Commercial Metals (NYSE:CMC) Shares Bought by Raymond James & Associates

Raymond James & Associates raised its position in Commercial Metals (NYSE:CMC – Get Rating) by 52.7% in the 4th quarter, Holdings Channel reports. The fund owned 132,516 shares of the basic materials company’s stock after acquiring an additional 45,735 shares during the period. Raymond James & Associates’ holdings in Commercial Metals were worth $6,401,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in CMC. New York State Teachers Retirement System increased its position in Commercial Metals by 4.6% during the 4th quarter. New York State Teachers Retirement System now owns 164,584 shares of the basic materials company’s stock worth $7,949,000 after purchasing an additional 7,225 shares during the period. Pacer Advisors Inc. purchased a new position in Commercial Metals in the 4th quarter valued at approximately $1,339,000. Arvest Trust Co. N A acquired a new position in Commercial Metals during the third quarter worth $283,000. Capital CS Group LLC purchased a new stake in Commercial Metals during the fourth quarter worth $315,000. Finally, MML Investors Services LLC grew its holdings in Commercial Metals by 7.8% in the third quarter. MML Investors Services LLC now owns 8,988 shares of the basic materials company’s stock valued at $319,000 after purchasing an additional 649 shares during the last quarter. 84.30% of the stock is currently owned by institutional investors and hedge funds.

Commercial Metals Stock Performance

Shares of NYSE CMC opened at $45.06 on Monday. The company has a 50-day simple moving average of $46.06 and a 200-day simple moving average of $49.32. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.07 and a quick ratio of 2.00. The company has a market cap of $5.28 billion, a PE ratio of 5.21 and a beta of 1.26. Commercial Metals has a 12 month low of $31.47 and a 12 month high of $58.09.

Commercial Metals (NYSE:CMC – Get Rating) last released its earnings results on Thursday, March 23rd. The basic materials company reported $1.44 EPS for the quarter, missing the consensus estimate of $1.53 by ($0.09). Commercial Metals had a return on equity of 30.52% and a net margin of 11.37%. The firm had revenue of $2.02 billion during the quarter, compared to analysts’ expectations of $1.94 billion. During the same period in the previous year, the firm posted $1.53 earnings per share. The firm’s revenue was up .5% on a year-over-year basis. On average, equities analysts anticipate that Commercial Metals will post 7.77 earnings per share for the current year.

Commercial Metals Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 12th. Investors of record on Monday, April 3rd were paid a $0.16 dividend. The ex-dividend date of this dividend was Friday, March 31st. This represents a $0.64 annualized dividend and a yield of 1.42%. Commercial Metals’s payout ratio is currently 7.40%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on CMC. Citigroup increased their price objective on shares of Commercial Metals from $54.00 to $56.00 and gave the company a “neutral” rating in a research note on Wednesday, February 15th. Bank of America upgraded shares of Commercial Metals from a “neutral” rating to a “buy” rating and increased their price target for the company from $56.00 to $60.00 in a research report on Wednesday, April 5th. Finally, StockNews.com started coverage on Commercial Metals in a research report on Thursday. They set a “hold” rating for the company. Five analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $53.57.

About Commercial Metals

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Commercial Metals Co engages in the manufacture, recycling, and marketing of steel and metal products. It operates through the following segments: North America and Europe. The North America segment is a vertically integrated network of recycling facilities, steel mills and fabrication operations. The Europe segment is a vertically integrated network of recycling facilities, an EAF mini mill and fabrication operations located in Poland.