Neo Ivy Capital Management Buys Shares of 14,324 Commercial Metals (NYSE:CMC)

Neo Ivy Capital Management acquired a new position in Commercial Metals (NYSE:CMC - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 14,324 shares of the basic materials company's stock, valued at approximately $788,000.

Several other hedge funds also recently modified their holdings of the stock. Raymond James & Associates boosted its stake in shares of Commercial Metals by 23.3% in the 2nd quarter. Raymond James & Associates now owns 214,716 shares of the basic materials company's stock worth $11,807,000 after buying an additional 40,621 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. purchased a new position in Commercial Metals in the second quarter worth $1,140,000. Blue Trust Inc. grew its stake in Commercial Metals by 25.4% in the 2nd quarter. Blue Trust Inc. now owns 6,682 shares of the basic materials company's stock valued at $393,000 after purchasing an additional 1,353 shares during the period. Wedge Capital Management L L P NC increased its position in shares of Commercial Metals by 0.8% during the 2nd quarter. Wedge Capital Management L L P NC now owns 178,409 shares of the basic materials company's stock valued at $9,811,000 after purchasing an additional 1,372 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its position in shares of Commercial Metals by 0.7% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 26,778 shares of the basic materials company's stock valued at $1,473,000 after purchasing an additional 187 shares during the last quarter. Hedge funds and other institutional investors own 86.90% of the company's stock.

Analysts Set New Price Targets

Several analysts have commented on CMC shares. StockNews.com lowered shares of Commercial Metals from a "buy" rating to a "hold" rating in a research report on Thursday, June 20th. Bank of America reduced their price objective on Commercial Metals from $70.00 to $69.00 and set a "buy" rating for the company in a report on Wednesday, June 26th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $60.50.

Commercial Metals Price Performance

CMC stock traded down $0.27 during mid-day trading on Tuesday, reaching $53.70. 424,881 shares of the company traded hands, compared to its average volume of 868,323. Commercial Metals has a 52-week low of $39.85 and a 52-week high of $61.26. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.24 and a quick ratio of 2.83. The company has a market capitalization of $6.18 billion, a P/E ratio of 11.24 and a beta of 1.17. The company has a fifty day moving average price of $54.54 and a 200-day moving average price of $54.97.

Commercial Metals (NYSE:CMC - Get Free Report) last released its quarterly earnings results on Thursday, June 20th. The basic materials company reported $1.02 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.02. The firm had revenue of $2.08 billion for the quarter, compared to analysts' expectations of $2.02 billion. Commercial Metals had a net margin of 6.95% and a return on equity of 14.62%. The business's quarterly revenue was down 11.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.02 earnings per share. As a group, analysts anticipate that Commercial Metals will post 4.71 earnings per share for the current year.

Commercial Metals Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 10th. Stockholders of record on Monday, July 1st were issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 1.34%. The ex-dividend date was Monday, July 1st. Commercial Metals's payout ratio is 15.00%.

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.