Vanguard Group Inc. Trims Stock Position in Commercial Metals Company $CMC

Vanguard Group Inc. trimmed its position in Commercial Metals Company (NYSE:CMC) by 2.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 11,395,225 shares of the basic materials company’s stock after selling 229,557 shares during the quarter. Vanguard Group Inc. owned about 0.10% of Commercial Metals worth $652,718,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in CMC. JPMorgan Chase & Co. raised its position in shares of Commercial Metals by 7.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 884,604 shares of the basic materials company’s stock valued at $50,670,000 after buying an additional 64,491 shares during the period. State of New Jersey Common Pension Fund D increased its stake in Commercial Metals by 19.1% during the third quarter. State of New Jersey Common Pension Fund D now owns 48,040 shares of the basic materials company’s stock worth $2,752,000 after acquiring an additional 7,718 shares during the last quarter. Versor Investments LP raised its position in Commercial Metals by 2.7% in the third quarter. Versor Investments LP now owns 11,677 shares of the basic materials company’s stock valued at $669,000 after purchasing an additional 308 shares during the period. Profund Advisors LLC lifted its stake in shares of Commercial Metals by 7.1% in the 3rd quarter. Profund Advisors LLC now owns 4,593 shares of the basic materials company’s stock valued at $263,000 after purchasing an additional 304 shares during the last quarter. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd lifted its stake in shares of Commercial Metals by 34.4% in the 3rd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 25,886 shares of the basic materials company’s stock valued at $1,483,000 after purchasing an additional 6,631 shares during the last quarter. Hedge funds and other institutional investors own 86.90% of the company’s stock.

Insider Activity at Commercial Metals

In related news, insider Jennifer J. Durbin sold 25,050 shares of the firm’s stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $79.97, for a total value of $2,003,248.50. Following the sale, the insider owned 52,880 shares of the company’s stock, valued at $4,228,813.60. This trade represents a 32.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Dennis V. Arriola purchased 2,000 shares of the stock in a transaction on Tuesday, January 20th. The shares were purchased at an average price of $74.69 per share, with a total value of $149,380.00. Following the acquisition, the director directly owned 9,238 shares in the company, valued at $689,986.22. This represents a 27.63% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 0.62% of the stock is owned by company insiders.

Commercial Metals Stock Performance

NYSE:CMC opened at $75.57 on Tuesday. Commercial Metals Company has a 52 week low of $37.92 and a 52 week high of $84.87. The company has a fifty day simple moving average of $75.39 and a two-hundred day simple moving average of $65.16. The company has a quick ratio of 3.70, a current ratio of 4.47 and a debt-to-equity ratio of 0.77. The company has a market cap of $8.38 billion, a price-to-earnings ratio of 19.48, a price-to-earnings-growth ratio of 0.41 and a beta of 1.49.

Commercial Metals (NYSE:CMC) last announced its quarterly earnings data on Thursday, January 8th. The basic materials company reported $1.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.55 by $0.29. Commercial Metals had a return on equity of 11.43% and a net margin of 5.46%.The business had revenue of $2.12 billion for the quarter, compared to analysts’ expectations of $2.06 billion. During the same period last year, the firm earned $0.78 earnings per share. The company’s revenue for the quarter was up 11.0% compared to the same quarter last year. As a group, equities analysts anticipate that Commercial Metals Company will post 3.09 earnings per share for the current fiscal year.

Commercial Metals Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, February 2nd. Investors of record on Monday, January 19th were paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date was Friday, January 16th. Commercial Metals’s dividend payout ratio is presently 18.56%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CMC. Citigroup raised their price objective on Commercial Metals from $65.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, January 12th. UBS Group reiterated a “neutral” rating on shares of Commercial Metals in a research report on Monday, October 27th. The Goldman Sachs Group reissued a “buy” rating and issued a $84.00 price target on shares of Commercial Metals in a research note on Tuesday, December 30th. Weiss Ratings restated a “hold (c)” rating on shares of Commercial Metals in a report on Wednesday, January 21st. Finally, Wall Street Zen raised Commercial Metals from a “buy” rating to a “strong-buy” rating in a research report on Friday, November 28th. Eight research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $72.70.

Commercial Metals Company Profile

Commercial Metals Company (NYSE: CMC) is a leading global steel and metal recycler, manufacturer and fabricator based in Irving, Texas. The company operates an integrated network of scrap recycling facilities, electric arc furnace steel mills, metal fabrication plants and distribution centers. Through these operations, Commercial Metals collects and processes ferrous scrap to produce finished steel products and provides recycled metal to a variety of end markets.

In its steelmaking segment, CMC uses electric arc furnace technology to transform recycled scrap into reinforcing bar (rebar), merchant bar, coil and structural products.