Commercial Metals (NYSE:CMC) Shares Purchased by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. boosted its holdings in shares of Commercial Metals (NYSE:CMC) by 19.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 302,192 shares of the basic materials company’s stock after acquiring an additional 48,453 shares during the period. Envestnet Asset Management Inc. owned about 0.26% of Commercial Metals worth $16,618,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Rise Advisors LLC purchased a new stake in Commercial Metals in the 1st quarter valued at approximately $28,000. SYSTM Wealth Solutions LLC purchased a new stake in shares of Commercial Metals in the first quarter valued at $44,000. Archer Investment Corp acquired a new stake in shares of Commercial Metals during the second quarter valued at $77,000. GAMMA Investing LLC increased its position in Commercial Metals by 21.9% during the 2nd quarter. GAMMA Investing LLC now owns 1,572 shares of the basic materials company’s stock worth $86,000 after purchasing an additional 282 shares in the last quarter. Finally, Quest Partners LLC acquired a new position in Commercial Metals in the 4th quarter valued at about $123,000. Hedge funds and other institutional investors own 86.90% of the company’s stock.

Commercial Metals Stock Performance

Shares of CMC stock opened at $54.52 on Wednesday. The firm has a market capitalization of $6.27 billion, a price-to-earnings ratio of 11.36 and a beta of 1.15. The company has a 50 day moving average price of $54.04 and a 200 day moving average price of $54.71. Commercial Metals has a one year low of $39.85 and a one year 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.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CMC. StockNews.com downgraded shares of Commercial Metals from a “buy” rating to a “hold” rating in a report on Thursday, June 20th. Bank of America lowered their target price on shares of Commercial Metals from $70.00 to $69.00 and set a “buy” rating for the company in a research note on Wednesday, June 26th. Jefferies Financial Group began coverage on Commercial Metals in a research note on Tuesday, September 3rd. They set a “buy” rating and a $65.00 price target on the stock. Finally, Wolfe Research raised Commercial Metals from a “hold” rating to a “strong-buy” rating in a research report 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 stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $61.40.

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.