Allspring Global Investments Holdings LLC Sells 17,551 Shares of Commercial Metals (NYSE:CMC)

Allspring Global Investments Holdings LLC lessened its holdings in Commercial Metals (NYSE:CMC) by 58.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,647 shares of the basic materials company’s stock after selling 17,551 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Commercial Metals were worth $633,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. HM Payson & Co. purchased a new stake in Commercial Metals during the third quarter worth about $25,000. Headlands Technologies LLC purchased a new position in Commercial Metals in the third quarter valued at approximately $51,000. Planned Solutions Inc. bought a new position in Commercial Metals during the fourth quarter valued at $73,000. Adirondack Trust Co. purchased a new position in shares of Commercial Metals during the 3rd quarter valued at $84,000. Finally, Harbor Capital Advisors Inc. grew its stake in shares of Commercial Metals by 24.4% during the 4th quarter. Harbor Capital Advisors Inc. now owns 3,198 shares of the basic materials company’s stock worth $160,000 after acquiring an additional 628 shares during the period. 86.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on CMC shares. BMO Capital Markets upped their price objective on shares of Commercial Metals from $52.00 to $60.00 and gave the company a “market perform” rating in a report on Friday, March 22nd. UBS Group assumed coverage on shares of Commercial Metals in a report on Tuesday, January 16th. They issued a “buy” rating and a $65.00 price objective for the company. Finally, StockNews.com cut shares of Commercial Metals from a “buy” rating to a “hold” rating in a report on Thursday, April 18th.

Insider Buying and Selling at Commercial Metals

In other news, CAO Lindsay L. Sloan sold 600 shares of the firm’s stock in a transaction on Friday, January 26th. The shares were sold at an average price of $51.52, for a total transaction of $30,912.00. Following the sale, the chief accounting officer now owns 12,338 shares in the company, valued at approximately $635,653.76. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Commercial Metals news, Chairman Barbara Smith sold 60,166 shares of the stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $51.28, for a total transaction of $3,085,312.48. Following the transaction, the chairman now directly owns 96,019 shares in the company, valued at $4,923,854.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Lindsay L. Sloan sold 600 shares of Commercial Metals stock in a transaction that occurred on Friday, January 26th. The stock was sold at an average price of $51.52, for a total transaction of $30,912.00. Following the transaction, the chief accounting officer now directly owns 12,338 shares in the company, valued at $635,653.76. The disclosure for this sale can be found here. Insiders sold a total of 120,089 shares of company stock worth $6,402,693 over the last three months. 1.00% of the stock is owned by insiders.

Commercial Metals Price Performance

CMC stock opened at $53.68 on Thursday. The firm has a 50 day moving average of $55.47 and a 200-day moving average of $50.26. The firm has a market capitalization of $6.21 billion, a P/E ratio of 9.32 and a beta of 1.33. Commercial Metals has a 12 month low of $39.85 and a 12 month high of $59.81. The company has a current ratio of 4.19, a quick ratio of 2.69 and a debt-to-equity ratio of 0.27.

Commercial Metals (NYSE:CMC) last posted its quarterly earnings data on Thursday, March 21st. The basic materials company reported $0.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.93 by ($0.05). Commercial Metals had a net margin of 8.09% and a return on equity of 17.72%. The business had revenue of $1.85 billion for the quarter, compared to the consensus estimate of $1.80 billion. During the same period in the prior year, the business posted $1.44 EPS. Commercial Metals’s quarterly revenue was down 8.4% on a year-over-year basis. As a group, sell-side analysts predict that Commercial Metals will post 5.34 earnings per share for the current fiscal year.

Commercial Metals Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 10th. Investors of record on Monday, April 1st were paid a $0.18 dividend. This is an increase from Commercial Metals’s previous quarterly dividend of $0.16. This represents a $0.72 dividend on an annualized basis and a yield of 1.34%. The ex-dividend date of this dividend was Thursday, March 28th. Commercial Metals’s dividend payout ratio (DPR) is currently 12.50%.

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.