Morris Financial Concepts Inc. Purchases Shares of 4,291 Commercial Metals Company $CMC

Key Points

• Morris Financial Concepts Inc. acquired 4,291 shares of Commercial Metals Company (NYSE: CMC) valued at approximately $210,000 during the second quarter, according to its latest SEC filing.
• Other major investors have also increased their stakes in the company, with National Bank of Canada FI raising its position by 80.3% and Signaturefd LLC increasing its holdings by over 51%.
• Wall Street analysts have shown positive sentiment towards CMC, with multiple upgrades and a consensus price target of $61.39, indicating a generally favorable outlook for the stock.

Morris Financial Concepts Inc. purchased a new stake in shares of Commercial Metals Company (NYSE:CMC - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 4,291 shares of the basic materials company's stock, valued at approximately $210,000.

Other large investors have also added to or reduced their stakes in the company. National Bank of Canada FI raised its position 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 valued at $25,000 after purchasing an additional 244 shares in the last quarter. Signaturefd LLC increased its holdings in shares of Commercial Metals by 51.4% in the second quarter. Signaturefd LLC now owns 890 shares of the basic materials company's stock worth $44,000 after buying an additional 302 shares during the period. Wayfinding Financial LLC purchased a new position in shares of Commercial Metals in the first quarter worth about $47,000. UMB Bank n.a. increased its holdings in shares of Commercial Metals by 77.8% in the second quarter. UMB Bank n.a. now owns 1,394 shares of the basic materials company's stock worth $68,000 after buying an additional 610 shares during the period. Finally, Fifth Third Bancorp increased its holdings in shares of Commercial Metals by 21.2% in the first quarter. Fifth Third Bancorp now owns 1,595 shares of the basic materials company's stock worth $73,000 after buying an additional 279 shares during the period. Hedge funds and other institutional investors own 86.90% of the company's stock.

Commercial Metals Stock Performance

Shares of CMC opened at $60.50 on Wednesday. The stock has a market cap of $6.77 billion, a P/E ratio of 195.15, a P/E/G ratio of 2.07 and a beta of 1.32. 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 business's 50 day moving average price is $57.60 and its 200-day moving average price is $51.21.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CMC. Wall Street Zen upgraded Commercial Metals from a "hold" rating to a "buy" rating in a report on Sunday. Morgan Stanley set a $57.50 price objective on Commercial Metals in a research report on Wednesday, June 25th. Wolfe Research raised Commercial Metals from a "peer perform" rating to an "outperform" rating in a research report on Friday, June 20th. Wells Fargo & Company lifted their price objective on Commercial Metals from $61.00 to $64.00 and gave the company an "overweight" rating in a research report on Friday, September 19th. Finally, JPMorgan Chase & Co. lifted their price objective on Commercial Metals from $54.00 to $63.00 and gave the company a "neutral" rating in a research report on Monday. Five analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, Commercial Metals has a consensus rating of "Hold" and a consensus price target of $61.39.

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.

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