State of New Jersey Common Pension Fund D Has $2.58 Million Holdings in Commercial Metals (NYSE:CMC)

State of New Jersey Common Pension Fund D trimmed its position in Commercial Metals (NYSE:CMC) by 21.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 46,866 shares of the basic materials company’s stock after selling 13,008 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Commercial Metals were worth $2,577,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Rise Advisors LLC acquired a new stake in shares of Commercial Metals in the 1st quarter valued at approximately $28,000. SYSTM Wealth Solutions LLC acquired a new stake in shares of Commercial Metals in the 1st quarter valued at approximately $44,000. Archer Investment Corp acquired a new stake in shares of Commercial Metals in the 2nd quarter valued at approximately $77,000. GAMMA Investing LLC raised its position in shares of 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 acquiring an additional 282 shares during the period. Finally, Quest Partners LLC acquired a new stake in shares of Commercial Metals in the 4th quarter valued at approximately $123,000. 86.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. 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 lowered their target price 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, Jefferies Financial Group assumed coverage on Commercial Metals in a research note on Tuesday, September 3rd. They set a “buy” rating and a $65.00 target price for the company. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, Commercial Metals currently has a consensus rating of “Moderate Buy” and a consensus price target of $61.40.

Commercial Metals Price Performance

Shares of CMC opened at $51.90 on Thursday. The stock has a market capitalization of $5.97 billion, a P/E ratio of 10.81 and a beta of 1.15. Commercial Metals has a twelve month low of $39.85 and a twelve month high of $61.26. The company has a 50 day moving average of $54.23 and a 200-day moving average of $54.70. The company has a quick ratio of 2.83, a current ratio of 4.24 and a debt-to-equity ratio of 0.27.

Commercial Metals (NYSE:CMC) last issued its quarterly 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 company had revenue of $2.08 billion during the quarter, compared to analysts’ expectations of $2.02 billion. Commercial Metals had a net margin of 6.95% and a return on equity of 14.62%. The business’s quarterly revenue was down 11.4% on a year-over-year basis. During the same period last year, the business earned $2.02 EPS. As a group, equities research analysts forecast that Commercial Metals will post 4.33 EPS for the current fiscal year.

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.