Commercial Metals (NYSE:CMC) Shares Sold by Acadian Asset Management LLC

Acadian Asset Management LLC decreased its position in shares of Commercial Metals (NYSE:CMC) by 96.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,479 shares of the basic materials company’s stock after selling 210,939 shares during the period. Acadian Asset Management LLC’s holdings in Commercial Metals were worth $466,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Rise Advisors LLC acquired a new stake in shares of Commercial Metals during the first quarter worth about $28,000. SYSTM Wealth Solutions LLC acquired a new stake in Commercial Metals during the 1st quarter worth approximately $44,000. Archer Investment Corp purchased a new position in Commercial Metals in the 2nd quarter valued at approximately $77,000. GAMMA Investing LLC boosted its position in Commercial Metals by 21.9% in the 2nd quarter. GAMMA Investing LLC now owns 1,572 shares of the basic materials company’s stock valued at $86,000 after buying an additional 282 shares during the period. Finally, Quest Partners LLC acquired a new position in shares of Commercial Metals in the fourth quarter worth $123,000. 86.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CMC has been the topic of several analyst reports. Jefferies Financial Group assumed coverage on Commercial Metals in a research note on Tuesday, September 3rd. They issued a “buy” rating and a $65.00 price objective on the stock. Bank of America decreased their price objective on Commercial Metals from $70.00 to $69.00 and set a “buy” rating for the company in a research note on Wednesday, June 26th. Finally, StockNews.com downgraded Commercial Metals from a “buy” rating to a “hold” rating in a research report on Thursday, June 20th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $61.40.

Commercial Metals Stock Performance

NYSE:CMC opened at $51.90 on Thursday. The firm has a market capitalization of $5.97 billion, a PE ratio of 10.84 and a beta of 1.15. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.24 and a quick ratio of 2.83. The business’s fifty day moving average price is $54.23 and its 200 day moving average price is $54.70. Commercial Metals has a 12 month low of $39.85 and a 12 month high of $61.26.

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

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.