Mackenzie Financial Corp Cuts Position in Commercial Metals (NYSE:CMC)

Mackenzie Financial Corp cut its stake in Commercial Metals (NYSE:CMC - Free Report) by 77.4% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 14,264 shares of the basic materials company's stock after selling 48,947 shares during the quarter. Mackenzie Financial Corp's holdings in Commercial Metals were worth $784,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. First Dallas Securities Inc. increased its position in Commercial Metals by 0.8% during the second quarter. First Dallas Securities Inc. now owns 22,234 shares of the basic materials company's stock worth $1,222,000 after purchasing an additional 185 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised 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 buying an additional 187 shares during the period. Congress Asset Management Co. MA lifted its holdings in Commercial Metals by 0.4% in the fourth quarter. Congress Asset Management Co. MA now owns 67,943 shares of the basic materials company's stock valued at $3,400,000 after acquiring an additional 251 shares during the last quarter. SummerHaven Investment Management LLC grew its position in Commercial Metals by 2.1% in the second quarter. SummerHaven Investment Management LLC now owns 13,615 shares of the basic materials company's stock worth $749,000 after acquiring an additional 276 shares during the period. Finally, GAMMA Investing LLC raised its position in Commercial Metals by 21.9% in the second quarter. GAMMA Investing LLC now owns 1,572 shares of the basic materials company's stock valued at $86,000 after purchasing an additional 282 shares during the period. Hedge funds and other institutional investors own 86.90% of the company's stock.

Analysts Set New Price Targets

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

Commercial Metals Stock Up 1.3 %

Shares of CMC stock traded up $0.70 during trading on Friday, reaching $53.35. The company's stock had a trading volume of 664,698 shares, compared to its average volume of 855,012. Commercial Metals has a 1-year low of $39.85 and a 1-year high of $61.26. The stock's 50-day moving average price is $53.35 and its 200 day moving average price is $54.74. The company has a market capitalization of $6.13 billion, a price-to-earnings ratio of 11.11 and a beta of 1.14. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.24 and a quick ratio of 2.83.

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.