Commercial Metals (NYSE:CMC) Stake Lowered by Empowered Funds LLC

Empowered Funds LLC reduced its stake in shares of Commercial Metals (NYSE:CMC) by 56.8% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 51,641 shares of the basic materials company’s stock after selling 67,831 shares during the period. Empowered Funds LLC’s holdings in Commercial Metals were worth $3,035,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Rise Advisors LLC purchased a new position in shares of Commercial Metals during the 1st quarter valued at $28,000. Daiwa Securities Group Inc. acquired a new stake in shares of Commercial Metals in the 4th quarter valued at $30,000. SYSTM Wealth Solutions LLC acquired a new stake in shares of Commercial Metals in the 1st quarter valued at $44,000. GAMMA Investing LLC acquired a new stake in shares of Commercial Metals in the 4th quarter valued at $74,000. Finally, Planned Solutions Inc. acquired a new stake in shares of Commercial Metals in the 4th quarter valued at $73,000. 86.90% of the stock is currently owned by hedge funds and other institutional investors.

Commercial Metals Stock Up 1.4 %

Commercial Metals stock opened at $55.50 on Friday. The firm has a market cap of $6.38 billion, a price-to-earnings ratio of 11.56 and a beta of 1.17. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.24 and a quick ratio of 2.83. Commercial Metals has a fifty-two week low of $39.85 and a fifty-two week high of $59.81. The firm has a fifty day moving average price of $54.32 and a two-hundred day moving average price of $53.92.

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

Commercial Metals Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 10th. Stockholders of record on Monday, July 1st were issued a dividend of $0.18 per share. The ex-dividend date of this dividend was Monday, July 1st. This represents a $0.72 annualized dividend and a dividend yield of 1.30%. Commercial Metals’s payout ratio is 15.00%.

Analysts Set New Price Targets

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

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.