3G Capital Partners LP Takes $9.52 Million Position in Commercial Metals Company (CMC)

3G Capital Partners LP acquired a new stake in Commercial Metals Company (NYSE:CMC) in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 500,000 shares of the basic materials company’s stock, valued at approximately $9,515,000. Commercial Metals makes up approximately 0.9% of 3G Capital Partners LP’s holdings, making the stock its 27th largest position. 3G Capital Partners LP owned about 0.43% of Commercial Metals as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CMC. Comerica Bank increased its holdings in Commercial Metals by 30.7% during the 2nd quarter. Comerica Bank now owns 153,530 shares of the basic materials company’s stock worth $3,071,000 after purchasing an additional 36,049 shares in the last quarter. Arizona State Retirement System increased its holdings in Commercial Metals by 1.5% during the 2nd quarter. Arizona State Retirement System now owns 48,800 shares of the basic materials company’s stock worth $948,000 after purchasing an additional 700 shares in the last quarter. Koch Industries Inc. bought a new position in Commercial Metals during the 2nd quarter worth about $270,000. Royce & Associates LP increased its holdings in Commercial Metals by 10.8% during the 2nd quarter. Royce & Associates LP now owns 1,651,577 shares of the basic materials company’s stock worth $32,090,000 after purchasing an additional 161,000 shares in the last quarter. Finally, Janus Henderson Group PLC bought a new position in Commercial Metals during the 2nd quarter worth about $29,018,000. Institutional investors and hedge funds own 88.62% of the company’s stock.

Commercial Metals Company (NYSE:CMC) opened at $20.98 on Monday. Commercial Metals Company has a one year low of $17.05 and a one year high of $24.37. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.81 and a current ratio of 2.82. The company has a market cap of $2,446.91, a PE ratio of 27.60 and a beta of 1.26.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 22nd. Stockholders of record on Wednesday, November 8th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Tuesday, November 7th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.29%. Commercial Metals’s dividend payout ratio is 120.00%.

CMC has been the subject of a number of research reports. Zacks Investment Research cut Commercial Metals from a “buy” rating to a “hold” rating in a report on Friday, October 27th. Macquarie began coverage on Commercial Metals in a report on Wednesday, September 6th. They set an “underperform” rating and a $16.00 target price for the company. Bank of America upgraded shares of Commercial Metals from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $21.00 to $24.00 in a research note on Thursday. Jefferies Group reduced their price objective on shares of Commercial Metals from $26.00 to $24.00 and set a “buy” rating for the company in a research note on Monday, October 30th. Finally, Citigroup reduced their price objective on shares of Commercial Metals from $22.00 to $21.00 and set a “buy” rating for the company in a research note on Friday, September 15th. Three investment analysts have rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $21.88.

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About Commercial Metals

Commercial Metals Company, together with its subsidiaries, manufactures, recycles and markets steel and metal products, related materials and services through a network. The Company’s Americas Recycling segment processes scrap metals for use as a raw material by manufacturers of new metal products. The Americas Mills segment consists of steel mills, commonly referred to as minimills that produce reinforcing bar (rebar), angles, flats and rounds.

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Institutional Ownership by Quarter for Commercial Metals (NYSE:CMC)

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