LSV Asset Management Lowers Position in Commercial Metals Company $CMC

LSV Asset Management decreased its stake in shares of Commercial Metals Company (NYSE:CMC) by 4.5% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 265,700 shares of the basic materials company’s stock after selling 12,500 shares during the quarter. LSV Asset Management’s holdings in Commercial Metals were worth $15,219,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. State Street Corp increased its holdings in shares of Commercial Metals by 1.2% during the 2nd quarter. State Street Corp now owns 6,109,178 shares of the basic materials company’s stock worth $299,898,000 after buying an additional 71,703 shares during the last quarter. Franklin Resources Inc. grew its position in Commercial Metals by 10.0% during the second quarter. Franklin Resources Inc. now owns 3,193,930 shares of the basic materials company’s stock valued at $156,215,000 after acquiring an additional 290,256 shares during the period. American Century Companies Inc. increased its stake in Commercial Metals by 7.8% during the second quarter. American Century Companies Inc. now owns 1,711,656 shares of the basic materials company’s stock worth $83,717,000 after acquiring an additional 124,397 shares during the last quarter. Invesco Ltd. raised its holdings in shares of Commercial Metals by 1.1% in the 2nd quarter. Invesco Ltd. now owns 1,584,662 shares of the basic materials company’s stock worth $77,506,000 after purchasing an additional 16,641 shares during the period. Finally, Norges Bank acquired a new position in shares of Commercial Metals in the 2nd quarter valued at about $70,402,000. Institutional investors and hedge funds own 86.90% of the company’s stock.

Commercial Metals Price Performance

Shares of CMC stock opened at $79.61 on Friday. The firm has a fifty day simple moving average of $74.35 and a 200-day simple moving average of $63.97. The company has a market capitalization of $8.83 billion, a PE ratio of 20.52, a price-to-earnings-growth ratio of 0.43 and a beta of 1.49. Commercial Metals Company has a twelve month low of $37.92 and a twelve month high of $84.87. The company has a current ratio of 4.47, a quick ratio of 3.70 and a debt-to-equity ratio of 0.77.

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

Commercial Metals Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, February 2nd. Shareholders 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 yield of 0.9%. The ex-dividend date was Friday, January 16th. Commercial Metals’s dividend payout ratio (DPR) is 18.56%.

Insider Activity at Commercial Metals

In related news, insider Jennifer J. Durbin sold 25,050 shares of the company’s stock in a transaction 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 directly owned 52,880 shares of the company’s stock, valued at $4,228,813.60. This represents a 32.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Dennis V. Arriola acquired 2,000 shares of Commercial Metals stock in a transaction on Tuesday, January 20th. The shares were bought at an average price of $74.69 per share, for a total transaction of $149,380.00. Following the completion of the purchase, the director directly owned 9,238 shares in the company, valued at $689,986.22. The trade was a 27.63% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 0.62% of the stock is owned by insiders.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Wells Fargo & Company increased their target price on shares of Commercial Metals from $68.00 to $79.00 and gave the stock an “overweight” rating in a research report on Monday, December 15th. Weiss Ratings reissued a “hold (c)” rating on shares of Commercial Metals in a research report on Wednesday, January 21st. Citigroup lifted their target price on shares of Commercial Metals from $65.00 to $85.00 and gave the company a “buy” rating in a report on Monday, January 12th. JPMorgan Chase & Co. upgraded Commercial Metals from a “neutral” rating to an “overweight” rating and increased their price target for the company from $64.00 to $78.00 in a report on Friday, December 5th. Finally, Jefferies Financial Group set a $85.00 price objective on Commercial Metals and gave the company a “buy” rating in a research report on Thursday, January 8th. Eight investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $72.70.

About Commercial Metals

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.