Avidian Wealth Enterprises LLC Makes New $220,000 Investment in Commercial Metals (NYSE:CMC)

Avidian Wealth Enterprises LLC acquired a new position in shares of Commercial Metals (NYSE:CMC) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 4,436 shares of the basic materials company’s stock, valued at approximately $220,000.

Several other hedge funds also recently modified their holdings of the stock. JPMorgan Chase & Co. grew its holdings in Commercial Metals by 6.5% in the third quarter. JPMorgan Chase & Co. now owns 1,081,153 shares of the basic materials company’s stock worth $59,420,000 after purchasing an additional 66,092 shares during the period. Principal Financial Group Inc. grew its stake in shares of Commercial Metals by 1.1% in the 3rd 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 period. Assenagon Asset Management S.A. increased its position in Commercial Metals by 66.0% in the 4th quarter. Assenagon Asset Management S.A. now owns 71,151 shares of the basic materials company’s stock valued at $3,529,000 after buying an additional 28,297 shares in the last quarter. Vestcor Inc raised its stake in Commercial Metals by 108.0% during the 3rd quarter. Vestcor Inc now owns 18,103 shares of the basic materials company’s stock worth $995,000 after buying an additional 9,400 shares during the period. Finally, Covea Finance raised its stake in Commercial Metals by 44.2% during the 4th quarter. Covea Finance now owns 62,000 shares of the basic materials company’s stock worth $3,075,000 after buying an additional 19,000 shares during the period. Institutional investors own 86.90% of the company’s stock.

Commercial Metals Stock Performance

NYSE CMC opened at $52.40 on Friday. The company has a fifty day moving average price of $51.05 and a 200-day moving average price of $53.85. The firm has a market cap of $5.95 billion, a price-to-earnings ratio of 47.20, a PEG ratio of 2.58 and a beta of 1.18. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.76 and a quick ratio of 1.94. Commercial Metals has a 1 year low of $45.50 and a 1 year high of $64.53.

Commercial Metals (NYSE:CMC) last issued its quarterly earnings data on Monday, January 6th. The basic materials company reported $0.78 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.78. Commercial Metals had a net margin of 1.70% and a return on equity of 9.88%. The business had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.85 billion. During the same period in the prior year, the firm posted $1.49 EPS. The firm’s quarterly revenue was down 4.7% compared to the same quarter last year. As a group, equities research analysts predict that Commercial Metals will post 3.09 EPS for the current fiscal year.

Commercial Metals Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 30th. Investors of record on Thursday, January 16th were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.37%. The ex-dividend date of this dividend was Thursday, January 16th. Commercial Metals’s payout ratio is 64.86%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. UBS Group upgraded Commercial Metals from a “sell” rating to a “neutral” rating and decreased their price objective for the company from $56.00 to $54.00 in a report on Friday, January 10th. Morgan Stanley reduced their price target on shares of Commercial Metals from $65.00 to $56.00 and set an “equal weight” rating for the company in a research report on Monday, February 3rd. Jefferies Financial Group dropped their price objective on shares of Commercial Metals from $65.00 to $62.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. BNP Paribas lowered shares of Commercial Metals from an “outperform” rating to a “neutral” rating in a research note on Friday, January 3rd. Finally, The Goldman Sachs Group began coverage on shares of Commercial Metals in a report on Monday, December 2nd. They issued a “buy” rating and a $75.00 target price on the stock. Six 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 company presently has an average rating of “Hold” and an average price target of $62.33.

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.