Ballentine Partners LLC Takes $271,000 Position in Commercial Metals Company $CMC

Key Points

• Ballentine Partners LLC has acquired a new position in Commercial Metals Company, purchasing 5,545 shares valued at approximately $271,000 in the second quarter.
• Multiple institutional investors have increased their stakes in Commercial Metals, with significant increases observed from National Bank of Canada FI and UMB Bank n.a., highlighting strong institutional interest in the company.
• Analysts have set new target prices for Commercial Metals, with recommendations ranging from $54.00 to $70.00, indicating a generally positive outlook from various financial institutions.

Ballentine Partners LLC acquired a new position in shares of Commercial Metals Company (NYSE:CMC - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 5,545 shares of the basic materials company's stock, valued at approximately $271,000.

A number of other institutional investors have also recently bought and sold shares of CMC. National Bank of Canada FI raised its stake in Commercial Metals by 80.3% during the first quarter. National Bank of Canada FI now owns 548 shares of the basic materials company's stock worth $25,000 after purchasing an additional 244 shares during the period. UMB Bank n.a. raised its holdings in Commercial Metals by 51.9% in the first quarter. UMB Bank n.a. now owns 784 shares of the basic materials company's stock valued at $36,000 after buying an additional 268 shares during the period. Wayfinding Financial LLC purchased a new stake in shares of Commercial Metals in the first quarter worth about $47,000. Fifth Third Bancorp boosted its position in Commercial Metals by 21.2% in the 1st quarter. Fifth Third Bancorp now owns 1,595 shares of the basic materials company's stock valued at $73,000 after buying an additional 279 shares during the last quarter. Finally, Parallel Advisors LLC grew its stake in Commercial Metals by 22.0% during the 1st quarter. Parallel Advisors LLC now owns 2,312 shares of the basic materials company's stock valued at $106,000 after purchasing an additional 417 shares in the last quarter. 86.90% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CMC has been the subject of several recent research reports. JPMorgan Chase & Co. boosted their target price on shares of Commercial Metals from $52.00 to $54.00 and gave the company a "neutral" rating in a research note on Monday, July 14th. Wells Fargo & Company upped their price target on shares of Commercial Metals from $61.00 to $64.00 and gave the company an "overweight" rating in a report on Friday, September 19th. UBS Group lifted their price objective on shares of Commercial Metals from $48.00 to $56.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 13th. BMO Capital Markets reissued a "market perform" rating and set a $55.00 target price (down from $57.00) on shares of Commercial Metals in a research note on Tuesday, June 24th. Finally, Bank of America boosted their target price on Commercial Metals from $60.00 to $70.00 and gave the stock a "buy" rating in a research report on Monday, September 15th. Five equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, Commercial Metals presently has a consensus rating of "Moderate Buy" and an average target price of $60.39.

Commercial Metals Stock Up 1.9%

Shares of Commercial Metals stock opened at $58.74 on Monday. The firm has a market cap of $6.57 billion, a price-to-earnings ratio of 189.47, a P/E/G ratio of 2.05 and a beta of 1.33. The stock has a 50-day simple moving average of $56.11 and a 200-day simple moving average of $50.29. Commercial Metals Company has a 52-week low of $37.92 and a 52-week high of $64.53. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.86 and a quick ratio of 2.00.

Commercial Metals 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.

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