First Trust Advisors LP Decreases Stock Holdings in Commercial Metals (NYSE:CMC)

First Trust Advisors LP reduced its position in Commercial Metals (NYSE:CMC – Get Rating) by 12.2% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 344,392 shares of the basic materials company’s stock after selling 47,827 shares during the quarter. First Trust Advisors LP owned about 0.29% of Commercial Metals worth $16,634,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. State Street Corp increased its stake in shares of Commercial Metals by 22.3% in the 1st quarter. State Street Corp now owns 7,494,116 shares of the basic materials company’s stock worth $312,971,000 after acquiring an additional 1,367,997 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Commercial Metals by 33.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,652,812 shares of the basic materials company’s stock worth $68,790,000 after purchasing an additional 409,679 shares during the period. Invesco Ltd. grew its holdings in shares of Commercial Metals by 58.6% during the 1st quarter. Invesco Ltd. now owns 767,035 shares of the basic materials company’s stock worth $31,924,000 after purchasing an additional 283,329 shares during the period. Assenagon Asset Management S.A. grew its holdings in shares of Commercial Metals by 688.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 315,145 shares of the basic materials company’s stock worth $15,222,000 after purchasing an additional 275,169 shares during the period. Finally, ARS Investment Partners LLC grew its holdings in shares of Commercial Metals by 2,418.9% during the 4th quarter. ARS Investment Partners LLC now owns 251,888 shares of the basic materials company’s stock worth $12,166,000 after purchasing an additional 241,888 shares during the period. 84.30% of the stock is owned by institutional investors and hedge funds.

Commercial Metals Stock Performance

Shares of CMC opened at $45.42 on Tuesday. The stock has a 50-day simple moving average of $46.04 and a 200-day simple moving average of $49.33. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.00 and a current ratio of 3.07. The stock has a market capitalization of $5.32 billion, a PE ratio of 5.25 and a beta of 1.26. Commercial Metals has a 1 year low of $31.47 and a 1 year high of $58.09.

Commercial Metals (NYSE:CMC – Get Rating) last announced its quarterly earnings data on Thursday, March 23rd. The basic materials company reported $1.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.53 by ($0.09). The company had revenue of $2.02 billion during the quarter, compared to analysts’ expectations of $1.94 billion. Commercial Metals had a net margin of 11.37% and a return on equity of 30.52%. The business’s quarterly revenue was up .5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.53 EPS. On average, analysts predict that Commercial Metals will post 7.77 earnings per share for the current fiscal year.

Commercial Metals Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 12th. Stockholders of record on Monday, April 3rd were paid a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 1.41%. The ex-dividend date of this dividend was Friday, March 31st. Commercial Metals’s payout ratio is presently 7.40%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Bank of America upgraded Commercial Metals from a “neutral” rating to a “buy” rating and increased their price target for the stock from $56.00 to $60.00 in a report on Wednesday, April 5th. StockNews.com assumed coverage on Commercial Metals in a report on Thursday, May 18th. They set a “hold” rating for the company. Finally, Citigroup raised their target price on Commercial Metals from $54.00 to $56.00 and gave the company a “neutral” rating in a report on Wednesday, February 15th. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, Commercial Metals presently has a consensus rating of “Hold” and an average target price of $53.57.

Commercial Metals Profile

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Commercial Metals Co engages in the manufacture, recycling, and marketing of steel and metal products. It operates through the following segments: North America and Europe. The North America segment is a vertically integrated network of recycling facilities, steel mills and fabrication operations. The Europe segment is a vertically integrated network of recycling facilities, an EAF mini mill and fabrication operations located in Poland.