Commercial Metals Company $CMC Shares Bought by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC grew its holdings in Commercial Metals Company (NYSE:CMC) by 11.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 225,817 shares of the basic materials company’s stock after purchasing an additional 22,587 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Commercial Metals were worth $13,312,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Drummond Knight Asset Management Pty Ltd purchased a new stake in Commercial Metals in the 3rd quarter valued at about $15,579,000. Hodges Capital Management Inc. boosted its position in shares of Commercial Metals by 3.4% in the second quarter. Hodges Capital Management Inc. now owns 251,468 shares of the basic materials company’s stock worth $12,299,000 after acquiring an additional 8,267 shares during the last quarter. Rhumbline Advisers grew its holdings in Commercial Metals by 1.3% in the second quarter. Rhumbline Advisers now owns 393,334 shares of the basic materials company’s stock valued at $19,238,000 after purchasing an additional 5,147 shares during the period. Nordea Investment Management AB increased its position in Commercial Metals by 28.9% during the second quarter. Nordea Investment Management AB now owns 318,575 shares of the basic materials company’s stock worth $15,830,000 after purchasing an additional 71,350 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in Commercial Metals by 6.9% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 29,033 shares of the basic materials company’s stock worth $1,420,000 after purchasing an additional 1,868 shares during the period. 86.90% of the stock is owned by hedge funds and other institutional investors.

Commercial Metals Price Performance

CMC opened at $71.77 on Monday. The company has a fifty day simple moving average of $64.37 and a 200 day simple moving average of $58.62. The firm has a market cap of $7.97 billion, a price-to-earnings ratio of 94.44, a PEG ratio of 0.40 and a beta of 1.49. Commercial Metals Company has a twelve month low of $37.92 and a twelve month high of $72.06. The company has a current ratio of 2.78, a quick ratio of 2.03 and a debt-to-equity ratio of 0.31.

Commercial Metals (NYSE:CMC) last posted its quarterly earnings data on Thursday, October 16th. The basic materials company reported $1.37 earnings per share for the quarter, beating analysts’ consensus estimates of $1.32 by $0.05. The company had revenue of $2.11 billion during the quarter, compared to analysts’ expectations of $2.10 billion. Commercial Metals had a net margin of 1.09% and a return on equity of 8.76%. The firm’s revenue for the quarter was up 5.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.90 EPS. Equities research analysts expect that Commercial Metals Company will post 3.09 EPS for the current fiscal year.

Commercial Metals Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 13th. Shareholders of record on Thursday, October 30th were paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date was Thursday, October 30th. Commercial Metals’s dividend payout ratio (DPR) is 94.74%.

Analysts Set New Price Targets

A number of analysts have recently commented on CMC shares. Jefferies Financial Group upgraded Commercial Metals from a “hold” rating to a “buy” rating and upped their price objective for the stock from $70.00 to $78.00 in a report on Wednesday, December 10th. Wells Fargo & Company upped their price target on Commercial Metals from $68.00 to $79.00 and gave the stock an “overweight” rating in a research note on Monday, December 15th. Citigroup upgraded Commercial Metals from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $60.00 to $65.00 in a report on Friday, October 17th. UBS Group reiterated a “neutral” rating on shares of Commercial Metals in a report on Monday, October 27th. Finally, Bank of America increased their target price on shares of Commercial Metals from $60.00 to $70.00 and gave the stock a “buy” rating in a research report on Monday, September 15th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $68.30.

Insider Transactions at Commercial Metals

In other Commercial Metals news, Director John R. Mcpherson acquired 1,722 shares of the company’s stock in a transaction on Monday, October 20th. The shares were bought at an average cost of $58.09 per share, for a total transaction of $100,030.98. Following the acquisition, the director directly owned 6,722 shares of the company’s stock, valued at $390,480.98. This trade represents a 34.44% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.62% of the stock is owned by corporate insiders.

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.