State Street Corp Increases Holdings in Commercial Metals (NYSE:CMC)

State Street Corp raised its stake in Commercial Metals (NYSE:CMC - Free Report) by 0.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 5,830,412 shares of the basic materials company's stock after buying an additional 24,665 shares during the period. State Street Corp owned about 5.12% of Commercial Metals worth $320,439,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. nVerses Capital LLC acquired a new stake in shares of Commercial Metals in the 3rd quarter valued at about $66,000. Archer Investment Corp acquired a new position in Commercial Metals during the second quarter worth $77,000. KBC Group NV increased its position in shares of Commercial Metals by 15.9% during the third quarter. KBC Group NV now owns 3,099 shares of the basic materials company's stock worth $170,000 after acquiring an additional 425 shares in the last quarter. Innealta Capital LLC acquired a new stake in shares of Commercial Metals in the 2nd quarter worth about $195,000. Finally, Highland Capital Management LLC purchased a new stake in shares of Commercial Metals in the third quarter valued at about $206,000. 86.90% of the stock is currently owned by institutional investors.

Commercial Metals Price Performance

Shares of CMC stock traded down $0.15 during trading hours on Wednesday, hitting $61.60. 896,418 shares of the company's stock were exchanged, compared to its average volume of 853,375. The company has a market capitalization of $7.02 billion, a PE ratio of 14.92, a PEG ratio of 2.73 and a beta of 1.15. 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 has a 12-month low of $45.57 and a 12-month high of $64.53. The business's 50 day simple moving average is $57.54 and its 200-day simple moving average is $55.14.

Commercial Metals (NYSE:CMC - Get Free Report) last issued its earnings results on Thursday, October 17th. The basic materials company reported $0.90 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.91 by ($0.01). Commercial Metals had a return on equity of 12.20% and a net margin of 6.13%. The firm had revenue of $2 billion during the quarter, compared to the consensus estimate of $2.07 billion. On average, equities research analysts anticipate that Commercial Metals will post 4.26 earnings per share for the current year.

Commercial Metals Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, October 31st were paid a $0.18 dividend. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $0.72 annualized dividend and a dividend yield of 1.17%. Commercial Metals's payout ratio is currently 17.39%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. The Goldman Sachs Group began coverage on shares of Commercial Metals in a research report on Monday, December 2nd. They issued a "buy" rating and a $75.00 price objective for the company. BMO Capital Markets set a $62.00 price objective on Commercial Metals and gave the stock a "market perform" rating in a research report on Friday, October 18th. Jefferies Financial Group started coverage on Commercial Metals in a research report on Tuesday, September 3rd. They set a "buy" rating and a $65.00 target price for the company. Finally, Wolfe Research lowered shares of Commercial Metals from an "outperform" rating to a "peer perform" rating in a research report on Wednesday, October 9th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Commercial Metals presently has an average rating of "Moderate Buy" and a consensus price target of $67.20.

Commercial Metals 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.