Peirce Capital Management LLC Sells 1,291 Shares of Commercial Metals (NYSE:CMC)

Peirce Capital Management LLC decreased its holdings in Commercial Metals (NYSE:CMC) by 10.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,966 shares of the basic materials company’s stock after selling 1,291 shares during the period. Commercial Metals comprises approximately 0.3% of Peirce Capital Management LLC’s holdings, making the stock its 19th largest holding. Peirce Capital Management LLC’s holdings in Commercial Metals were worth $603,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in CMC. Cim LLC purchased a new stake in Commercial Metals in the fourth quarter worth about $2,120,000. Congress Asset Management Co. MA grew its holdings in Commercial Metals by 0.4% in the fourth quarter. Congress Asset Management Co. MA now owns 67,943 shares of the basic materials company’s stock worth $3,400,000 after purchasing an additional 251 shares during the last quarter. Wellington Management Group LLP increased its position in shares of Commercial Metals by 4.4% during the fourth quarter. Wellington Management Group LLP now owns 310,681 shares of the basic materials company’s stock worth $15,546,000 after purchasing an additional 13,073 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Commercial Metals by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 12,641,427 shares of the basic materials company’s stock valued at $632,577,000 after purchasing an additional 191,345 shares during the last quarter. Finally, Adirondack Trust Co. increased its position in Commercial Metals by 88.2% during the 4th quarter. Adirondack Trust Co. now owns 3,200 shares of the basic materials company’s stock valued at $173,000 after buying an additional 1,500 shares in the last quarter. 86.90% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CMC. Jefferies Financial Group started coverage on Commercial Metals in a research note on Tuesday, September 3rd. They issued a “buy” rating and a $65.00 price objective for the company. Bank of America lowered their price target on shares of Commercial Metals from $70.00 to $69.00 and set a “buy” rating on the stock in a report on Wednesday, June 26th. StockNews.com downgraded Commercial Metals from a “buy” rating to a “hold” rating in a research note on Thursday, June 20th. Finally, Wolfe Research downgraded Commercial Metals from an “outperform” rating to a “peer perform” rating in a report on Wednesday. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $61.40.

Commercial Metals Trading Up 0.7 %

Shares of Commercial Metals stock traded up $0.35 during mid-day trading on Thursday, hitting $52.94. The stock had a trading volume of 253,807 shares, compared to its average volume of 851,571. The firm has a 50-day moving average of $52.92 and a two-hundred day moving average of $54.64. The firm has a market cap of $6.09 billion, a P/E ratio of 10.95 and a beta of 1.14. 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 has a 12-month low of $39.85 and a 12-month high of $61.26.

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.