National Bank of Canada FI Decreases Stake in Commercial Metals (NYSE:CMC)

National Bank of Canada FI decreased its holdings in shares of Commercial Metals (NYSE:CMC) by 34.0% in the third quarter, Holdings Channel.com reports. The institutional investor owned 528 shares of the basic materials company’s stock after selling 272 shares during the quarter. National Bank of Canada FI’s holdings in Commercial Metals were worth $29,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Wellington Management Group LLP boosted its position in Commercial Metals by 18.8% during the third quarter. Wellington Management Group LLP now owns 714,808 shares of the basic materials company’s stock worth $39,286,000 after acquiring an additional 113,156 shares during the last quarter. State Street Corp lifted its stake in Commercial Metals by 0.4% in the 3rd quarter. State Street Corp now owns 5,830,412 shares of the basic materials company’s stock worth $320,439,000 after purchasing an additional 24,665 shares in the last quarter. Systematic Financial Management LP boosted its holdings in shares of Commercial Metals by 8.1% during the 3rd quarter. Systematic Financial Management LP now owns 549,935 shares of the basic materials company’s stock worth $30,224,000 after purchasing an additional 40,972 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its position in shares of Commercial Metals by 122.8% in the third quarter. Jacobs Levy Equity Management Inc. now owns 1,245,535 shares of the basic materials company’s stock valued at $68,455,000 after purchasing an additional 686,519 shares in the last quarter. Finally, HighTower Advisors LLC increased its holdings in shares of Commercial Metals by 82.6% in the third quarter. HighTower Advisors LLC now owns 15,928 shares of the basic materials company’s stock valued at $874,000 after purchasing an additional 7,207 shares during the last quarter. 86.90% of the stock is currently owned by institutional investors and hedge funds.

Commercial Metals Trading Down 5.4 %

Shares of CMC stock opened at $51.24 on Thursday. Commercial Metals has a 1-year low of $47.42 and a 1-year high of $64.53. The firm has a market cap of $5.84 billion, a PE ratio of 12.38, a price-to-earnings-growth ratio of 2.74 and a beta of 1.15. The company has a 50-day moving average of $57.97 and a two-hundred day moving average of $55.19. The company has a debt-to-equity ratio of 0.27, a current ratio of 3.94 and a quick ratio of 2.78.

Commercial Metals (NYSE:CMC) last issued its quarterly earnings data on Thursday, October 17th. The basic materials company reported $0.90 EPS for the quarter, missing the consensus estimate of $0.91 by ($0.01). Commercial Metals had a return on equity of 12.20% and a net margin of 6.13%. The company had revenue of $2 billion during the quarter, compared to analyst estimates of $2.07 billion. On average, analysts predict that Commercial Metals will post 4.26 EPS for the current year.

Commercial Metals Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st were paid a $0.18 dividend. The ex-dividend date was Thursday, October 31st. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.41%. Commercial Metals’s payout ratio is presently 17.39%.

Wall Street Analysts Forecast Growth

CMC has been the topic of a number of recent research reports. Jefferies Financial Group began coverage on Commercial Metals in a research note on Tuesday, September 3rd. They set a “buy” rating and a $65.00 price objective on the stock. The Goldman Sachs Group started coverage on shares of Commercial Metals in a research report on Monday, December 2nd. They set a “buy” rating and a $75.00 price target on the stock. UBS Group restated a “sell” rating and set a $56.00 price objective (down from $62.00) on shares of Commercial Metals in a research report on Thursday, December 12th. Wolfe Research lowered shares of Commercial Metals from an “outperform” rating to a “peer perform” rating in a report on Wednesday, October 9th. Finally, BMO Capital Markets set a $62.00 price target on shares of Commercial Metals and gave the company a “market perform” rating in a research note on Friday, October 18th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat, Commercial Metals has a consensus rating of “Hold” and a consensus price target of $65.40.

Commercial Metals Company Profile

Commercial Metals Company manufactures, recycles, and fabricates steel and metal products, and related materials and services in the United States, Poland, China, and internationally. It operates through two segments, North America and Europe. The company processes and sells ferrous and nonferrous scrap metals to steel mills and foundries, aluminum sheet and ingot manufacturers, brass and bronze ingot makers, copper refineries and mills, secondary lead smelters, specialty steel mills, high temperature alloy manufacturers, and other consumers.