Hoey Investments Inc. Has $1.24 Million Position in Commercial Metals (NYSE:CMC)

Hoey Investments Inc. lifted its stake in shares of Commercial Metals (NYSE:CMC) by 9.3% in the fourth quarter, Holdings Channel.com reports. The fund owned 24,896 shares of the basic materials company’s stock after acquiring an additional 2,119 shares during the quarter. Commercial Metals makes up approximately 0.2% of Hoey Investments Inc.’s investment portfolio, making the stock its 23rd biggest position. Hoey Investments Inc.’s holdings in Commercial Metals were worth $1,235,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. State Street Corp increased its position in Commercial Metals by 0.4% during the 3rd quarter. State Street Corp now owns 5,830,412 shares of the basic materials company’s stock valued at $320,439,000 after purchasing an additional 24,665 shares during the period. Boston Partners increased its position in shares of Commercial Metals by 6.4% during the fourth quarter. Boston Partners now owns 4,055,150 shares of the basic materials company’s stock worth $201,178,000 after buying an additional 243,921 shares during the period. Geode Capital Management LLC increased its position in shares of Commercial Metals by 1.0% during the third quarter. Geode Capital Management LLC now owns 2,839,601 shares of the basic materials company’s stock worth $156,093,000 after buying an additional 28,019 shares during the period. Victory Capital Management Inc. lifted its holdings in Commercial Metals by 11.3% in the fourth quarter. Victory Capital Management Inc. now owns 2,422,427 shares of the basic materials company’s stock valued at $120,152,000 after buying an additional 245,468 shares during the period. Finally, Principal Financial Group Inc. lifted its holdings in Commercial Metals by 1.1% in the third quarter. Principal Financial Group Inc. now owns 1,714,116 shares of the basic materials company’s stock valued at $94,208,000 after buying an additional 17,931 shares during the period. 86.90% of the stock is owned by institutional investors and hedge funds.

Commercial Metals Trading Down 4.6 %

NYSE:CMC opened at $46.15 on Monday. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.76 and a quick ratio of 1.94. Commercial Metals has a one year low of $42.62 and a one year high of $64.53. The company has a market cap of $5.24 billion, a PE ratio of 41.58, a PEG ratio of 2.62 and a beta of 1.17. The firm has a 50-day moving average of $48.67 and a 200-day moving average of $52.71.

Commercial Metals (NYSE:CMC) last issued its quarterly earnings data on Thursday, March 20th. The basic materials company reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.05). Commercial Metals had a return on equity of 9.88% and a net margin of 1.70%. The company had revenue of $1.75 billion for the quarter, compared to the consensus estimate of $1.73 billion. During the same period in the prior year, the firm posted $0.88 earnings per share. The business’s revenue for the quarter was down 5.1% on a year-over-year basis. As a group, equities research analysts expect that Commercial Metals will post 3.09 EPS for the current fiscal year.

Commercial Metals Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 9th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.56%. The ex-dividend date is Monday, March 31st. Commercial Metals’s dividend payout ratio (DPR) is presently 120.00%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. BMO Capital Markets lowered their price objective on Commercial Metals from $58.00 to $54.00 and set a “market perform” rating for the company in a research report on Friday, March 21st. Morgan Stanley dropped their price target on Commercial Metals from $56.00 to $53.00 and set an “equal weight” rating on the stock in a research note on Friday, March 7th. Jefferies Financial Group reduced their price objective on shares of Commercial Metals from $65.00 to $62.00 and set a “buy” rating for the company in a research report on Monday, January 6th. The Goldman Sachs Group began coverage on shares of Commercial Metals in a research report on Monday, December 2nd. They set a “buy” rating and a $75.00 target price on the stock. Finally, BNP Paribas cut shares of Commercial Metals from an “outperform” rating to a “neutral” rating in a report on Friday, January 3rd. Six equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $60.33.

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.