Raymond James Financial Inc. Makes New Investment in Commercial Metals (NYSE:CMC)

Raymond James Financial Inc. purchased a new stake in Commercial Metals (NYSE:CMC - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 222,831 shares of the basic materials company's stock, valued at approximately $11,052,000. Raymond James Financial Inc. owned 0.20% of Commercial Metals at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Arizona State Retirement System lifted its position in Commercial Metals by 0.8% in the 4th quarter. Arizona State Retirement System now owns 33,373 shares of the basic materials company's stock valued at $1,655,000 after acquiring an additional 262 shares in the last quarter. M&T Bank Corp lifted its holdings in shares of Commercial Metals by 12.7% in the fourth quarter. M&T Bank Corp now owns 4,429 shares of the basic materials company's stock valued at $219,000 after purchasing an additional 498 shares in the last quarter. Assetmark Inc. boosted its position in shares of Commercial Metals by 8.2% during the fourth quarter. Assetmark Inc. now owns 4,980 shares of the basic materials company's stock valued at $247,000 after buying an additional 378 shares during the last quarter. Victory Capital Management Inc. grew its holdings in Commercial Metals by 11.3% during the fourth quarter. Victory Capital Management Inc. now owns 2,422,427 shares of the basic materials company's stock worth $120,152,000 after buying an additional 245,468 shares in the last quarter. Finally, Keybank National Association OH raised its position in Commercial Metals by 23.1% in the 4th quarter. Keybank National Association OH now owns 9,503 shares of the basic materials company's stock valued at $471,000 after buying an additional 1,783 shares during the last quarter. Institutional investors own 86.90% of the company's stock.

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Analyst Ratings Changes

Several research firms have recently issued reports on CMC. Morgan Stanley reduced their target price on shares of Commercial Metals from $56.00 to $53.00 and set an "equal weight" rating for the company in a research note on Friday, March 7th. BNP Paribas cut shares of Commercial Metals from an "outperform" rating to a "neutral" rating in a report on Friday, January 3rd. The Goldman Sachs Group initiated coverage on shares of Commercial Metals in a research note on Monday, December 2nd. They issued a "buy" rating and a $75.00 price objective for the company. Jefferies Financial Group cut their target price on Commercial Metals from $65.00 to $62.00 and set a "buy" rating on the stock in a research note on Monday, January 6th. Finally, UBS Group decreased their price target on Commercial Metals from $54.00 to $49.00 and set a "neutral" rating for the company in a research report on Monday. Six research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat.com, Commercial Metals presently has an average rating of "Hold" and a consensus price target of $60.33.

Commercial Metals Stock Performance

Shares of CMC stock traded up $2.30 during trading hours on Monday, hitting $48.89. 1,568,190 shares of the company were exchanged, compared to its average volume of 866,506. The company has a current ratio of 2.76, a quick ratio of 1.94 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $5.56 billion, a price-to-earnings ratio of 44.04, a P/E/G ratio of 2.62 and a beta of 1.17. The firm has a fifty day simple moving average of $48.86 and a 200 day simple moving average of $52.75. Commercial Metals has a 52-week low of $42.62 and a 52-week high of $64.53.

Commercial Metals (NYSE:CMC - Get Free Report) last released its earnings results on Thursday, March 20th. The basic materials company reported $0.26 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.31 by ($0.05). Commercial Metals had a return on equity of 9.88% and a net margin of 1.70%. The firm had revenue of $1.75 billion during the quarter, compared to analysts' expectations of $1.73 billion. During the same period in the prior year, the business earned $0.88 earnings per share. The business's quarterly revenue was down 5.1% compared to the same quarter last year. Research analysts predict that Commercial Metals will post 3.09 earnings per share for the current fiscal year.

Commercial Metals Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 9th. Shareholders of record on Monday, March 31st will be issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.47%. The ex-dividend date of this dividend is Monday, March 31st. Commercial Metals's dividend payout ratio (DPR) is presently 120.00%.

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.