30,600 Shares in Commercial Metals Company $CMC Bought by Strs Ohio

Key Points

• Strs Ohio has acquired a new stake in Commercial Metals Company, purchasing 30,600 shares valued at approximately $1.408 million in the first quarter.
• Commercial Metals Company reported earnings per share (EPS) of $0.74 for the latest quarter, missing expectations of $0.85, and a revenue of $2.02 billion, slightly below the projected $2.04 billion.
• Several analysts have recently increased their price targets for Commercial Metals, with Bank of America raising theirs from $60.00 to $70.00 and maintaining a "buy" rating.

Strs Ohio acquired a new position in Commercial Metals Company (NYSE:CMC - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 30,600 shares of the basic materials company's stock, valued at approximately $1,408,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Cetera Investment Advisers grew its position in shares of Commercial Metals by 36.0% in the 4th quarter. Cetera Investment Advisers now owns 6,567 shares of the basic materials company's stock worth $326,000 after buying an additional 1,738 shares during the period. Nomura Holdings Inc. purchased a new stake in shares of Commercial Metals during the 4th quarter valued at about $748,000. ProShare Advisors LLC boosted its holdings in shares of Commercial Metals by 39.2% during the 4th quarter. ProShare Advisors LLC now owns 37,417 shares of the basic materials company's stock valued at $1,856,000 after acquiring an additional 10,534 shares during the last quarter. State of Wyoming boosted its holdings in shares of Commercial Metals by 237.4% during the 4th quarter. State of Wyoming now owns 5,652 shares of the basic materials company's stock valued at $280,000 after acquiring an additional 3,977 shares during the last quarter. Finally, Tidal Investments LLC boosted its holdings in shares of Commercial Metals by 73.9% in the fourth quarter. Tidal Investments LLC now owns 50,270 shares of the basic materials company's stock worth $2,493,000 after buying an additional 21,365 shares during the last quarter. 86.90% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on CMC shares. Morgan Stanley set a $57.50 price objective on shares of Commercial Metals in a report on Wednesday, June 25th. Bank of America raised their price objective on shares of Commercial Metals from $60.00 to $70.00 and gave the stock a "buy" rating in a report on Monday, September 15th. Wall Street Zen cut shares of Commercial Metals from a "buy" rating to a "hold" rating in a research note on Saturday, September 13th. Wolfe Research upgraded shares of Commercial Metals from a "peer perform" rating to an "outperform" rating in a research note on Friday, June 20th. Finally, BMO Capital Markets restated a "market perform" rating and set a $55.00 target price (down previously from $57.00) on shares of Commercial Metals in a research note on Tuesday, June 24th. Five research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $60.39.

Commercial Metals Stock Performance

NYSE CMC traded down $1.46 on Friday, reaching $58.21. 2,869,608 shares of the stock were exchanged, compared to its average volume of 983,438. The firm has a market capitalization of $6.52 billion, a PE ratio of 187.76, a PEG ratio of 2.04 and a beta of 1.33. The company has a current ratio of 2.86, a quick ratio of 2.00 and a debt-to-equity ratio of 0.32. Commercial Metals Company has a one year low of $37.92 and a one year high of $64.53. The company's 50-day simple moving average is $55.54 and its two-hundred day simple moving average is $49.84.

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