Assenagon Asset Management S.A. Acquires 28,297 Shares of Commercial Metals (NYSE:CMC)

Assenagon Asset Management S.A. lifted its holdings in Commercial Metals (NYSE:CMC) by 66.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 71,151 shares of the basic materials company’s stock after buying an additional 28,297 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.06% of Commercial Metals worth $3,529,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. Fulton Bank N.A. boosted its holdings in Commercial Metals by 36.3% in the fourth quarter. Fulton Bank N.A. now owns 7,635 shares of the basic materials company’s stock worth $379,000 after acquiring an additional 2,032 shares in the last quarter. Nordea Investment Management AB boosted its stake in Commercial Metals by 3.4% in the 4th quarter. Nordea Investment Management AB now owns 248,166 shares of the basic materials company’s stock worth $12,381,000 after purchasing an additional 8,226 shares in the last quarter. GAMMA Investing LLC grew its position in Commercial Metals by 56.6% during the 4th quarter. GAMMA Investing LLC now owns 2,611 shares of the basic materials company’s stock valued at $130,000 after purchasing an additional 944 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Commercial Metals by 6.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,081,153 shares of the basic materials company’s stock valued at $59,420,000 after purchasing an additional 66,092 shares in the last quarter. Finally, Principal Financial Group Inc. raised its holdings in Commercial Metals by 1.1% in the third quarter. Principal Financial Group Inc. now owns 1,714,116 shares of the basic materials company’s stock worth $94,208,000 after buying an additional 17,931 shares during the last quarter. 86.90% of the stock is currently owned by institutional investors.

Commercial Metals Price Performance

CMC stock opened at $51.64 on Wednesday. The company has a market capitalization of $5.87 billion, a PE ratio of 46.52, a price-to-earnings-growth ratio of 2.45 and a beta of 1.19. The company’s fifty day moving average price is $55.13 and its 200-day moving average price is $54.69. Commercial Metals has a one year low of $45.50 and a one year high of $64.53. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.94 and a current ratio of 2.76.

Commercial Metals (NYSE:CMC) last posted its earnings results on Monday, January 6th. The basic materials company reported $0.78 EPS for the quarter, hitting analysts’ consensus estimates of $0.78. The company had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.85 billion. Commercial Metals had a return on equity of 9.88% and a net margin of 1.70%. The firm’s revenue for the quarter was down 4.7% on a year-over-year basis. During the same period in the previous year, the business earned $1.49 earnings per share. On average, equities analysts anticipate that Commercial Metals will post 3.28 EPS for the current fiscal year.

Commercial Metals Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 30th. Investors of record on Thursday, January 16th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.39%. The ex-dividend date is Thursday, January 16th. Commercial Metals’s payout ratio is 64.86%.

Wall Street Analysts Forecast Growth

CMC has been the topic of several recent analyst reports. The Goldman Sachs Group started coverage on Commercial Metals in a research report on Monday, December 2nd. They set a “buy” rating and a $75.00 price objective on the stock. Jefferies Financial Group dropped their price target on shares of Commercial Metals from $65.00 to $62.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Morgan Stanley initiated coverage on shares of Commercial Metals in a report on Thursday, December 19th. They set an “equal weight” rating and a $65.00 price objective for the company. BMO Capital Markets dropped their target price on shares of Commercial Metals from $62.00 to $58.00 and set a “market perform” rating on the stock in a report on Friday, January 3rd. Finally, BNP Paribas downgraded shares of Commercial Metals from an “outperform” rating to a “neutral” rating in a research report on Friday, January 3rd. Six research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $63.83.

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.