Commercial Metals (NYSE:CMC) Shares Sold by Kornitzer Capital Management Inc. KS

Kornitzer Capital Management Inc. KS cut its holdings in Commercial Metals (NYSE:CMC) by 1.1% in the third quarter, Holdings Channel reports. The institutional investor owned 22,108 shares of the basic materials company’s stock after selling 237 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Commercial Metals were worth $1,215,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the business. nVerses Capital LLC acquired a new stake in Commercial Metals in the 3rd quarter valued at $66,000. Archer Investment Corp purchased a new stake in shares of Commercial Metals during the second quarter worth about $77,000. GAMMA Investing LLC increased its stake in shares of Commercial Metals by 21.9% during the second quarter. GAMMA Investing LLC now owns 1,572 shares of the basic materials company’s stock worth $86,000 after purchasing an additional 282 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Commercial Metals during the 2nd quarter worth about $129,000. Finally, Innealta Capital LLC purchased a new position in Commercial Metals in the 2nd quarter valued at about $195,000. 86.90% of the stock is owned by institutional investors and hedge funds.

Commercial Metals Price Performance

NYSE:CMC opened at $62.26 on Friday. Commercial Metals has a 52 week low of $43.52 and a 52 week high of $62.94. The stock’s fifty day moving average is $53.50 and its two-hundred day moving average is $54.33. The company has a market capitalization of $7.09 billion, a P/E ratio of 15.04, a P/E/G ratio of 2.17 and a beta of 1.14. The company has a quick ratio of 2.78, a current ratio of 3.94 and a debt-to-equity ratio of 0.27.

Commercial Metals Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st will be given 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 1.16%. Commercial Metals’s payout ratio is currently 17.39%.

Analyst Upgrades and Downgrades

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

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.