Commercial Metals (NYSE:CMC) Shares Sold by Millennium Management LLC

Millennium Management LLC trimmed its position in shares of Commercial Metals (NYSE:CMC - Free Report) by 33.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 713,709 shares of the basic materials company's stock after selling 361,576 shares during the period. Millennium Management LLC owned approximately 0.62% of Commercial Metals worth $39,247,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CMC. Boston Partners lifted its position in shares of Commercial Metals by 23,390.7% during the first quarter. Boston Partners now owns 3,076,337 shares of the basic materials company's stock worth $180,752,000 after purchasing an additional 3,063,241 shares during the last quarter. Thompson Siegel & Walmsley LLC acquired a new position in shares of Commercial Metals in the 2nd quarter worth approximately $50,132,000. Jacobs Levy Equity Management Inc. increased its holdings in shares of Commercial Metals by 388.4% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 298,621 shares of the basic materials company's stock valued at $17,550,000 after acquiring an additional 237,477 shares during the last quarter. First Trust Advisors LP raised its position in shares of Commercial Metals by 59.1% during the 4th quarter. First Trust Advisors LP now owns 617,188 shares of the basic materials company's stock valued at $30,884,000 after acquiring an additional 229,266 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its position in shares of Commercial Metals by 1,701.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 227,778 shares of the basic materials company's stock valued at $13,387,000 after acquiring an additional 215,131 shares in the last quarter. Hedge funds and other institutional investors own 86.90% of the company's stock.

Analyst Ratings Changes

CMC has been the topic of a number of research reports. Jefferies Financial Group started coverage on shares of Commercial Metals in a report on Tuesday, September 3rd. They set a "buy" rating and a $65.00 target price on the stock. Wolfe Research raised shares of Commercial Metals from a "hold" rating to a "strong-buy" rating in a report on Wednesday, September 18th. Bank of America lowered their target price on Commercial Metals from $70.00 to $69.00 and set a "buy" rating for the company in a report on Wednesday, June 26th. Finally, StockNews.com downgraded Commercial Metals from a "buy" rating to a "hold" rating in a report on Thursday, June 20th. Three investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Commercial Metals currently has a consensus rating of "Moderate Buy" and an average price target of $61.40.

Commercial Metals Stock Performance

Shares of NYSE:CMC traded down $1.39 during trading hours on Wednesday, hitting $53.17. The stock had a trading volume of 980,416 shares, compared to its average volume of 857,143. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.83 and a current ratio of 4.24. The stock's fifty day simple moving average is $53.69 and its 200 day simple moving average is $54.76. The firm has a market capitalization of $6.11 billion, a price-to-earnings ratio of 11.13 and a beta of 1.15. Commercial Metals has a 1-year low of $39.85 and a 1-year high of $61.26.

About Commercial Metals

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.