Allspring Global Investments Holdings LLC Cuts Stock Position in Commercial Metals (NYSE:CMC)

Allspring Global Investments Holdings LLC lessened its holdings in Commercial Metals (NYSE:CMC – Get Rating) by 16.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 16,935 shares of the basic materials company’s stock after selling 3,300 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Commercial Metals were worth $600,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Ronald Blue Trust Inc. purchased a new position in shares of Commercial Metals in the 2nd quarter valued at $30,000. Baldwin Brothers LLC MA acquired a new stake in Commercial Metals during the 2nd quarter valued at $33,000. Triasima Portfolio Management inc. grew its holdings in Commercial Metals by 48.3% during the 2nd quarter. Triasima Portfolio Management inc. now owns 1,075 shares of the basic materials company’s stock valued at $35,000 after purchasing an additional 350 shares in the last quarter. Investors Asset Management of Georgia Inc. GA ADV acquired a new stake in Commercial Metals during the 2nd quarter valued at $35,000. Finally, National Bank of Canada FI grew its holdings in Commercial Metals by 32.8% during the 2nd quarter. National Bank of Canada FI now owns 1,062 shares of the basic materials company’s stock valued at $36,000 after purchasing an additional 262 shares in the last quarter. Hedge funds and other institutional investors own 84.30% of the company’s stock.

Insider Activity at Commercial Metals

In related news, CEO Barbara Smith sold 5,500 shares of Commercial Metals stock in a transaction dated Thursday, December 1st. The shares were sold at an average price of $49.48, for a total value of $272,140.00. Following the sale, the chief executive officer now directly owns 503,285 shares in the company, valued at approximately $24,902,541.80. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, SVP Ty L. Garrison sold 6,900 shares of Commercial Metals stock in a transaction dated Monday, October 31st. The shares were sold at an average price of $45.76, for a total value of $315,744.00. Following the sale, the senior vice president now directly owns 124,508 shares in the company, valued at approximately $5,697,486.08. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Barbara Smith sold 5,500 shares of Commercial Metals stock in a transaction dated Thursday, December 1st. The shares were sold at an average price of $49.48, for a total transaction of $272,140.00. Following the completion of the sale, the chief executive officer now owns 503,285 shares in the company, valued at $24,902,541.80. The disclosure for this sale can be found here. Insiders have sold a total of 162,400 shares of company stock worth $7,804,384 in the last ninety days. 1.20% of the stock is owned by insiders.

Analysts Set New Price Targets

CMC has been the subject of a number of recent analyst reports. Citigroup raised their price target on shares of Commercial Metals from $42.00 to $44.00 and gave the company a “neutral” rating in a report on Friday, October 14th. KeyCorp raised their price target on shares of Commercial Metals from $50.00 to $57.00 and gave the company an “overweight” rating in a report on Wednesday, January 11th. The Goldman Sachs Group raised their price objective on shares of Commercial Metals from $48.00 to $53.00 and gave the stock a “neutral” rating in a report on Tuesday, January 10th. StockNews.com raised shares of Commercial Metals from a “hold” rating to a “buy” rating in a report on Wednesday, January 18th. Finally, BMO Capital Markets raised their price objective on shares of Commercial Metals from $49.00 to $56.00 and gave the stock a “market perform” rating in a report on Tuesday, January 10th. Five analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Commercial Metals has an average rating of “Hold” and a consensus price target of $51.14.

Commercial Metals Trading Down 0.5 %

NYSE CMC opened at $51.87 on Tuesday. Commercial Metals has a one year low of $31.47 and a one year high of $56.88. The company has a 50-day simple moving average of $49.69 and a 200-day simple moving average of $43.64. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.97 and a current ratio of 2.99. The firm has a market capitalization of $6.09 billion, a PE ratio of 5.06 and a beta of 1.29.

Commercial Metals (NYSE:CMC – Get Rating) last posted its quarterly earnings results on Monday, January 9th. The basic materials company reported $2.24 EPS for the quarter, beating the consensus estimate of $1.99 by $0.25. Commercial Metals had a net margin of 13.61% and a return on equity of 33.19%. The business had revenue of $2.23 billion during the quarter, compared to analyst estimates of $2.16 billion. On average, equities analysts forecast that Commercial Metals will post 7.64 earnings per share for the current year.

Commercial Metals Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 2nd. Stockholders of record on Thursday, January 19th will be issued a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 1.23%. The ex-dividend date is Wednesday, January 18th. Commercial Metals’s dividend payout ratio (DPR) is presently 6.24%.

Commercial Metals Company Profile

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Commercial Metals Company manufactures, recycles, and fabricates steel and metal products, and related materials and services in the United States, Poland, China, and internationally. 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.