Commercial Metals Company $CMC Stock Position Reduced by Clearbridge Investments LLC

Clearbridge Investments LLC cut its stake in shares of Commercial Metals Company (NYSE:CMC) by 21.3% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 121,621 shares of the basic materials company’s stock after selling 32,928 shares during the period. Clearbridge Investments LLC owned about 0.11% of Commercial Metals worth $8,419,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CMC. Royal Bank of Canada grew its position in Commercial Metals by 1.4% during the first quarter. Royal Bank of Canada now owns 90,989 shares of the basic materials company’s stock valued at $4,186,000 after purchasing an additional 1,219 shares in the last quarter. Amundi raised its holdings in shares of Commercial Metals by 13.3% during the first quarter. Amundi now owns 2,480 shares of the basic materials company’s stock worth $114,000 after acquiring an additional 291 shares in the last quarter. Jones Financial Companies Lllp raised its holdings in shares of Commercial Metals by 614.9% during the first 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 in the last quarter. Goldman Sachs Group Inc. raised 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 acquiring an additional 56,875 shares in the last quarter. Finally, Empowered Funds LLC raised its holdings in shares of Commercial Metals by 1.8% during the first 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 in the last quarter. 86.90% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. The Goldman Sachs Group assumed coverage on Commercial Metals in a report on Wednesday, April 1st. They set a “neutral” rating and a $74.00 price objective for the company. Morgan Stanley increased their price objective on Commercial Metals from $75.00 to $83.00 and gave the stock an “overweight” rating in a report on Friday, May 29th. Wall Street Zen cut Commercial Metals from a “strong-buy” rating to a “buy” rating in a research note on Saturday, April 4th. JPMorgan Chase & Co. lowered their price target on Commercial Metals from $83.00 to $78.00 and set an “overweight” rating for the company in a research note on Tuesday, April 14th. Finally, Deutsche Bank Aktiengesellschaft raised Commercial Metals to a “buy” rating in a research note on Friday, May 22nd. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, Commercial Metals has an average rating of “Moderate Buy” and a consensus price target of $77.10.

Commercial Metals Stock Down 2.6%

Commercial Metals stock opened at $73.82 on Thursday. The company has a market capitalization of $8.19 billion, a P/E ratio of 16.44, a P/E/G ratio of 0.45 and a beta of 1.50. The firm’s fifty day simple moving average is $69.58 and its 200-day simple moving average is $70.45. The company has a current ratio of 2.38, a quick ratio of 1.55 and a debt-to-equity ratio of 0.75. Commercial Metals Company has a 1-year low of $47.06 and a 1-year high of $84.87.

Commercial Metals (NYSE:CMC) last released its quarterly earnings results on Thursday, March 26th. The basic materials company reported $1.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.28 by ($0.12). The company had revenue of $2.13 billion for the quarter, compared to the consensus estimate of $2.10 billion. Commercial Metals had a return on equity of 13.54% and a net margin of 6.02%.The business’s revenue was up 21.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.26 EPS. Sell-side analysts forecast that Commercial Metals Company will post 6.45 earnings per share for the current fiscal year.

Commercial Metals Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Monday, April 6th were paid a dividend of $0.20 per share. This is a boost from Commercial Metals’s previous quarterly dividend of $0.18. The ex-dividend date was Monday, April 6th. This represents a $0.80 annualized dividend and a dividend yield of 1.1%. Commercial Metals’s dividend payout ratio is currently 16.04%.

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.