American International Group Inc. cut its holdings in Commercial Metals (NYSE:CMC – Free Report) by 3.1% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 215,231 shares of the basic materials company’s stock after selling 6,839 shares during the quarter. American International Group Inc. owned 0.18% of Commercial Metals worth $10,770,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently modified their holdings of CMC. Cim LLC acquired a new position in shares of Commercial Metals during the 4th quarter valued at $2,120,000. Wasatch Advisors LP boosted its position in shares of Commercial Metals by 28.2% during the 4th quarter. Wasatch Advisors LP now owns 752,108 shares of the basic materials company’s stock worth $37,635,000 after purchasing an additional 165,326 shares in the last quarter. Lingohr Asset Management GmbH bought a new stake in Commercial Metals in the 4th quarter valued at about $798,000. CoreCommodity Management LLC increased its position in Commercial Metals by 60.5% in the 4th quarter. CoreCommodity Management LLC now owns 34,766 shares of the basic materials company’s stock valued at $1,740,000 after buying an additional 13,110 shares in the last quarter. Finally, Prudential PLC raised its stake in Commercial Metals by 165.7% during the 4th quarter. Prudential PLC now owns 49,486 shares of the basic materials company’s stock worth $2,476,000 after buying an additional 30,862 shares during the period. 86.90% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
Several research firms have recently commented on CMC. StockNews.com downgraded Commercial Metals from a “buy” rating to a “hold” rating in a report on Wednesday, June 12th. BMO Capital Markets upped their price objective on shares of Commercial Metals from $52.00 to $60.00 and gave the stock a “market perform” rating in a report on Friday, March 22nd.
Insiders Place Their Bets
In other news, Chairman Barbara Smith sold 35,704 shares of the business’s stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $57.88, for a total value of $2,066,547.52. Following the transaction, the chairman now owns 36,196 shares in the company, valued at approximately $2,095,024.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.00% of the stock is currently owned by insiders.
Commercial Metals Stock Performance
Shares of Commercial Metals stock opened at $50.88 on Tuesday. Commercial Metals has a 52 week low of $39.85 and a 52 week high of $59.81. The company has a quick ratio of 2.69, a current ratio of 4.19 and a debt-to-equity ratio of 0.27. The business has a 50 day moving average price of $55.24 and a 200-day moving average price of $53.18. The company has a market cap of $5.89 billion, a PE ratio of 8.83 and a beta of 1.27.
Commercial Metals (NYSE:CMC – Get Free Report) last released its quarterly earnings results on Thursday, March 21st. The basic materials company reported $0.88 EPS for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.05). The company had revenue of $1.85 billion during the quarter, compared to analysts’ expectations of $1.80 billion. Commercial Metals had a net margin of 8.09% and a return on equity of 17.72%. The company’s quarterly revenue was down 8.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.44 earnings per share. Equities analysts anticipate that Commercial Metals will post 4.85 earnings per share for the current fiscal year.
Commercial Metals Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Wednesday, April 10th. Investors of record on Monday, April 1st were issued a dividend of $0.18 per share. The ex-dividend date was Thursday, March 28th. This is a boost from Commercial Metals’s previous quarterly dividend of $0.16. This represents a $0.72 annualized dividend and a yield of 1.42%. Commercial Metals’s payout ratio is 12.50%.
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.
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