Teacher Retirement System of Texas Cuts Stock Holdings in Commercial Metals (NYSE:CMC)

Teacher Retirement System of Texas reduced its position in Commercial Metals (NYSE:CMC) by 37.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 40,898 shares of the basic materials company’s stock after selling 24,898 shares during the period. Teacher Retirement System of Texas’ holdings in Commercial Metals were worth $2,047,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CMC. Victory Capital Management Inc. grew its holdings in shares of Commercial Metals by 241.3% in the fourth quarter. Victory Capital Management Inc. now owns 1,809,841 shares of the basic materials company’s stock valued at $90,564,000 after purchasing an additional 1,279,617 shares in the last quarter. Fuller & Thaler Asset Management Inc. lifted its stake in shares of Commercial Metals by 26.7% in the 3rd 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 during the last quarter. Vanguard Group Inc. boosted its stake in Commercial Metals by 4.1% during the third quarter. Vanguard Group Inc. now owns 12,450,082 shares of the basic materials company’s stock worth $615,159,000 after buying an additional 487,792 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Commercial Metals by 32.0% in 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 acquiring an additional 335,926 shares during the last quarter. Finally, Assenagon Asset Management S.A. grew its holdings in Commercial Metals by 742.6% during the 3rd quarter. Assenagon Asset Management S.A. now owns 334,026 shares of the basic materials company’s stock valued at $16,504,000 after purchasing an additional 294,383 shares during the last quarter. 86.90% of the stock is owned by institutional investors.

Commercial Metals Stock Down 0.9 %

Shares of NYSE:CMC opened at $57.86 on Friday. The business’s 50 day moving average is $56.09 and its 200 day moving average is $51.65. The stock has a market cap of $6.69 billion, a P/E ratio of 10.05 and a beta of 1.35. Commercial Metals has a 52-week low of $39.85 and a 52-week high of $59.81. The company has a quick ratio of 2.69, a current ratio of 4.19 and a debt-to-equity ratio of 0.27.

Commercial Metals (NYSE:CMC) last announced its quarterly earnings results on Thursday, March 21st. The basic materials company reported $0.88 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 firm had revenue of $1.85 billion for the quarter, compared to analysts’ expectations of $1.80 billion. During the same quarter in the prior year, the business posted $1.44 EPS. The business’s quarterly revenue was down 8.4% on a year-over-year basis. Sell-side analysts predict that Commercial Metals will post 5.34 EPS for the current year.

Commercial Metals Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 10th. Stockholders of record on Monday, April 1st were given a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 1.24%. The ex-dividend date was Thursday, March 28th. This is a boost from Commercial Metals’s previous quarterly dividend of $0.16. Commercial Metals’s dividend payout ratio is presently 12.50%.

Analyst Ratings Changes

Several brokerages have issued reports on CMC. BMO Capital Markets boosted their target price 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 raised shares of Commercial Metals from a “hold” rating to a “buy” rating in a research note on Wednesday.

Insider Activity

In other Commercial Metals news, Chairman Barbara Smith sold 35,704 shares of the company’s stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $57.88, for a total transaction of $2,066,547.52. Following the completion of the sale, the chairman now owns 36,196 shares in the company, valued at $2,095,024.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 1.00% of the company’s stock.

Commercial Metals Company Profile

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.