Illinois Municipal Retirement Fund Sells 22,644 Shares of Commercial Metals Company $CMC

Illinois Municipal Retirement Fund decreased its stake in shares of Commercial Metals Company (NYSE:CMC) by 53.1% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 19,984 shares of the basic materials company’s stock after selling 22,644 shares during the period. Illinois Municipal Retirement Fund’s holdings in Commercial Metals were worth $1,145,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of CMC. Versor Investments LP grew its holdings in Commercial Metals by 2.7% in the third quarter. Versor Investments LP now owns 11,677 shares of the basic materials company’s stock worth $669,000 after purchasing an additional 308 shares during the period. Profund Advisors LLC raised its holdings in shares of Commercial Metals by 7.1% during the third quarter. Profund Advisors LLC now owns 4,593 shares of the basic materials company’s stock valued at $263,000 after purchasing an additional 304 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd boosted its position in shares of Commercial Metals by 34.4% during the 3rd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 25,886 shares of the basic materials company’s stock worth $1,483,000 after purchasing an additional 6,631 shares in the last quarter. Flagship Harbor Advisors LLC grew its stake in shares of Commercial Metals by 4.7% in the 3rd quarter. Flagship Harbor Advisors LLC now owns 4,775 shares of the basic materials company’s stock valued at $274,000 after buying an additional 213 shares during the period. Finally, Bessemer Group Inc. grew its stake 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 valued at $14,948,000 after buying an additional 258,643 shares during the period. Institutional investors and hedge funds own 86.90% of the company’s stock.

Wall Street Analysts Forecast Growth

CMC has been the topic of a number of research reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Commercial Metals in a research note on Wednesday, January 21st. Wells Fargo & Company upped their target price on Commercial Metals from $68.00 to $79.00 and gave the stock an “overweight” rating in a research report on Monday, December 15th. Zacks Research cut Commercial Metals from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 3rd. Morgan Stanley lifted their price target on shares of Commercial Metals from $68.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, January 9th. Finally, Citigroup boosted their price target on shares of Commercial Metals from $65.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, January 12th. Eight investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, Commercial Metals has a consensus rating of “Moderate Buy” and an average price target of $72.70.

Insider Activity

In other Commercial Metals news, insider Jennifer J. Durbin sold 25,050 shares of the stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $79.97, for a total transaction of $2,003,248.50. Following the completion of the transaction, the insider owned 52,880 shares in the company, valued at $4,228,813.60. This trade represents a 32.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Dennis V. Arriola acquired 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 20th. The stock was acquired at an average cost of $74.69 per share, with a total value of $149,380.00. Following the completion of the acquisition, the director owned 9,238 shares in the company, valued at $689,986.22. This trade represents a 27.63% increase in their position. The disclosure for this purchase is available in the SEC filing. 0.62% of the stock is currently owned by corporate insiders.

Commercial Metals Stock Down 0.7%

CMC stock opened at $78.70 on Thursday. The stock’s 50 day moving average is $75.05 and its 200-day moving average is $64.55. Commercial Metals Company has a twelve month low of $37.92 and a twelve month high of $84.87. The firm has a market capitalization of $8.73 billion, a PE ratio of 20.28, a P/E/G ratio of 0.42 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 issued its quarterly earnings data 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. The business had revenue of $2.12 billion for the quarter, compared to analysts’ expectations of $2.06 billion. Commercial Metals had a return on equity of 11.43% and a net margin of 5.46%.The business’s revenue was up 11.0% on a year-over-year basis. During the same period last year, the business earned $0.78 EPS. Sell-side analysts expect that Commercial Metals Company will post 3.09 EPS for the current fiscal year.

Commercial Metals Announces Dividend

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

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.