Covea Finance Has $5.74 Million Stock Holdings in Commercial Metals Company $CMC

Key Points

• Covea Finance increased its stake in Commercial Metals Company by 38.9%, owning approximately 0.10% of the company, valued at $5.74 million after acquiring 32,900 shares.
• Several other institutional investors also expanded their holdings in Commercial Metals, with UMB Bank increasing its position by 77.8%.
• Despite missing earnings estimates with $0.74 EPS, analysts have varying ratings on the stock with a consensus target price of $60.39.

Covea Finance grew its stake in Commercial Metals Company (NYSE:CMC - Free Report) by 38.9% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 117,400 shares of the basic materials company's stock after purchasing an additional 32,900 shares during the quarter. Covea Finance owned about 0.10% of Commercial Metals worth $5,742,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in CMC. Hoey Investments Inc. increased its holdings in Commercial Metals by 17.4% during the 2nd quarter. Hoey Investments Inc. now owns 30,296 shares of the basic materials company's stock worth $1,482,000 after purchasing an additional 4,487 shares in the last quarter. Farther Finance Advisors LLC lifted its stake in Commercial Metals by 23.5% in the 2nd quarter. Farther Finance Advisors LLC now owns 7,550 shares of the basic materials company's stock valued at $369,000 after purchasing an additional 1,438 shares during the last quarter. UMB Bank n.a. lifted its stake in Commercial Metals by 77.8% in the 2nd quarter. UMB Bank n.a. now owns 1,394 shares of the basic materials company's stock valued at $68,000 after purchasing an additional 610 shares during the last quarter. Diversified Trust Co boosted its holdings in shares of Commercial Metals by 2.1% during the second quarter. Diversified Trust Co now owns 15,502 shares of the basic materials company's stock worth $758,000 after acquiring an additional 314 shares during the period. Finally, Assenagon Asset Management S.A. boosted its holdings in shares of Commercial Metals by 5.4% during the second quarter. Assenagon Asset Management S.A. now owns 53,113 shares of the basic materials company's stock worth $2,598,000 after acquiring an additional 2,699 shares during the period. Institutional investors and hedge funds own 86.90% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on CMC shares. Wells Fargo & Company lifted their price target on shares of Commercial Metals from $61.00 to $64.00 and gave the company an "overweight" rating in a research report on Friday. Bank of America boosted their target price on shares of Commercial Metals from $60.00 to $70.00 and gave the stock a "buy" rating in a research note on Monday, September 15th. Morgan Stanley set a $57.50 target price on shares of Commercial Metals in a research note on Wednesday, June 25th. BMO Capital Markets reissued a "market perform" rating and issued a $55.00 price objective (down previously from $57.00) on shares of Commercial Metals in a research note on Tuesday, June 24th. Finally, Jefferies Financial Group reaffirmed a "buy" rating on shares of Commercial Metals in a research report on Friday, June 20th. Five equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $60.39.

Commercial Metals Price Performance

Shares of NYSE:CMC opened at $57.62 on Tuesday. The stock has a market cap of $6.45 billion, a PE ratio of 185.85, a PEG ratio of 2.04 and a beta of 1.33. Commercial Metals Company has a 52 week low of $37.92 and a 52 week high of $64.53. The company has a quick ratio of 2.00, a current ratio of 2.86 and a debt-to-equity ratio of 0.32. The company's fifty day moving average is $55.65 and its 200 day moving average is $49.92.

Commercial Metals (NYSE:CMC - Get Free Report) last announced its quarterly earnings results on Monday, June 23rd. The basic materials company reported $0.74 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.85 by ($0.11). The firm had revenue of $2.02 billion during the quarter, compared to the consensus estimate of $2.04 billion. Commercial Metals had a return on equity of 7.45% and a net margin of 0.48%.Commercial Metals's revenue was down 2.8% on a year-over-year basis. During the same period last year, the business earned $1.02 EPS. Research analysts anticipate that Commercial Metals Company will post 3.09 earnings per share for the current year.

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.

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