Principal Financial Group Inc. raised its stake in Commercial Metals (NYSE:CMC - Free Report) by 1.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,714,116 shares of the basic materials company's stock after acquiring an additional 17,931 shares during the period. Principal Financial Group Inc. owned approximately 1.50% of Commercial Metals worth $94,208,000 as of its most recent SEC filing.
A number of other institutional investors have also recently modified their holdings of the stock. BNP Paribas Financial Markets grew its position in Commercial Metals by 61.9% during the 1st quarter. BNP Paribas Financial Markets now owns 67,054 shares of the basic materials company's stock valued at $3,941,000 after purchasing an additional 25,642 shares during the last quarter. Texas Permanent School Fund Corp lifted its stake in shares of Commercial Metals by 0.9% in the first quarter. Texas Permanent School Fund Corp now owns 101,862 shares of the basic materials company's stock worth $5,986,000 after buying an additional 873 shares in the last quarter. Duality Advisers LP grew its holdings in shares of Commercial Metals by 128.1% during the first quarter. Duality Advisers LP now owns 14,125 shares of the basic materials company's stock valued at $830,000 after buying an additional 7,933 shares during the last quarter. Illinois Municipal Retirement Fund grew its holdings in shares of Commercial Metals by 18.0% during the first quarter. Illinois Municipal Retirement Fund now owns 42,577 shares of the basic materials company's stock valued at $2,502,000 after buying an additional 6,506 shares during the last quarter. Finally, Quantum Private Wealth LLC increased its position in shares of Commercial Metals by 55.6% during the first quarter. Quantum Private Wealth LLC now owns 10,918 shares of the basic materials company's stock valued at $642,000 after acquiring an additional 3,900 shares in the last quarter. 86.90% of the stock is owned by hedge funds and other institutional investors.
NYSE CMC opened at $62.26 on Friday. The company has a debt-to-equity ratio of 0.27, a current ratio of 3.94 and a quick ratio of 2.78. Commercial Metals has a 1-year low of $43.52 and a 1-year high of $62.94. The stock has a market capitalization of $7.09 billion, a price-to-earnings ratio of 15.04, a PEG ratio of 2.17 and a beta of 1.14. The business's fifty day moving average price is $53.50 and its 200-day moving average price is $54.33.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st will be given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 1.16%. The ex-dividend date of this dividend is Thursday, October 31st. Commercial Metals's payout ratio is currently 17.39%.
CMC has been the topic of several analyst reports. Wolfe Research cut Commercial Metals from an "outperform" rating to a "peer perform" rating in a research report on Wednesday, October 9th. Jefferies Financial Group assumed coverage on Commercial Metals in a report on Tuesday, September 3rd. They set a "buy" rating and a $65.00 price target on the stock. Finally, BMO Capital Markets set a $62.00 price objective on Commercial Metals and gave the stock a "market perform" rating in a report on Friday, October 18th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, Commercial Metals has a consensus rating of "Moderate Buy" and a consensus target price of $65.25.
Check Out Our Latest Research Report on CMC
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.
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