Fmr LLC Cuts Stock Position in Commercial Metals (NYSE:CMC)

Fmr LLC trimmed its position in shares of Commercial Metals (NYSE:CMC) by 9.7% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 4,531,530 shares of the basic materials company’s stock after selling 489,091 shares during the quarter. Fmr LLC’s holdings in Commercial Metals were worth $249,053,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. nVerses Capital LLC purchased a new position in shares of Commercial Metals during the third quarter worth approximately $66,000. Archer Investment Corp bought a new position in shares of Commercial Metals during the 2nd quarter valued at $77,000. GAMMA Investing LLC raised its position in Commercial Metals by 21.9% in the 2nd quarter. GAMMA Investing LLC now owns 1,572 shares of the basic materials company’s stock worth $86,000 after purchasing an additional 282 shares during the period. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Commercial Metals in the second quarter worth $129,000. Finally, KBC Group NV boosted its position in Commercial Metals by 15.9% during the third quarter. KBC Group NV now owns 3,099 shares of the basic materials company’s stock valued at $170,000 after buying an additional 425 shares during the period. Institutional investors own 86.90% of the company’s stock.

Analysts Set New Price Targets

CMC has been the subject of a number of recent research reports. Jefferies Financial Group started coverage on Commercial Metals in a research note on Tuesday, September 3rd. They issued a “buy” rating and a $65.00 target price for the company. Wolfe Research lowered Commercial Metals from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, October 9th. Finally, BMO Capital Markets set a $62.00 target price on shares of Commercial Metals and gave the stock a “market perform” rating in a research note on Friday, October 18th. 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.com, the company currently has an average rating of “Moderate Buy” and an average target price of $65.25.

Commercial Metals Stock Up 0.5 %

Shares of NYSE:CMC opened at $61.69 on Monday. The stock’s 50-day moving average is $56.45 and its 200 day moving average is $54.89. The company has a market cap of $7.03 billion, a PE ratio of 14.90, a P/E/G ratio of 2.74 and a beta of 1.14. 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 has a 1 year low of $44.78 and a 1 year high of $63.40.

Commercial Metals (NYSE:CMC) last posted 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 net margin of 6.13% and a return on equity of 12.20%. The business had revenue of $2 billion for the quarter, compared to analysts’ expectations of $2.07 billion. Sell-side analysts anticipate that Commercial Metals will post 4.26 EPS for the current year.

Commercial Metals Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st were issued a $0.18 dividend. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $0.72 annualized dividend and a yield of 1.17%. Commercial Metals’s dividend payout ratio (DPR) is presently 17.39%.

About Commercial Metals

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.