Massachusetts Financial Services Co. MA Acquires 1,340 Shares of Commercial Metals (NYSE:CMC)

Massachusetts Financial Services Co. MA grew its holdings in shares of Commercial Metals (NYSE:CMC) by 10.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 14,566 shares of the basic materials company’s stock after acquiring an additional 1,340 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Commercial Metals were worth $801,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. First Dallas Securities Inc. grew its stake in Commercial Metals by 0.8% in the 2nd quarter. First Dallas Securities Inc. now owns 22,234 shares of the basic materials company’s stock worth $1,222,000 after buying an additional 185 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its position in Commercial Metals by 0.7% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 26,778 shares of the basic materials company’s stock worth $1,473,000 after acquiring an additional 187 shares in the last quarter. Congress Asset Management Co. MA increased its stake 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 raised its position in Commercial Metals by 2.1% during the second quarter. SummerHaven Investment Management LLC now owns 13,615 shares of the basic materials company’s stock valued at $749,000 after purchasing an additional 276 shares in the last quarter. Finally, GAMMA Investing LLC lifted its stake in Commercial Metals by 21.9% during the second quarter. GAMMA Investing LLC now owns 1,572 shares of the basic materials company’s stock worth $86,000 after purchasing an additional 282 shares during the last quarter. Hedge funds and other institutional investors own 86.90% of the company’s stock.

Commercial Metals Stock Performance

NYSE:CMC opened at $53.27 on Monday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.83 and a current ratio of 4.24. Commercial Metals has a fifty-two week low of $39.85 and a fifty-two week high of $61.26. The firm has a market cap of $6.13 billion, a PE ratio of 11.10 and a beta of 1.15. The business has a 50 day moving average price of $54.17 and a 200-day moving average price of $54.71.

Commercial Metals (NYSE:CMC) last announced its quarterly earnings results on Thursday, June 20th. The basic materials company reported $1.02 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.02. Commercial Metals had a net margin of 6.95% and a return on equity of 14.62%. The business had revenue of $2.08 billion during the quarter, compared to analysts’ expectations of $2.02 billion. During the same quarter in the prior year, the company posted $2.02 EPS. The firm’s revenue for the quarter was down 11.4% compared to the same quarter last year. Equities research analysts predict that Commercial Metals will post 4.33 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have recently commented on CMC shares. StockNews.com lowered 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 report on Wednesday, June 26th. Jefferies Financial Group began coverage on shares of Commercial Metals in a report on Tuesday, September 3rd. They issued a “buy” rating and a $65.00 price objective for the company. Finally, Wolfe Research raised shares of Commercial Metals from a “hold” rating to a “strong-buy” rating in a report on Wednesday, September 18th. Three investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $61.40.

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.