Commercial Metals (NYSE:CMC) Holdings Reduced by State of Tennessee Department of Treasury

State of Tennessee Department of Treasury lessened its holdings in shares of Commercial Metals (NYSE:CMC) by 2.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 56,595 shares of the basic materials company’s stock after selling 1,597 shares during the period. State of Tennessee Department of Treasury’s holdings in Commercial Metals were worth $2,807,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in CMC. Boston Partners raised its stake in Commercial Metals by 6.4% during the 4th quarter. Boston Partners now owns 4,055,150 shares of the basic materials company’s stock valued at $201,178,000 after acquiring an additional 243,921 shares in the last quarter. Victory Capital Management Inc. increased its holdings in shares of Commercial Metals by 11.3% during the fourth quarter. Victory Capital Management Inc. now owns 2,422,427 shares of the basic materials company’s stock valued at $120,152,000 after purchasing an additional 245,468 shares during the period. Franklin Resources Inc. raised its stake in shares of Commercial Metals by 87.0% during the fourth quarter. Franklin Resources Inc. now owns 1,919,445 shares of the basic materials company’s stock valued at $95,204,000 after purchasing an additional 893,094 shares in the last quarter. First Trust Advisors LP lifted its holdings in Commercial Metals by 34.1% in the fourth quarter. First Trust Advisors LP now owns 1,754,840 shares of the basic materials company’s stock worth $87,040,000 after purchasing an additional 446,317 shares during the period. Finally, Principal Financial Group Inc. grew its position in Commercial Metals by 1.1% in the 3rd quarter. Principal Financial Group Inc. now owns 1,714,116 shares of the basic materials company’s stock valued at $94,208,000 after buying an additional 17,931 shares in the last quarter. Institutional investors own 86.90% of the company’s stock.

Commercial Metals Price Performance

Shares of NYSE:CMC opened at $44.20 on Monday. Commercial Metals has a 12-month low of $37.92 and a 12-month high of $64.53. The company has a quick ratio of 1.94, a current ratio of 2.76 and a debt-to-equity ratio of 0.29. The company has a market cap of $4.99 billion, a P/E ratio of 39.82, a price-to-earnings-growth ratio of 2.62 and a beta of 1.16. The company’s fifty day moving average is $45.37 and its two-hundred day moving average is $51.11.

Commercial Metals (NYSE:CMC) last announced its quarterly earnings data on Thursday, March 20th. The basic materials company reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.31 by ($0.05). The business had revenue of $1.75 billion during the quarter, compared to analysts’ expectations of $1.73 billion. Commercial Metals had a return on equity of 9.88% and a net margin of 1.70%. The firm’s revenue was down 5.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.88 earnings per share. Equities analysts expect that Commercial Metals will post 3.09 earnings per share for the current fiscal year.

Commercial Metals Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 9th. Investors of record on Monday, March 31st were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.63%. The ex-dividend date of this dividend was Monday, March 31st. Commercial Metals’s payout ratio is presently 120.00%.

Insider Buying and Selling at Commercial Metals

In related news, Director John R. Mcpherson purchased 2,475 shares of the stock in a transaction dated Friday, April 4th. The shares were acquired at an average cost of $40.42 per share, for a total transaction of $100,039.50. Following the acquisition, the director now directly owns 15,141 shares in the company, valued at approximately $611,999.22. The trade was a 19.54 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on CMC. BMO Capital Markets cut their price target on shares of Commercial Metals from $58.00 to $54.00 and set a “market perform” rating for the company in a report on Friday, March 21st. BNP Paribas cut shares of Commercial Metals from an “outperform” rating to a “neutral” rating in a report on Friday, January 3rd. Jefferies Financial Group dropped their price target on Commercial Metals from $65.00 to $62.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Morgan Stanley reduced their price objective on Commercial Metals from $56.00 to $53.00 and set an “equal weight” rating for the company in a research note on Friday, March 7th. Finally, UBS Group cut their target price on Commercial Metals from $54.00 to $49.00 and set a “neutral” rating on the stock in a research report on Monday, March 24th. Six research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $60.33.

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.