Verity Asset Management Inc. Has $2 Million Stake in Commercial Metals (NYSE:CMC)

Verity Asset Management Inc. lowered its position in Commercial Metals (NYSE:CMC) by 1.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 36,423 shares of the basic materials company’s stock after selling 368 shares during the period. Commercial Metals accounts for 0.8% of Verity Asset Management Inc.’s portfolio, making the stock its 29th largest holding. Verity Asset Management Inc.’s holdings in Commercial Metals were worth $2,002,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of CMC. Boston Partners raised its position in Commercial Metals by 23,390.7% in the 1st quarter. Boston Partners now owns 3,076,337 shares of the basic materials company’s stock valued at $180,752,000 after purchasing an additional 3,063,241 shares during the last quarter. Principal Financial Group Inc. raised its holdings in shares of Commercial Metals by 1.1% in the third quarter. Principal Financial Group Inc. now owns 1,714,116 shares of the basic materials company’s stock valued at $94,208,000 after buying an additional 17,931 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Commercial Metals by 1.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,296,284 shares of the basic materials company’s stock worth $71,283,000 after buying an additional 18,205 shares in the last quarter. Janus Henderson Group PLC grew its holdings in Commercial Metals by 2.3% during the 1st quarter. Janus Henderson Group PLC now owns 1,159,769 shares of the basic materials company’s stock worth $68,160,000 after acquiring an additional 25,816 shares during the last quarter. Finally, Thompson Siegel & Walmsley LLC acquired a new stake in Commercial Metals in the 2nd quarter valued at about $50,132,000. 86.90% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Wolfe Research lowered shares of Commercial Metals from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, October 9th. Jefferies Financial Group began coverage on Commercial Metals in a report on Tuesday, September 3rd. They set a “buy” rating and a $65.00 price objective on the stock. Finally, BMO Capital Markets set a $62.00 target price on Commercial Metals and gave the stock a “market perform” rating in a research report on Friday, October 18th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $65.25.

Commercial Metals Price Performance

Shares of CMC stock opened at $61.08 on Friday. The firm’s 50 day moving average price is $53.33 and its two-hundred day moving average price is $54.29. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.78 and a current ratio of 3.94. Commercial Metals has a 52-week low of $43.52 and a 52-week high of $62.94. The stock has a market cap of $6.96 billion, a PE ratio of 14.75, a PEG ratio of 2.17 and a beta of 1.14.

Commercial Metals Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Thursday, October 31st will be issued a $0.18 dividend. The ex-dividend date is Thursday, October 31st. This represents a $0.72 dividend on an annualized basis and a yield of 1.18%. Commercial Metals’s dividend payout ratio is presently 17.39%.

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.