Van ECK Associates Corp Increases Stock Holdings in Commercial Metals (NYSE:CMC)

Van ECK Associates Corp raised its position in Commercial Metals (NYSE:CMC - Free Report) by 204.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 420,808 shares of the basic materials company's stock after acquiring an additional 282,511 shares during the quarter. Van ECK Associates Corp owned approximately 0.37% of Commercial Metals worth $21,570,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in CMC. Boston Partners boosted its stake in shares of Commercial Metals by 23,390.7% in the 1st quarter. Boston Partners now owns 3,076,337 shares of the basic materials company's stock valued at $180,752,000 after buying an additional 3,063,241 shares during the period. Thompson Siegel & Walmsley LLC purchased a new position in shares of Commercial Metals in the 2nd quarter valued at about $50,132,000. Jacobs Levy Equity Management Inc. boosted its stake 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 buying an additional 237,477 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in shares of Commercial Metals by 1,701.0% in 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 buying an additional 215,131 shares during the period. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its stake in shares of Commercial Metals by 163.5% in the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 219,770 shares of the basic materials company's stock valued at $11,756,000 after buying an additional 136,367 shares during the period. Hedge funds and other institutional investors own 86.90% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CMC. BMO Capital Markets set a $62.00 price objective on Commercial Metals and gave the company a "market perform" rating in a research note on Friday, October 18th. Jefferies Financial Group began coverage on Commercial Metals in a research note on Tuesday, September 3rd. They set a "buy" rating and a $65.00 target price for the company. Finally, Wolfe Research cut Commercial Metals from an "outperform" rating to a "peer perform" rating in a research note on Wednesday, October 9th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $65.25.

Commercial Metals Stock Performance

Shares of NYSE:CMC traded up $1.29 during trading on Tuesday, reaching $55.25. The company had a trading volume of 776,031 shares, compared to its average volume of 859,343. Commercial Metals has a fifty-two week low of $43.52 and a fifty-two week high of $61.26. The company has a debt-to-equity ratio of 0.27, a current ratio of 3.94 and a quick ratio of 2.78. The stock's fifty day moving average price is $52.94 and its 200 day moving average price is $54.18. The firm has a market capitalization of $6.29 billion, a price-to-earnings ratio of 13.19, a price-to-earnings-growth ratio of 2.18 and a beta of 1.14.

Commercial Metals Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st will be given a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.30%. The ex-dividend date of this dividend is Thursday, October 31st. Commercial Metals's payout ratio is 17.39%.

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.