Covea Finance Reduces Stock Position in Commercial Metals Company $CMC

Covea Finance trimmed its position in Commercial Metals Company (NYSE:CMC) by 9.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 89,000 shares of the basic materials company’s stock after selling 8,800 shares during the quarter. Covea Finance owned about 0.08% of Commercial Metals worth $6,161,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Root Financial Partners LLC acquired a new position in Commercial Metals in the 3rd quarter worth approximately $25,000. Rothschild Investment LLC lifted its stake in Commercial Metals by 169.6% during the 3rd quarter. Rothschild Investment LLC now owns 515 shares of the basic materials company’s stock valued at $29,000 after acquiring an additional 324 shares during the period. Spire Wealth Management boosted its holdings in shares of Commercial Metals by 42.4% in the 3rd quarter. Spire Wealth Management now owns 615 shares of the basic materials company’s stock valued at $35,000 after acquiring an additional 183 shares during the last quarter. Aster Capital Management DIFC Ltd purchased a new stake in shares of Commercial Metals in the 3rd quarter valued at $73,000. Finally, EverSource Wealth Advisors LLC increased its stake in shares of Commercial Metals by 84.1% in the second quarter. EverSource Wealth Advisors LLC now owns 1,550 shares of the basic materials company’s stock worth $76,000 after acquiring an additional 708 shares during the period. Institutional investors and hedge funds own 86.90% of the company’s stock.

Commercial Metals Price Performance

Commercial Metals stock opened at $60.15 on Friday. The stock has a market capitalization of $6.67 billion, a P/E ratio of 15.50, a P/E/G ratio of 0.33 and a beta of 1.47. The company’s fifty day moving average price is $73.91 and its 200 day moving average price is $66.40. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.70 and a current ratio of 4.47. Commercial Metals Company has a 1 year low of $37.92 and a 1 year high of $84.87.

Commercial Metals (NYSE:CMC) last posted its quarterly earnings data on Thursday, January 8th. The basic materials company reported $1.84 earnings per share for the quarter, topping analysts’ consensus estimates of $1.55 by $0.29. Commercial Metals had a net margin of 5.46% and a return on equity of 11.43%. The company had revenue of $2.12 billion during the quarter, compared to analysts’ expectations of $2.06 billion. During the same period in the prior year, the business posted $0.78 earnings per share. The firm’s revenue for the quarter was up 11.0% on a year-over-year basis. As a group, equities research analysts anticipate that Commercial Metals Company will post 3.09 earnings per share 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 given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 1.2%. The ex-dividend date was Friday, January 16th. Commercial Metals’s dividend payout ratio is 18.56%.

Insider Transactions at Commercial Metals

In related news, insider Jennifer J. Durbin sold 25,050 shares of the firm’s stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $79.97, for a total value of $2,003,248.50. Following the transaction, the insider directly owned 52,880 shares of the company’s stock, valued at approximately $4,228,813.60. This trade represents a 32.14% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Dennis V. Arriola acquired 2,000 shares of the stock in a transaction that occurred on Tuesday, January 20th. The stock was purchased at an average price of $74.69 per share, for a total transaction of $149,380.00. Following the completion of the acquisition, the director owned 9,238 shares in the company, valued at $689,986.22. The trade was a 27.63% increase in their position. The disclosure for this purchase is available in the SEC filing. Company insiders own 0.62% of the company’s stock.

Analyst Ratings Changes

CMC has been the subject of several recent research reports. Wall Street Zen raised shares of Commercial Metals from a “buy” rating to a “strong-buy” rating in a report on Friday, November 28th. JPMorgan Chase & Co. raised Commercial Metals from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $64.00 to $78.00 in a research report on Friday, December 5th. The Goldman Sachs Group reiterated a “buy” rating and set a $84.00 price objective on shares of Commercial Metals in a research note on Tuesday, December 30th. Weiss Ratings reissued a “hold (c)” rating on shares of Commercial Metals in a report on Wednesday, January 21st. Finally, Zacks Research downgraded Commercial Metals from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 3rd. Eight analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $72.80.

Commercial Metals 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.