New York Life Investment Management LLC Reduces Position in Commercial Metals (NYSE:CMC)

New York Life Investment Management LLC decreased its holdings in Commercial Metals (NYSE:CMC) by 4.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,170 shares of the basic materials company’s stock after selling 584 shares during the period. New York Life Investment Management LLC’s holdings in Commercial Metals were worth $659,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Victory Capital Management Inc. grew its stake in Commercial Metals by 241.3% in the 4th quarter. Victory Capital Management Inc. now owns 1,809,841 shares of the basic materials company’s stock valued at $90,564,000 after buying an additional 1,279,617 shares in the last quarter. Fuller & Thaler Asset Management Inc. grew its position in shares of Commercial Metals by 26.7% in the third quarter. Fuller & Thaler Asset Management Inc. now owns 2,506,247 shares of the basic materials company’s stock valued at $123,834,000 after purchasing an additional 527,709 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Commercial Metals by 4.1% during the 3rd quarter. Vanguard Group Inc. now owns 12,450,082 shares of the basic materials company’s stock valued at $615,159,000 after purchasing an additional 487,792 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Commercial Metals by 32.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,385,435 shares of the basic materials company’s stock worth $68,454,000 after purchasing an additional 335,926 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its stake in Commercial Metals by 742.6% in the 3rd quarter. Assenagon Asset Management S.A. now owns 334,026 shares of the basic materials company’s stock worth $16,504,000 after purchasing an additional 294,383 shares during the period. Institutional investors own 86.90% of the company’s stock.

Commercial Metals Stock Down 0.1 %

Shares of NYSE CMC opened at $56.22 on Thursday. The company has a current ratio of 4.19, a quick ratio of 2.69 and a debt-to-equity ratio of 0.27. The business has a 50-day moving average of $55.57 and a 200-day moving average of $51.03. The firm has a market capitalization of $6.51 billion, a price-to-earnings ratio of 9.76 and a beta of 1.35. Commercial Metals has a 12 month low of $39.85 and a 12 month high of $59.81.

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 analysts’ consensus estimates of $0.93 by ($0.05). Commercial Metals had a return on equity of 17.72% and a net margin of 8.09%. The company 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 firm posted $1.44 earnings per share. The business’s revenue was down 8.4% on a year-over-year basis. Sell-side analysts expect that Commercial Metals will post 5.34 earnings per share for the current fiscal year.

Commercial Metals Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 10th. Investors of record on Monday, April 1st were given a $0.18 dividend. This is an increase from Commercial Metals’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $0.72 dividend on an annualized basis and a yield of 1.28%. Commercial Metals’s payout ratio is presently 12.50%.

Insiders Place Their Bets

In other Commercial Metals news, Chairman Barbara Smith sold 35,704 shares of Commercial Metals stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $57.88, for a total transaction of $2,066,547.52. Following the transaction, the chairman now directly owns 36,196 shares of the company’s stock, valued at $2,095,024.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.00% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

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

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.