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

Allspring Global Investments Holdings LLC lessened its stake in shares of Commercial Metals Company (NYSE:CMC) by 12.4% in the first quarter, Holdings Channel reports. The institutional investor owned 182,709 shares of the basic materials company’s stock after selling 25,953 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Commercial Metals were worth $11,487,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. Lazard Asset Management LLC raised its position in shares of Commercial Metals by 0.6% in the 4th quarter. Lazard Asset Management LLC now owns 23,199 shares of the basic materials company’s stock worth $1,606,000 after purchasing an additional 133 shares during the last quarter. Ashton Thomas Private Wealth LLC raised its holdings in Commercial Metals by 3.1% in the fourth quarter. Ashton Thomas Private Wealth LLC now owns 4,904 shares of the basic materials company’s stock worth $339,000 after buying an additional 149 shares during the last quarter. Corient Private Wealth LLC lifted its stake in shares of Commercial Metals by 0.7% in the fourth quarter. Corient Private Wealth LLC now owns 23,554 shares of the basic materials company’s stock worth $1,630,000 after buying an additional 155 shares in the last quarter. Fifth Third Wealth Advisors LLC lifted its stake in shares of Commercial Metals by 4.0% in the first quarter. Fifth Third Wealth Advisors LLC now owns 4,164 shares of the basic materials company’s stock worth $256,000 after buying an additional 160 shares in the last quarter. Finally, Quadrant Capital Group LLC grew its holdings in shares of Commercial Metals by 2.9% during the third quarter. Quadrant Capital Group LLC now owns 6,626 shares of the basic materials company’s stock valued at $380,000 after buying an additional 188 shares during the last quarter. Hedge funds and other institutional investors own 86.90% of the company’s stock.

Insider Activity at Commercial Metals

In other Commercial Metals news, CEO Peter R. Matt acquired 8,230 shares of the stock in a transaction dated Friday, July 10th. The shares were purchased at an average price of $61.30 per share, for a total transaction of $504,499.00. Following the purchase, the chief executive officer directly owned 181,522 shares of the company’s stock, valued at approximately $11,127,298.60. This trade represents a 4.75% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. 0.62% of the stock is owned by insiders.

Wall Street Analyst Weigh In

CMC has been the subject of a number of recent analyst reports. Wells Fargo & Company boosted their price objective on shares of Commercial Metals from $77.00 to $80.00 and gave the stock an “equal weight” rating in a report on Friday, June 26th. UBS Group upgraded Commercial Metals from a “neutral” rating to a “buy” rating and increased their target price for the company from $79.00 to $89.00 in a research note on Wednesday, May 13th. BNP Paribas Exane raised Commercial Metals from a “neutral” rating to an “outperform” rating and set a $75.00 target price for the company in a report on Wednesday, July 8th. KeyCorp initiated coverage on Commercial Metals in a research note on Wednesday, March 25th. They issued a “sector weight” rating for the company. Finally, Jefferies Financial Group raised Commercial Metals from a “buy” rating to a “buy” rating in a report on Friday, June 5th. 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. Based on data from MarketBeat, Commercial Metals has a consensus rating of “Moderate Buy” and a consensus price target of $79.45.

Commercial Metals Price Performance

NYSE CMC opened at $68.13 on Thursday. The stock has a market capitalization of $7.54 billion, a price-to-earnings ratio of 12.83, a PEG ratio of 0.39 and a beta of 1.54. Commercial Metals Company has a 1-year low of $49.66 and a 1-year high of $84.87. The company has a debt-to-equity ratio of 0.73, a current ratio of 2.33 and a quick ratio of 1.54. The business’s fifty day moving average price is $70.28 and its 200-day moving average price is $70.53.

Commercial Metals (NYSE:CMC) last issued its quarterly earnings data on Thursday, June 25th. The basic materials company reported $1.73 EPS for the quarter, topping the consensus estimate of $1.70 by $0.03. The company had revenue of $2.48 billion during the quarter, compared to analyst estimates of $2.40 billion. Commercial Metals had a return on equity of 15.69% and a net margin of 6.72%.Commercial Metals’s revenue was up 22.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.74 earnings per share. On average, equities analysts predict that Commercial Metals Company will post 6.63 earnings per share for the current year.

Commercial Metals Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Monday, July 6th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date was Monday, July 6th. Commercial Metals’s payout ratio is currently 15.07%.

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.