Algert Global LLC Boosts Stock Position in Commercial Metals (NYSE:CMC)

Algert Global LLC grew its stake in shares of Commercial Metals (NYSE:CMC) by 82.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 60,334 shares of the basic materials company’s stock after acquiring an additional 27,324 shares during the period. Algert Global LLC owned 0.05% of Commercial Metals worth $3,318,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in CMC. Rise Advisors LLC bought a new position in Commercial Metals in the first quarter valued at $28,000. SYSTM Wealth Solutions LLC purchased a new stake in Commercial Metals in the first quarter worth about $44,000. Archer Investment Corp bought a new position in shares of Commercial Metals during the second quarter valued at approximately $77,000. GAMMA Investing LLC increased its stake in shares of Commercial Metals by 21.9% during 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 in the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Commercial Metals during the second quarter valued at approximately $129,000. Hedge funds and other institutional investors own 86.90% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on CMC. StockNews.com downgraded shares of Commercial Metals from a “buy” rating to a “hold” rating in a research report on Thursday, June 20th. Bank of America dropped 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. Jefferies Financial Group started coverage on shares of Commercial Metals in a research note on Tuesday, September 3rd. They set a “buy” rating and a $65.00 target price on the stock. Finally, Wolfe Research upgraded shares of Commercial Metals from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, September 18th. Three research 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’s stock. Based on data from MarketBeat.com, Commercial Metals currently has an average rating of “Moderate Buy” and a consensus price target of $61.40.

Commercial Metals Stock Performance

Shares of CMC stock opened at $54.96 on Tuesday. The business’s fifty day simple moving average is $53.77 and its 200-day simple moving average is $54.76. The company has a current ratio of 4.24, a quick ratio of 2.83 and a debt-to-equity ratio of 0.27. Commercial Metals has a 12-month low of $39.85 and a 12-month high of $61.26. The company has a market cap of $6.32 billion, a PE ratio of 11.45 and a beta of 1.15.

Commercial Metals Company 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.