Olympiad Research LP Takes $416,000 Position in Commercial Metals (NYSE:CMC)

Olympiad Research LP purchased a new stake in shares of Commercial Metals (NYSE:CMC) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 7,578 shares of the basic materials company’s stock, valued at approximately $416,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CMC. Russell Investments Group Ltd. lifted its holdings in Commercial Metals by 11.7% in the first quarter. Russell Investments Group Ltd. now owns 198,675 shares of the basic materials company’s stock valued at $11,676,000 after acquiring an additional 20,751 shares during the period. Boston Partners lifted its holdings in Commercial Metals by 23,390.7% in the first quarter. Boston Partners now owns 3,076,337 shares of the basic materials company’s stock valued at $180,752,000 after acquiring an additional 3,063,241 shares during the period. BNP Paribas Financial Markets lifted its holdings in Commercial Metals by 61.9% in the first quarter. BNP Paribas Financial Markets now owns 67,054 shares of the basic materials company’s stock valued at $3,941,000 after acquiring an additional 25,642 shares during the period. Jacobs Levy Equity Management Inc. lifted its holdings in Commercial Metals by 388.4% in the first quarter. Jacobs Levy Equity Management Inc. now owns 298,621 shares of the basic materials company’s stock valued at $17,550,000 after acquiring an additional 237,477 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its holdings in Commercial Metals by 11.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 630,836 shares of the basic materials company’s stock valued at $37,075,000 after acquiring an additional 67,068 shares during the period. 86.90% of the stock is owned by institutional investors.

Commercial Metals Stock Performance

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

Commercial Metals Announces Dividend

The business also recently declared 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. This represents a $0.72 dividend on an annualized basis and a yield of 1.18%. The ex-dividend date of this dividend is Thursday, October 31st. Commercial Metals’s payout ratio is 17.39%.

Analyst Ratings Changes

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