California Public Employees Retirement System increased its holdings in shares of Commercial Metals (NYSE:CMC) by 9.4% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 324,039 shares of the basic materials company’s stock after buying an additional 27,795 shares during the period. California Public Employees Retirement System’s holdings in Commercial Metals were worth $6,840,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Voya Investment Management LLC increased its stake in shares of Commercial Metals by 2.9% in the second quarter. Voya Investment Management LLC now owns 2,133,160 shares of the basic materials company’s stock valued at $45,031,000 after purchasing an additional 60,443 shares during the period. Envestnet Asset Management Inc. increased its stake in shares of Commercial Metals by 6,417.4% in the second quarter. Envestnet Asset Management Inc. now owns 133,345 shares of the basic materials company’s stock valued at $2,815,000 after purchasing an additional 131,299 shares during the period. Mesirow Financial Investment Management Equity Management increased its stake in shares of Commercial Metals by 2.0% in the second quarter. Mesirow Financial Investment Management Equity Management now owns 458,448 shares of the basic materials company’s stock valued at $9,677,000 after purchasing an additional 9,015 shares during the period. Cim Investment Mangement Inc. acquired a new stake in shares of Commercial Metals in the second quarter valued at approximately $359,000. Finally, OppenheimerFunds Inc. increased its stake in shares of Commercial Metals by 4.2% in the second quarter. OppenheimerFunds Inc. now owns 74,946 shares of the basic materials company’s stock valued at $1,583,000 after purchasing an additional 3,041 shares during the period. Hedge funds and other institutional investors own 89.02% of the company’s stock.

Commercial Metals stock opened at $19.12 on Friday. The company has a quick ratio of 2.73, a current ratio of 3.90 and a debt-to-equity ratio of 0.78. The company has a market capitalization of $2.40 billion, a PE ratio of 30.95 and a beta of 1.32. Commercial Metals has a 12-month low of $17.58 and a 12-month high of $26.72.

CMC has been the topic of several analyst reports. Bank of America lowered shares of Commercial Metals from a “neutral” rating to an “underperform” rating in a research note on Wednesday, June 27th. Zacks Investment Research lowered shares of Commercial Metals from a “hold” rating to a “sell” rating in a research note on Tuesday, June 19th. Goldman Sachs Group upgraded shares of Commercial Metals from a “sell” rating to a “neutral” rating and set a $24.00 price target on the stock in a research note on Monday, August 13th. Deutsche Bank lowered shares of Commercial Metals to a “buy” rating in a research note on Tuesday, October 2nd. Finally, ValuEngine lowered shares of Commercial Metals from a “hold” rating to a “sell” rating in a research note on Friday. Two analysts have rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $24.44.

Commercial Metals Company Profile

Commercial Metals Company manufactures, recycles, and markets steel and metal products, and related materials and services in the United States and internationally. It operates through five segments: Americas Recycling, Americas Mills, Americas Fabrication, International Mill, and International Marketing and Distribution.

Further Reading: Conference Calls

Want to see what other hedge funds are holding CMC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Commercial Metals (NYSE:CMC).

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

Receive News & Ratings for Commercial Metals Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Commercial Metals and related companies with MarketBeat.com's FREE daily email newsletter.