Legal & General Group Plc Sells 40,924 Shares of Commercial Metals Company $CMC

Legal & General Group Plc lessened its stake in shares of Commercial Metals Company (NYSE:CMC) by 18.3% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 183,023 shares of the basic materials company’s stock after selling 40,924 shares during the quarter. Legal & General Group Plc owned approximately 0.17% of Commercial Metals worth $12,669,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Rothschild Investment LLC boosted its stake in shares of Commercial Metals by 169.6% in the 3rd quarter. Rothschild Investment LLC now owns 515 shares of the basic materials company’s stock valued at $29,000 after purchasing an additional 324 shares during the last quarter. Global Retirement Partners LLC boosted its holdings in shares of Commercial Metals by 110.7% during the 4th quarter. Global Retirement Partners LLC now owns 573 shares of the basic materials company’s stock worth $40,000 after buying an additional 301 shares in the last quarter. V Square Quantitative Management LLC bought a new position in shares of Commercial Metals during the 4th quarter worth approximately $54,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Commercial Metals during the 3rd quarter worth approximately $73,000. Finally, Exchange Traded Concepts LLC bought a new stake in shares of Commercial Metals in the 4th quarter valued at $93,000. Institutional investors and hedge funds own 86.90% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft upgraded shares of Commercial Metals to a “buy” rating in a research report on Friday, May 22nd. Barclays began coverage on shares of Commercial Metals in a research note on Thursday, May 21st. They issued an “equal weight” rating and a $75.00 price target for the company. Zacks Research lowered shares of Commercial Metals from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 3rd. JPMorgan Chase & Co. reduced their target price on Commercial Metals from $83.00 to $78.00 and set an “overweight” rating for the company in a research note on Tuesday, April 14th. Finally, The Goldman Sachs Group began coverage on Commercial Metals in a research report on Wednesday, April 1st. They issued a “neutral” rating and a $74.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $77.10.

Commercial Metals Stock Performance

Shares of CMC opened at $76.66 on Wednesday. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.55 and a current ratio of 2.38. The stock has a 50 day moving average price of $67.56 and a two-hundred day moving average price of $69.63. The firm has a market capitalization of $8.50 billion, a P/E ratio of 17.07, a P/E/G ratio of 0.45 and a beta of 1.50. Commercial Metals Company has a 52 week low of $47.06 and a 52 week high of $84.87.

Commercial Metals (NYSE:CMC) last posted its earnings results on Thursday, March 26th. The basic materials company reported $1.16 earnings per share for the quarter, missing analysts’ consensus estimates of $1.28 by ($0.12). Commercial Metals had a net margin of 6.02% and a return on equity of 13.54%. The company had revenue of $2.13 billion during the quarter, compared to the consensus estimate of $2.10 billion. During the same quarter in the prior year, the business earned $0.26 EPS. The firm’s revenue for the quarter was up 21.5% compared to the same quarter last year. Equities analysts forecast that Commercial Metals Company will post 6.45 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. Shareholders of record on Monday, April 6th were paid a $0.20 dividend. This is a positive change from Commercial Metals’s previous quarterly dividend of $0.18. The ex-dividend date was Monday, April 6th. This represents a $0.80 annualized dividend and a yield of 1.0%. Commercial Metals’s dividend payout ratio (DPR) is 16.04%.

About Commercial Metals

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.