Allspring Global Investments Holdings LLC Cuts Position in Commercial Metals Company $CMC

Allspring Global Investments Holdings LLC lowered its stake in shares of Commercial Metals Company (NYSE:CMC) by 7.6% during the fourth quarter, Holdings Channel reports. The institutional investor owned 208,662 shares of the basic materials company’s stock after selling 17,155 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Commercial Metals were worth $14,980,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vaughan Nelson Investment Management L.P. purchased a new position in Commercial Metals in the third quarter valued at about $54,394,000. Encompass Capital Advisors LLC purchased a new stake in shares of Commercial Metals during the 2nd quarter worth approximately $34,225,000. Merewether Investment Management LP purchased a new stake in shares of Commercial Metals during the 3rd quarter worth approximately $26,847,000. UBS Group AG grew its holdings in shares of Commercial Metals by 41.8% in the 3rd quarter. UBS Group AG now owns 1,521,130 shares of the basic materials company’s stock worth $87,130,000 after acquiring an additional 448,083 shares during the period. Finally, Millennium Management LLC grew its holdings in shares of Commercial Metals by 44.2% in the 3rd quarter. Millennium Management LLC now owns 1,013,517 shares of the basic materials company’s stock worth $58,054,000 after acquiring an additional 310,431 shares during the period. 86.90% of the stock is currently owned by institutional investors and hedge funds.

Commercial Metals Trading Up 0.2%

Shares of Commercial Metals stock opened at $61.71 on Friday. Commercial Metals Company has a 1 year low of $37.92 and a 1 year high of $84.87. The company has a debt-to-equity ratio of 0.75, a current ratio of 2.38 and a quick ratio of 1.55. The business has a 50 day moving average price of $71.11 and a 200 day moving average price of $66.67. The company has a market capitalization of $6.84 billion, a P/E ratio of 13.74, a P/E/G ratio of 0.35 and a beta of 1.47.

Commercial Metals (NYSE:CMC) last announced its earnings results on Thursday, March 26th. The basic materials company reported $1.16 EPS for the quarter, missing analysts’ consensus estimates of $1.28 by ($0.12). Commercial Metals had a net margin of 6.02% and a return on equity of 13.54%. The company had revenue of $2.13 billion for the quarter, compared to analyst estimates of $2.10 billion. During the same quarter last year, the company posted $0.26 EPS. Commercial Metals’s quarterly revenue was up 21.5% compared to the same quarter last year. Sell-side analysts anticipate that Commercial Metals Company will post 3.09 EPS for the current fiscal year.

Commercial Metals Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Monday, April 6th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, April 6th. This is an increase from Commercial Metals’s previous quarterly dividend of $0.18. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.3%. Commercial Metals’s dividend payout ratio is 16.04%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Commercial Metals in a research note on Wednesday, January 21st. The Goldman Sachs Group started coverage on Commercial Metals in a report on Wednesday. They issued a “neutral” rating and a $74.00 target price on the stock. Citigroup raised their price target on Commercial Metals from $65.00 to $85.00 and gave the company a “buy” rating in a research report on Monday, January 12th. JPMorgan Chase & Co. cut their price target on Commercial Metals from $85.00 to $83.00 and set an “overweight” rating for the company in a research note on Friday, March 27th. Finally, Wells Fargo & Company decreased their price objective on shares of Commercial Metals from $80.00 to $77.00 and set an “overweight” rating on the stock in a research report on Friday, March 27th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, Commercial Metals currently has an average rating of “Moderate Buy” and a consensus price target of $72.00.

Insider Transactions at Commercial Metals

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

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.