. The company has a 50-day moving average of $41.88 and a 200 day moving average of $39.63. Commercial Metals has a 1-year low of $30.59 and a 1-year high of $49.41.

Commercial Metals Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 10th. Shareholders of record on Thursday, October 27th were given a dividend of $0.16 per share. This is an increase from Commercial Metals’s previous quarterly dividend of $0.14. The ex-dividend date was Wednesday, October 26th. This represents a $0.64 dividend on an annualized basis and a yield of 1.35%. Commercial Metals’s dividend payout ratio (DPR) is 6.43%.

Insider Buying and Selling at Commercial Metals

In other Commercial Metals news, SVP Ty L. Garrison sold 6,900 shares of the firm’s stock in a transaction dated Monday, October 31st. The shares were sold at an average price of $45.76, for a total transaction of $315,744.00. Following the transaction, the senior vice president now owns 124,508 shares of the company’s stock, valued at approximately $5,697,486.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, SVP Ty L. Garrison sold 14,304 shares of Commercial Metals stock in a transaction that occurred on Tuesday, October 18th. The shares were sold at an average price of $43.83, for a total value of $626,944.32. Following the transaction, the senior vice president now owns 134,635 shares of the company’s stock, valued at approximately $5,901,052.05. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Ty L. Garrison sold 6,900 shares of Commercial Metals stock in a transaction that occurred on Monday, October 31st. The stock was sold at an average price of $45.76, for a total transaction of $315,744.00. Following the completion of the transaction, the senior vice president now directly owns 124,508 shares in the company, valued at approximately $5,697,486.08. The disclosure for this sale can be found here. In the last quarter, insiders have sold 21,900 shares of company stock valued at $973,138. Company insiders own 1.20% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on CMC. StockNews.com lowered shares of Commercial Metals from a “buy” rating to a “hold” rating in a report on Tuesday. Citigroup raised their target price on shares of Commercial Metals from $42.00 to $44.00 and gave the stock a “neutral” rating in a report on Friday, October 14th. The Goldman Sachs Group lowered their target price on shares of Commercial Metals from $41.00 to $37.00 and set a “neutral” rating for the company in a report on Thursday, October 6th. BMO Capital Markets raised their target price on shares of Commercial Metals from $37.00 to $43.00 and gave the stock a “market perform” rating in a report on Friday, October 14th. Finally, KeyCorp lifted their price objective on shares of Commercial Metals from $45.00 to $46.00 and gave the company an “overweight” rating in a report on Monday, October 17th. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, Commercial Metals presently has a consensus rating of “Hold” and a consensus target price of $44.13.

Commercial Metals Company Profile

(Get Rating)

Commercial Metals Company manufactures, recycles, and fabricates steel and metal products, and related materials and services in the United States, Poland, China, and internationally. 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.

Further Reading

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Institutional Ownership by Quarter for Commercial Metals (NYSE:CMC)

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