Commercial Metals Company $CMC Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund lowered its position in shares of Commercial Metals Company (NYSE:CMC) by 17.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 254,613 shares of the basic materials company’s stock after selling 55,432 shares during the period. New York State Common Retirement Fund’s holdings in Commercial Metals were worth $14,584,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Royal Bank of Canada raised its stake in Commercial Metals by 1.4% during the 1st quarter. Royal Bank of Canada now owns 90,989 shares of the basic materials company’s stock worth $4,186,000 after acquiring an additional 1,219 shares in the last quarter. Amundi raised its holdings in shares of Commercial Metals by 13.3% in the first quarter. Amundi now owns 2,480 shares of the basic materials company’s stock valued at $114,000 after buying an additional 291 shares during the last quarter. Jones Financial Companies Lllp lifted its position in Commercial Metals by 614.9% during the 1st quarter. Jones Financial Companies Lllp now owns 11,767 shares of the basic materials company’s stock worth $541,000 after acquiring an additional 10,121 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of Commercial Metals by 5.8% during the first quarter. Goldman Sachs Group Inc. now owns 1,033,514 shares of the basic materials company’s stock worth $47,552,000 after purchasing an additional 56,875 shares during the period. Finally, Empowered Funds LLC lifted its stake in shares of Commercial Metals by 1.8% in the 1st quarter. Empowered Funds LLC now owns 53,305 shares of the basic materials company’s stock worth $2,453,000 after acquiring an additional 941 shares during the period. Institutional investors and hedge funds own 86.90% of the company’s stock.

Insider Activity at Commercial Metals

In related news, Director Dennis V. Arriola purchased 2,000 shares of Commercial Metals stock in a transaction that occurred on Tuesday, January 20th. The shares were purchased at an average cost of $74.69 per share, with a total value of $149,380.00. Following the transaction, the director owned 9,238 shares of the company’s stock, valued at approximately $689,986.22. The trade was a 27.63% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.62% of the company’s stock.

Commercial Metals Trading Up 4.6%

Shares of CMC stock opened at $80.41 on Tuesday. Commercial Metals Company has a fifty-two week low of $37.92 and a fifty-two week high of $80.65. The firm’s 50 day moving average price is $71.20 and its two-hundred day moving average price is $62.22. The stock has a market cap of $8.92 billion, a price-to-earnings ratio of 20.72, a price-to-earnings-growth ratio of 0.41 and a beta of 1.49. The company has a quick ratio of 3.70, a current ratio of 4.47 and a debt-to-equity ratio of 0.77.

Commercial Metals (NYSE:CMC) last posted its earnings results on Thursday, January 8th. The basic materials company reported $1.84 earnings per share for the quarter, beating the consensus estimate of $1.55 by $0.29. Commercial Metals had a net margin of 5.46% and a return on equity of 11.43%. The business had revenue of $2.12 billion for the quarter, compared to analyst estimates of $2.06 billion. During the same quarter in the previous year, the business posted $0.78 EPS. The business’s quarterly revenue was up 11.0% on a year-over-year basis. On average, analysts anticipate that Commercial Metals Company will post 3.09 EPS for the current year.

Commercial Metals Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, February 2nd. Stockholders of record on Monday, January 19th were paid a $0.18 dividend. The ex-dividend date was Friday, January 16th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 0.9%. Commercial Metals’s dividend payout ratio (DPR) is 18.56%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. UBS Group reissued a “neutral” rating on shares of Commercial Metals in a report on Monday, October 27th. The Goldman Sachs Group restated a “buy” rating and set a $84.00 target price on shares of Commercial Metals in a research report on Tuesday, December 30th. Jefferies Financial Group set a $85.00 price objective on Commercial Metals and gave the company a “buy” rating in a research report on Thursday, January 8th. Zacks Research raised shares of Commercial Metals from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 14th. Finally, JPMorgan Chase & Co. upgraded Commercial Metals from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $64.00 to $78.00 in a research report on Friday, December 5th. One 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 price target of $72.70.

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.