California Public Employees Retirement System Sells 29,896 Shares of Commercial Metals (NYSE:CMC)

California Public Employees Retirement System trimmed its stake in shares of Commercial Metals (NYSE:CMC) by 11.8% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 222,981 shares of the basic materials company’s stock after selling 29,896 shares during the quarter. California Public Employees Retirement System owned about 0.19% of Commercial Metals worth $11,158,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of CMC. HM Payson & Co. bought a new stake in Commercial Metals during the third quarter worth about $25,000. Daiwa Securities Group Inc. bought a new stake in shares of Commercial Metals during the 4th quarter worth approximately $30,000. Headlands Technologies LLC acquired a new stake in shares of Commercial Metals during the 3rd quarter worth approximately $51,000. Planned Solutions Inc. bought a new position in Commercial Metals in the fourth quarter valued at approximately $73,000. Finally, Adirondack Trust Co. acquired a new position in Commercial Metals during the third quarter valued at approximately $84,000. 86.90% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Chairman Barbara Smith sold 60,166 shares of the stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $51.28, for a total value of $3,085,312.48. Following the completion of the sale, the chairman now owns 96,019 shares of the company’s stock, valued at $4,923,854.32. The sale was disclosed in a legal filing with the SEC, which is available at this link. In the last three months, insiders have sold 119,489 shares of company stock valued at $6,371,781. 1.00% of the stock is currently owned by company insiders.

Commercial Metals Price Performance

Shares of CMC opened at $54.15 on Thursday. The business has a 50-day simple moving average of $55.39 and a two-hundred day simple moving average of $50.50. Commercial Metals has a 12-month low of $39.85 and a 12-month high of $59.81. The stock has a market cap of $6.27 billion, a PE ratio of 9.39 and a beta of 1.33. 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 issued 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 net margin of 8.09% and a return on equity of 17.72%. The business had revenue of $1.85 billion during the quarter, compared to the consensus estimate of $1.80 billion. During the same quarter last year, the business earned $1.44 EPS. The firm’s quarterly revenue was down 8.4% compared to the same quarter last year. Analysts anticipate that Commercial Metals will post 5.34 earnings per share for the current fiscal year.

Commercial Metals Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 10th. Investors of record on Monday, April 1st were issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.33%. 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. Commercial Metals’s dividend payout ratio is presently 12.50%.

Analyst Upgrades and Downgrades

CMC has been the topic of several recent analyst reports. StockNews.com lowered Commercial Metals from a “buy” rating to a “hold” rating in a research note on Thursday, April 18th. BMO Capital Markets increased their target price on shares of Commercial Metals from $52.00 to $60.00 and gave the stock a “market perform” rating in a report on Friday, March 22nd. Finally, UBS Group began coverage on shares of Commercial Metals in a research note on Tuesday, January 16th. They issued a “buy” rating and a $65.00 price target on the stock.

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.