Louisiana State Employees Retirement System Makes New Investment in Commercial Metals Company $CMC

Louisiana State Employees Retirement System bought a new position in shares of Commercial Metals Company (NYSE:CMC) during the 1st quarter, according to the company in its most recent filing with the SEC. The fund bought 32,200 shares of the basic materials company’s stock, valued at approximately $1,978,000.

Several other hedge funds have also modified their holdings of CMC. Artemis Investment Management LLP purchased a new stake in shares of Commercial Metals in the fourth quarter valued at approximately $103,962,000. Norges Bank purchased a new position in Commercial Metals in the fourth quarter worth $97,983,000. Encompass Capital Advisors LLC purchased a new position in Commercial Metals in the fourth quarter worth $41,523,000. Merewether Investment Management LP acquired a new stake in Commercial Metals in the third quarter valued at $26,847,000. Finally, UBS Group AG lifted its holdings in Commercial Metals by 41.8% in the third quarter. UBS Group AG now owns 1,521,130 shares of the basic materials company’s stock valued at $87,130,000 after acquiring an additional 448,083 shares during the period. 86.90% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have commented on CMC shares. Weiss Ratings restated a “hold (c)” rating on shares of Commercial Metals in a research report on Tuesday, June 9th. The Goldman Sachs Group initiated coverage on shares of Commercial Metals in a research note on Wednesday, April 1st. They issued a “neutral” rating and a $74.00 price objective for the company. Wall Street Zen downgraded shares of Commercial Metals from a “strong-buy” rating to a “buy” rating in a report on Saturday, April 4th. JPMorgan Chase & Co. lowered their target price on shares of Commercial Metals from $83.00 to $78.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 14th. Finally, BMO Capital Markets dropped their target price on shares of Commercial Metals from $80.00 to $77.00 and set a “market perform” rating for the company in a report on Monday. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $80.10.

Commercial Metals Stock Down 3.1%

CMC opened at $62.65 on Wednesday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.54 and a current ratio of 2.33. The company has a market cap of $6.95 billion, a price-to-earnings ratio of 11.80, a PEG ratio of 0.37 and a beta of 1.50. Commercial Metals Company has a one year low of $48.14 and a one year high of $84.87. The business’s fifty day moving average is $72.00 and its two-hundred day moving average is $71.24.

Commercial Metals (NYSE:CMC) last announced its quarterly earnings results on Thursday, June 25th. The basic materials company reported $1.73 earnings per share for the quarter, beating analysts’ consensus estimates of $1.70 by $0.03. The business had revenue of $2.48 billion during the quarter, compared to analysts’ expectations of $2.40 billion. Commercial Metals had a return on equity of 15.69% and a net margin of 6.72%.The business’s revenue for the quarter was up 22.9% on a year-over-year basis. During the same quarter last year, the business posted $0.74 earnings per share. Analysts anticipate that Commercial Metals Company will post 6.53 EPS for the current fiscal year.

Commercial Metals Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Monday, July 6th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.3%. The ex-dividend date is Monday, July 6th. Commercial Metals’s dividend payout ratio (DPR) is 15.07%.

Commercial Metals Company Profile

Commercial Metals Company (NYSE: CMC) is a leading global steel and metal recycler, manufacturer and fabricator based in Irving, Texas. The company operates an integrated network of scrap recycling facilities, electric arc furnace steel mills, metal fabrication plants and distribution centers. Through these operations, Commercial Metals collects and processes ferrous scrap to produce finished steel products and provides recycled metal to a variety of end markets.

In its steelmaking segment, CMC uses electric arc furnace technology to transform recycled scrap into reinforcing bar (rebar), merchant bar, coil and structural products.