Quantbot Technologies LP Acquires 13,004 Shares of Commercial Metals (NYSE:CMC)

Quantbot Technologies LP increased its stake in Commercial Metals (NYSE:CMC) by 209.2% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,219 shares of the basic materials company’s stock after acquiring an additional 13,004 shares during the quarter. Quantbot Technologies LP’s holdings in Commercial Metals were worth $953,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. JPMorgan Chase & Co. grew its holdings in Commercial Metals by 6.5% in the third quarter. JPMorgan Chase & Co. now owns 1,081,153 shares of the basic materials company’s stock worth $59,420,000 after purchasing an additional 66,092 shares during the period. Principal Financial Group Inc. grew its stake in shares of Commercial Metals by 1.1% in the 3rd quarter. Principal Financial Group Inc. now owns 1,714,116 shares of the basic materials company’s stock valued at $94,208,000 after buying an additional 17,931 shares during the period. Assenagon Asset Management S.A. increased its position in Commercial Metals by 66.0% in the 4th quarter. Assenagon Asset Management S.A. now owns 71,151 shares of the basic materials company’s stock valued at $3,529,000 after buying an additional 28,297 shares in the last quarter. Vestcor Inc raised its stake in Commercial Metals by 108.0% during the 3rd quarter. Vestcor Inc now owns 18,103 shares of the basic materials company’s stock worth $995,000 after buying an additional 9,400 shares during the period. Finally, Covea Finance boosted its holdings in Commercial Metals by 44.2% in the fourth quarter. Covea Finance now owns 62,000 shares of the basic materials company’s stock worth $3,075,000 after acquiring an additional 19,000 shares in the last quarter. Institutional investors and hedge funds own 86.90% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on CMC. BMO Capital Markets decreased their price objective on Commercial Metals from $58.00 to $54.00 and set a “market perform” rating for the company in a report on Friday, March 21st. BNP Paribas lowered shares of Commercial Metals from an “outperform” rating to a “neutral” rating in a research note on Friday, January 3rd. Morgan Stanley dropped their price objective on shares of Commercial Metals from $56.00 to $53.00 and set an “equal weight” rating on the stock in a research note on Friday, March 7th. Jefferies Financial Group decreased their target price on shares of 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, The Goldman Sachs Group started coverage on shares of Commercial Metals in a research report on Monday, December 2nd. They issued a “buy” rating and a $75.00 price target on the stock. Six research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $60.33.

Commercial Metals Stock Performance

Shares of CMC stock opened at $48.58 on Wednesday. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.76 and a quick ratio of 1.94. The firm has a 50-day moving average of $48.86 and a 200-day moving average of $52.73. Commercial Metals has a one year low of $42.62 and a one year high of $64.53. The company has a market cap of $5.52 billion, a P/E ratio of 43.77, a P/E/G ratio of 2.62 and a beta of 1.17.

Commercial Metals (NYSE:CMC) last posted its quarterly earnings data on Thursday, March 20th. The basic materials company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.31 by ($0.05). Commercial Metals had a net margin of 1.70% and a return on equity of 9.88%. The firm had revenue of $1.75 billion during the quarter, compared to analysts’ expectations of $1.73 billion. During the same quarter last year, the business posted $0.88 EPS. The company’s quarterly revenue was down 5.1% on a year-over-year basis. Equities research analysts forecast that Commercial Metals will post 3.09 EPS for the current fiscal year.

Commercial Metals Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 9th. Investors of record on Monday, March 31st will be issued a dividend of $0.18 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.72 dividend on an annualized basis and a yield of 1.48%. Commercial Metals’s dividend payout ratio (DPR) is currently 120.00%.

About Commercial Metals

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.