Commercial Metals (NYSE:CMC) Shares Sold by Wasatch Advisors LP

Wasatch Advisors LP cut its position in shares of Commercial Metals (NYSE:CMC) by 14.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 640,577 shares of the basic materials company’s stock after selling 111,531 shares during the quarter. Wasatch Advisors LP owned 0.55% of Commercial Metals worth $37,647,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Commercial Metals by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 12,641,427 shares of the basic materials company’s stock valued at $632,577,000 after purchasing an additional 191,345 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Commercial Metals by 2.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 7,611,020 shares of the basic materials company’s stock worth $380,859,000 after acquiring an additional 160,228 shares in the last quarter. Norges Bank bought a new stake in shares of Commercial Metals during the 4th quarter worth $94,722,000. Victory Capital Management Inc. boosted its stake in shares of Commercial Metals by 241.3% during the 4th quarter. Victory Capital Management Inc. now owns 1,809,841 shares of the basic materials company’s stock worth $90,564,000 after acquiring an additional 1,279,617 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its stake in shares of Commercial Metals by 0.7% during the 4th quarter. Principal Financial Group Inc. now owns 1,697,924 shares of the basic materials company’s stock worth $84,964,000 after acquiring an additional 11,281 shares in the last quarter. 86.90% of the stock is currently owned by institutional investors and hedge funds.

Commercial Metals Price Performance

NYSE CMC opened at $52.96 on Wednesday. Commercial Metals has a fifty-two week low of $39.85 and a fifty-two week high of $59.81. The stock’s 50-day moving average is $54.53 and its two-hundred day moving average is $53.75. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.24 and a quick ratio of 2.83. The firm has a market cap of $6.09 billion, a P/E ratio of 11.03 and a beta of 1.17.

Commercial Metals (NYSE:CMC) last posted its quarterly earnings data on Thursday, June 20th. The basic materials company reported $1.02 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.02. The business had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.02 billion. Commercial Metals had a return on equity of 14.62% and a net margin of 6.95%. The firm’s revenue for the quarter was down 11.4% on a year-over-year basis. During the same period in the previous year, the company posted $2.02 earnings per share. On average, analysts anticipate that Commercial Metals will post 4.71 earnings per share for the current fiscal year.

Commercial Metals Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 10th. Stockholders of record on Monday, July 1st will be paid a $0.18 dividend. The ex-dividend date is Monday, July 1st. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.36%. Commercial Metals’s payout ratio is presently 15.00%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on CMC shares. StockNews.com lowered Commercial Metals from a “buy” rating to a “hold” rating in a research note on Thursday, June 20th. BMO Capital Markets raised their target price on Commercial Metals from $52.00 to $60.00 and gave the stock a “market perform” rating in a research report on Friday, March 22nd. Finally, Bank of America reduced their price objective on Commercial Metals from $70.00 to $69.00 and set a “buy” rating for the company in a research report on Wednesday, June 26th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $60.50.

Commercial Metals 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.