Chesapeake Capital Corp IL Acquires New Holdings in Commercial Metals (NYSE:CMC)

Chesapeake Capital Corp IL purchased a new position in shares of Commercial Metals (NYSE:CMC) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 6,544 shares of the basic materials company’s stock, valued at approximately $325,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of CMC. Heck Capital Advisors LLC purchased a new stake in Commercial Metals during the fourth quarter worth about $34,000. V Square Quantitative Management LLC increased its stake in Commercial Metals by 60.7% during the fourth quarter. V Square Quantitative Management LLC now owns 707 shares of the basic materials company’s stock worth $35,000 after purchasing an additional 267 shares during the period. Jones Financial Companies Lllp increased its stake in Commercial Metals by 22.0% during the fourth quarter. Jones Financial Companies Lllp now owns 1,646 shares of the basic materials company’s stock worth $82,000 after purchasing an additional 297 shares during the period. Amundi increased its stake in Commercial Metals by 29.9% during the fourth quarter. Amundi now owns 2,189 shares of the basic materials company’s stock worth $108,000 after purchasing an additional 504 shares during the period. Finally, GAMMA Investing LLC increased its stake in Commercial Metals by 56.6% during the fourth quarter. GAMMA Investing LLC now owns 2,611 shares of the basic materials company’s stock worth $130,000 after purchasing an additional 944 shares during the period. 86.90% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. The Goldman Sachs Group started coverage on shares of Commercial Metals in a research note on Monday, December 2nd. They set a “buy” rating and a $75.00 price target on the stock. UBS Group raised Commercial Metals from a “sell” rating to a “neutral” rating and lowered their price objective for the stock from $56.00 to $54.00 in a research report on Friday, January 10th. BNP Paribas downgraded Commercial Metals from an “outperform” rating to a “neutral” rating in a research report on Friday, January 3rd. Jefferies Financial Group lowered their price objective on Commercial Metals from $65.00 to $62.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Finally, BMO Capital Markets lowered their price objective on Commercial Metals from $62.00 to $58.00 and set a “market perform” rating for the company in a research report on Friday, January 3rd. Six equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $61.83.

Commercial Metals Stock Performance

Shares of CMC opened at $46.30 on Wednesday. The stock has a 50 day moving average price of $48.89 and a 200 day moving average price of $52.85. The company has a quick ratio of 1.94, a current ratio of 2.76 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $5.26 billion, a price-to-earnings ratio of 41.71, a price-to-earnings-growth ratio of 2.62 and a beta of 1.17. Commercial Metals has a 52-week low of $42.62 and a 52-week high of $64.53.

Commercial Metals (NYSE:CMC) last announced its quarterly earnings results on Monday, January 6th. The basic materials company reported $0.78 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.78. The firm had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.85 billion. Commercial Metals had a return on equity of 9.88% and a net margin of 1.70%. The firm’s quarterly revenue was down 4.7% compared to the same quarter last year. During the same period in the prior year, the company posted $1.49 earnings per share. Research analysts predict that Commercial Metals will post 3.09 EPS for the current fiscal year.

Commercial Metals Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 30th. Stockholders of record on Thursday, January 16th were issued a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 1.56%. The ex-dividend date was Thursday, January 16th. Commercial Metals’s payout ratio is currently 64.86%.

Commercial Metals Company 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.