Royce & Associates LP Sells 41,860 Shares of Commercial Metals Company $CMC

Royce & Associates LP trimmed its stake in Commercial Metals Company (NYSE:CMC) by 8.5% in the 4th quarter, HoldingsChannel reports. The fund owned 449,932 shares of the basic materials company’s stock after selling 41,860 shares during the quarter. Royce & Associates LP’s holdings in Commercial Metals were worth $31,144,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in CMC. Artemis Investment Management LLP bought a new position in shares of Commercial Metals in the 4th quarter worth $103,962,000. Merewether Investment Management LP bought a new position in shares of Commercial Metals in the 3rd quarter worth $26,847,000. UBS Group AG raised its position in shares of Commercial Metals by 41.8% in the 3rd quarter. UBS Group AG now owns 1,521,130 shares of the basic materials company’s stock worth $87,130,000 after acquiring an additional 448,083 shares in the last quarter. Millennium Management LLC raised its position in shares of Commercial Metals by 44.2% in the 3rd quarter. Millennium Management LLC now owns 1,013,517 shares of the basic materials company’s stock worth $58,054,000 after acquiring an additional 310,431 shares in the last quarter. Finally, Bessemer Group Inc. raised its position in shares of Commercial Metals by 11,006.1% in the 3rd quarter. Bessemer Group Inc. now owns 260,993 shares of the basic materials company’s stock worth $14,948,000 after acquiring an additional 258,643 shares in the last quarter. 86.90% of the stock is owned by institutional investors.

Commercial Metals Trading Down 0.0%

Shares of NYSE:CMC opened at $71.87 on Tuesday. The business’s 50-day moving average is $66.13 and its 200 day moving average is $69.02. Commercial Metals Company has a 1 year low of $45.50 and a 1 year high of $84.87. The firm has a market capitalization of $7.97 billion, a P/E ratio of 16.01, a P/E/G ratio of 0.42 and a beta of 1.49. The company has a debt-to-equity ratio of 0.75, a current ratio of 2.38 and a quick ratio of 1.55.

Commercial Metals (NYSE:CMC) last announced its earnings results on Thursday, March 26th. The basic materials company reported $1.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.28 by ($0.12). Commercial Metals had a net margin of 6.02% and a return on equity of 13.54%. The business had revenue of $2.13 billion for the quarter, compared to analyst estimates of $2.10 billion. During the same period in the prior year, the company earned $0.26 earnings per share. The company’s quarterly revenue was up 21.5% on a year-over-year basis. On average, research analysts predict that Commercial Metals Company will post 6.51 earnings per share for the current fiscal year.

Commercial Metals Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Monday, April 6th were issued a $0.20 dividend. This is a boost from Commercial Metals’s previous quarterly dividend of $0.18. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend was Monday, April 6th. Commercial Metals’s dividend payout ratio is currently 16.04%.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Wall Street Zen lowered Commercial Metals from a “strong-buy” rating to a “buy” rating in a research report on Saturday, April 4th. JPMorgan Chase & Co. reduced their price target on Commercial Metals from $83.00 to $78.00 and set an “overweight” rating for the company in a research report on Tuesday, April 14th. Wells Fargo & Company reduced their price target on Commercial Metals from $80.00 to $77.00 and set an “overweight” rating for the company in a research report on Friday, March 27th. Barclays started coverage on Commercial Metals in a research report on Thursday. They set an “equal weight” rating and a $75.00 target price on the stock. Finally, The Goldman Sachs Group started coverage on Commercial Metals in a research report on Wednesday, April 1st. They set a “neutral” rating and a $74.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $74.82.

Commercial Metals Company Profile

Commercial Metals Company (NYSE: CMC) is a leading global steel and metal recycler, manufacturer and fabricator based in Irving, Texas. The company operates an integrated network of scrap recycling facilities, electric arc furnace steel mills, metal fabrication plants and distribution centers. Through these operations, Commercial Metals collects and processes ferrous scrap to produce finished steel products and provides recycled metal to a variety of end markets.

In its steelmaking segment, CMC uses electric arc furnace technology to transform recycled scrap into reinforcing bar (rebar), merchant bar, coil and structural products.