California Public Employees Retirement System lowered its holdings in shares of Commercial Metals (NYSE:CMC – Free Report) by 3.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 255,682 shares of the basic materials company’s stock after selling 9,993 shares during the period. California Public Employees Retirement System owned about 0.22% of Commercial Metals worth $13,464,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently modified their holdings of the company. Steward Partners Investment Advisory LLC increased its position in Commercial Metals by 3.0% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 6,987 shares of the basic materials company’s stock worth $337,000 after purchasing an additional 201 shares in the last quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC grew its holdings in shares of Commercial Metals by 4.6% during the second quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 4,974 shares of the basic materials company’s stock worth $262,000 after buying an additional 217 shares in the last quarter. O Shaughnessy Asset Management LLC raised its position in shares of Commercial Metals by 2.4% in the first quarter. O Shaughnessy Asset Management LLC now owns 12,365 shares of the basic materials company’s stock valued at $605,000 after buying an additional 285 shares during the last quarter. Strs Ohio lifted its stake in shares of Commercial Metals by 0.9% during the second quarter. Strs Ohio now owns 34,900 shares of the basic materials company’s stock valued at $1,837,000 after buying an additional 300 shares during the period. Finally, Sawgrass Asset Management LLC boosted its position in Commercial Metals by 4.1% during the first quarter. Sawgrass Asset Management LLC now owns 7,675 shares of the basic materials company’s stock worth $375,000 after acquiring an additional 304 shares during the last quarter. Hedge funds and other institutional investors own 82.64% of the company’s stock.
Analysts Set New Price Targets
A number of brokerages have weighed in on CMC. Citigroup reduced their price target on Commercial Metals from $56.00 to $48.00 and set a “neutral” rating on the stock in a research note on Monday, October 16th. StockNews.com assumed coverage on Commercial Metals in a report on Thursday, October 5th. They issued a “hold” rating for the company. Finally, BMO Capital Markets dropped their price objective on shares of Commercial Metals from $58.00 to $50.00 and set a “market perform” rating for the company in a research note on Friday, October 13th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $55.17.
Commercial Metals Stock Performance
Shares of NYSE:CMC opened at $44.59 on Tuesday. The firm has a market capitalization of $5.21 billion, a PE ratio of 6.15 and a beta of 1.37. Commercial Metals has a 12 month low of $39.85 and a 12 month high of $58.09. The company has a debt-to-equity ratio of 0.27, a current ratio of 3.73 and a quick ratio of 2.50. The business has a 50-day moving average of $46.25 and a two-hundred day moving average of $49.62.
Commercial Metals (NYSE:CMC – Get Free Report) last released its quarterly earnings data on Thursday, October 12th. The basic materials company reported $1.69 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.77 by ($0.08). Commercial Metals had a return on equity of 22.62% and a net margin of 9.77%. The business had revenue of $2.21 billion during the quarter, compared to analyst estimates of $2.15 billion. During the same period in the previous year, the company earned $2.45 EPS. Commercial Metals’s revenue was down 8.2% on a year-over-year basis. As a group, research analysts forecast that Commercial Metals will post 5.8 earnings per share for the current year.
Commercial Metals Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Thursday, November 9th. Investors of record on Thursday, October 26th were issued a dividend of $0.16 per share. The ex-dividend date of this dividend was Wednesday, October 25th. This represents a $0.64 annualized dividend and a dividend yield of 1.44%. Commercial Metals’s payout ratio is currently 8.83%.
Insider Buying and Selling
In other news, SVP Stephen William Simpson sold 4,500 shares of the company’s stock in a transaction on Monday, November 13th. The shares were sold at an average price of $45.00, for a total value of $202,500.00. Following the completion of the transaction, the senior vice president now directly owns 2,928 shares in the company, valued at $131,760. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Commercial Metals news, CEO Peter R. Matt bought 6,200 shares of the business’s stock in a transaction on Monday, October 23rd. The shares were bought at an average cost of $40.30 per share, with a total value of $249,860.00. Following the transaction, the chief executive officer now directly owns 92,182 shares in the company, valued at approximately $3,714,934.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Stephen William Simpson sold 4,500 shares of the firm’s stock in a transaction that occurred on Monday, November 13th. The stock was sold at an average price of $45.00, for a total transaction of $202,500.00. Following the sale, the senior vice president now directly owns 2,928 shares of the company’s stock, valued at approximately $131,760. The disclosure for this sale can be found here. 1.20% of the stock is currently owned by corporate insiders.
About Commercial Metals
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.
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