Advisors Asset Management Inc. cut its position in Commercial Metals Company (NYSE:CMC) by 31.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 86,435 shares of the basic materials company’s stock after selling 40,483 shares during the period. Advisors Asset Management Inc. owned approximately 0.07% of Commercial Metals worth $1,679,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in CMC. Arizona State Retirement System increased its position in Commercial Metals by 1.5% in the second quarter. Arizona State Retirement System now owns 48,800 shares of the basic materials company’s stock worth $948,000 after buying an additional 700 shares during the last quarter. Schwab Charles Investment Management Inc. increased its position in Commercial Metals by 3.6% in the second quarter. Schwab Charles Investment Management Inc. now owns 615,915 shares of the basic materials company’s stock worth $11,968,000 after buying an additional 21,272 shares during the last quarter. HL Financial Services LLC bought a new position in Commercial Metals during the second quarter worth about $306,000. Mesirow Financial Investment Management Equity Management increased its position in Commercial Metals by 41.6% in the second quarter. Mesirow Financial Investment Management Equity Management now owns 965,450 shares of the basic materials company’s stock worth $18,761,000 after buying an additional 283,600 shares during the last quarter. Finally, Palisade Capital Management LLC NJ increased its position in Commercial Metals by 2.5% in the second quarter. Palisade Capital Management LLC NJ now owns 587,029 shares of the basic materials company’s stock worth $11,406,000 after buying an additional 14,123 shares during the last quarter. 91.37% of the stock is owned by institutional investors.
Shares of Commercial Metals Company (NYSE:CMC) opened at 17.70 on Friday. The stock has a market cap of $2.05 billion, a PE ratio of 27.36 and a beta of 1.22. The firm has a 50-day moving average of $18.89 and a 200-day moving average of $19.09. Commercial Metals Company has a one year low of $14.57 and a one year high of $24.64.
Commercial Metals (NYSE:CMC) last issued its earnings results on Thursday, June 22nd. The basic materials company reported $0.34 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.23 by $0.11. The firm had revenue of $1.38 billion for the quarter, compared to analysts’ expectations of $1.34 billion. Commercial Metals had a net margin of 1.57% and a return on equity of 7.84%. The firm’s revenue was up 12.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.31 earnings per share. On average, equities research analysts expect that Commercial Metals Company will post $0.90 earnings per share for the current fiscal year.
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A number of research firms recently issued reports on CMC. Clarkson Capital reissued a “sell” rating and issued a $16.00 price target on shares of Commercial Metals in a research note on Tuesday, August 15th. BidaskClub cut shares of Commercial Metals from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. Jefferies Group LLC restated a “hold” rating and issued a $19.00 price objective on shares of Commercial Metals in a report on Wednesday, June 28th. Bank of America Corporation restated a “neutral” rating and issued a $20.00 price objective (up previously from $19.00) on shares of Commercial Metals in a report on Sunday, June 25th. Finally, Zacks Investment Research cut shares of Commercial Metals from a “hold” rating to a “sell” rating in a report on Tuesday, June 20th. Three research analysts have rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the stock. Commercial Metals presently has an average rating of “Hold” and a consensus price target of $21.75.
Commercial Metals Company Profile
Commercial Metals Company, together with its subsidiaries, manufactures, recycles and markets steel and metal products, related materials and services through a network. The Company’s Americas Recycling segment processes scrap metals for use as a raw material by manufacturers of new metal products. The Americas Mills segment consists of steel mills, commonly referred to as minimills that produce reinforcing bar (rebar), angles, flats and rounds.
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