Commercial Metals (NYSE:CMC) Shares Purchased by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. boosted its position in Commercial Metals (NYSE:CMC) by 15.6% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 42,854 shares of the basic materials company’s stock after purchasing an additional 5,786 shares during the period. Assenagon Asset Management S.A.’s holdings in Commercial Metals were worth $2,355,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC lifted its position in shares of Commercial Metals by 1,701.0% during 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 acquiring an additional 215,131 shares during the last quarter. State of Michigan Retirement System increased its stake in shares of Commercial Metals by 1.8% in the first quarter. State of Michigan Retirement System now owns 28,537 shares of the basic materials company’s stock worth $1,677,000 after acquiring an additional 500 shares during the last quarter. BNP Paribas Financial Markets increased its stake in shares of Commercial Metals by 61.9% in the first quarter. BNP Paribas Financial Markets now owns 67,054 shares of the basic materials company’s stock worth $3,941,000 after acquiring an additional 25,642 shares during the last quarter. Capstone Investment Advisors LLC acquired a new position in shares of Commercial Metals in the first quarter worth $611,000. Finally, Jennison Associates LLC increased its stake in shares of Commercial Metals by 49.8% in the first quarter. Jennison Associates LLC now owns 21,272 shares of the basic materials company’s stock worth $1,250,000 after acquiring an additional 7,068 shares during the last quarter. 86.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CMC. BMO Capital Markets set a $62.00 price objective on shares of Commercial Metals and gave the stock a “market perform” rating in a report on Friday, October 18th. 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 cut shares of Commercial Metals from an “outperform” rating to a “peer perform” rating in a report 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 stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $65.25.

Commercial Metals Stock Down 1.1 %

NYSE:CMC opened at $53.79 on Friday. The stock’s fifty day moving average price is $52.92 and its two-hundred day moving average price is $54.22. Commercial Metals has a 52-week low of $42.07 and a 52-week high of $61.26. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.83 and a current ratio of 4.24. The company has a market cap of $6.13 billion, a price-to-earnings ratio of 12.99 and a beta of 1.14.

Commercial Metals Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Thursday, October 31st will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.34%. The ex-dividend date is Thursday, October 31st. Commercial Metals’s dividend payout ratio is 17.39%.

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.