PNC Financial Services Group Inc. Trims Holdings in Commercial Metals (NYSE:CMC)

PNC Financial Services Group Inc. lowered its holdings in Commercial Metals (NYSE:CMC) by 7.2% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 45,479 shares of the basic materials company’s stock after selling 3,525 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Commercial Metals were worth $2,500,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in CMC. BOKF NA lifted its stake in Commercial Metals by 45.7% in the first quarter. BOKF NA now owns 3,353 shares of the basic materials company’s stock worth $197,000 after acquiring an additional 1,051 shares during the period. Price T Rowe Associates Inc. MD lifted its position in shares of Commercial Metals by 11.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 630,836 shares of the basic materials company’s stock worth $37,075,000 after purchasing an additional 67,068 shares during the period. Public Employees Retirement System of Ohio bought a new stake in shares of Commercial Metals during the 1st quarter valued at about $558,000. Janus Henderson Group PLC increased its position in shares of Commercial Metals by 2.3% during the first quarter. Janus Henderson Group PLC now owns 1,159,769 shares of the basic materials company’s stock valued at $68,160,000 after buying an additional 25,816 shares during the period. Finally, Jacobs Levy Equity Management Inc. raised its stake in Commercial Metals by 388.4% in the first quarter. Jacobs Levy Equity Management Inc. now owns 298,621 shares of the basic materials company’s stock worth $17,550,000 after buying an additional 237,477 shares in the last quarter. 86.90% of the stock is currently owned by institutional investors.

Commercial Metals Price Performance

CMC opened at $62.31 on Tuesday. The firm has a market cap of $7.10 billion, a PE ratio of 15.05, a P/E/G ratio of 2.63 and a beta of 1.14. The stock has a 50-day moving average price of $55.74 and a 200-day moving average price of $54.75. Commercial Metals has a 1 year low of $43.52 and a 1 year high of $63.40. 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 earnings results on Thursday, October 17th. The basic materials company reported $0.90 earnings per share (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 firm had revenue of $2 billion during the quarter, compared to analysts’ expectations of $2.07 billion. Sell-side analysts predict that Commercial Metals will post 4.35 earnings per share for the current fiscal year.

Commercial Metals Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st were given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.16%. The ex-dividend date was Thursday, October 31st. Commercial Metals’s dividend payout ratio (DPR) is 17.39%.

Analyst Ratings Changes

A number of research analysts have weighed in on CMC shares. BMO Capital Markets set a $62.00 target price on Commercial Metals and gave the stock a “market perform” rating in a report on Friday, October 18th. Jefferies Financial Group initiated coverage on shares of Commercial Metals in a research note on Tuesday, September 3rd. They issued a “buy” rating and a $65.00 price target for the company. Finally, Wolfe Research lowered shares of Commercial Metals from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, October 9th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Commercial Metals currently has an average rating of “Moderate Buy” and an average target price of $65.25.

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.