Chesapeake Capital Corp IL Makes New $325,000 Investment in Commercial Metals (NYSE:CMC)

Chesapeake Capital Corp IL purchased a new position in shares of Commercial Metals (NYSE:CMC - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 6,544 shares of the basic materials company's stock, valued at approximately $325,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Heck Capital Advisors LLC acquired a new position in shares of Commercial Metals in the fourth quarter valued at approximately $34,000. V Square Quantitative Management LLC grew its stake in shares of Commercial Metals by 60.7% in the fourth quarter. V Square Quantitative Management LLC now owns 707 shares of the basic materials company's stock worth $35,000 after acquiring an additional 267 shares in the last quarter. Jones Financial Companies Lllp increased its position in shares of Commercial Metals by 22.0% during the fourth quarter. Jones Financial Companies Lllp now owns 1,646 shares of the basic materials company's stock worth $82,000 after acquiring an additional 297 shares during the period. Amundi raised its stake in shares of Commercial Metals by 29.9% in the fourth quarter. Amundi now owns 2,189 shares of the basic materials company's stock valued at $108,000 after acquiring an additional 504 shares in the last quarter. Finally, GAMMA Investing LLC boosted its holdings in Commercial Metals by 56.6% in the fourth quarter. GAMMA Investing LLC now owns 2,611 shares of the basic materials company's stock valued at $130,000 after purchasing an additional 944 shares during the period. 86.90% of the stock is currently owned by hedge funds and other institutional investors.

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Analyst Ratings Changes

Several brokerages have weighed in on CMC. The Goldman Sachs Group initiated coverage on Commercial Metals in a report on Monday, December 2nd. They set a "buy" rating and a $75.00 price target on the stock. BMO Capital Markets cut their target price on shares of Commercial Metals from $58.00 to $54.00 and set a "market perform" rating on the stock in a research note on Friday. Jefferies Financial Group decreased their price target on shares of Commercial Metals from $65.00 to $62.00 and set a "buy" rating for the company in a research note on Monday, January 6th. UBS Group raised shares of Commercial Metals from a "sell" rating to a "neutral" rating and dropped their price objective for the company from $56.00 to $54.00 in a research report on Friday, January 10th. Finally, Morgan Stanley decreased their price objective on shares of Commercial Metals from $56.00 to $53.00 and set an "equal weight" rating for the company in a research report on Friday, March 7th. Six investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $61.17.

Commercial Metals Stock Down 1.5 %

Shares of NYSE:CMC traded down $0.69 during trading on Friday, hitting $46.67. 4,747,041 shares of the company were exchanged, compared to its average volume of 863,689. The firm's 50 day moving average price is $48.86 and its 200-day moving average price is $52.74. Commercial Metals has a 12-month low of $42.62 and a 12-month high of $64.53. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.76 and a quick ratio of 1.94. The stock has a market capitalization of $5.30 billion, a P/E ratio of 42.04, a PEG ratio of 2.62 and a beta of 1.17.

Commercial Metals (NYSE:CMC - Get Free Report) last announced its quarterly earnings results on Thursday, March 20th. The basic materials company reported $0.26 earnings per share for the quarter, missing analysts' consensus estimates of $0.31 by ($0.05). The company had revenue of $1.75 billion during the quarter, compared to analysts' expectations of $1.73 billion. Commercial Metals had a net margin of 1.70% and a return on equity of 9.88%. Commercial Metals's revenue was down 5.1% on a year-over-year basis. During the same period last year, the firm earned $0.88 earnings per share. On average, research analysts predict that Commercial Metals will post 3.09 earnings per share for the current fiscal year.

Commercial Metals Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 9th. Investors of record on Monday, March 31st will be paid a dividend of $0.18 per share. The ex-dividend date is Monday, March 31st. This represents a $0.72 dividend on an annualized basis and a yield of 1.54%. Commercial Metals's dividend payout ratio is presently 120.00%.

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.