Commercial Metals (NYSE:CMC) Shares Sold by LPL Financial LLC

LPL Financial LLC decreased its position in Commercial Metals (NYSE:CMC) by 28.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 36,481 shares of the basic materials company’s stock after selling 14,761 shares during the quarter. LPL Financial LLC’s holdings in Commercial Metals were worth $1,921,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. BlackRock Inc. lifted its holdings in shares of Commercial Metals by 1.7% in the first quarter. BlackRock Inc. now owns 16,103,415 shares of the basic materials company’s stock valued at $787,457,000 after buying an additional 272,913 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Commercial Metals by 1.1% in the first quarter. Vanguard Group Inc. now owns 13,226,374 shares of the basic materials company’s stock valued at $550,481,000 after buying an additional 142,062 shares during the period. State Street Corp lifted its holdings in shares of Commercial Metals by 22.3% in the first quarter. State Street Corp now owns 7,494,116 shares of the basic materials company’s stock valued at $312,971,000 after buying an additional 1,367,997 shares during the period. Norges Bank purchased a new stake in shares of Commercial Metals during the fourth quarter valued at $114,477,000. Finally, Geode Capital Management LLC lifted its holdings in shares of Commercial Metals by 3.4% during the first quarter. Geode Capital Management LLC now owns 2,255,438 shares of the basic materials company’s stock valued at $110,291,000 after purchasing an additional 75,156 shares during the last quarter. Institutional investors and hedge funds own 82.64% of the company’s stock.

Commercial Metals Stock Up 0.2 %

Shares of Commercial Metals stock opened at $45.18 on Friday. The stock has a 50-day moving average price of $47.42 and a 200 day moving average price of $49.59. The company has a market cap of $5.28 billion, a P/E ratio of 6.23 and a beta of 1.37. The company has a current ratio of 3.73, a quick ratio of 2.50 and a debt-to-equity ratio of 0.27. Commercial Metals has a 1 year low of $39.85 and a 1 year high of $58.09.

Commercial Metals (NYSE:CMC) last announced its quarterly earnings data on Thursday, October 12th. The basic materials company reported $1.69 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.77 by ($0.08). The business had revenue of $2.21 billion during the quarter, compared to analysts’ expectations of $2.15 billion. Commercial Metals had a return on equity of 22.62% and a net margin of 9.77%. The firm’s revenue was down 8.2% on a year-over-year basis. During the same period in the prior year, the company posted $2.45 earnings per share. As a group, analysts expect that Commercial Metals will post 5.8 EPS for the current fiscal year.

Commercial Metals Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 9th. Shareholders of record on Thursday, October 26th were given a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 1.42%. The ex-dividend date of this dividend was Wednesday, October 25th. Commercial Metals’s payout ratio is currently 8.83%.

Insiders Place Their Bets

In other news, CEO Peter R. Matt bought 6,200 shares of the company’s stock in a transaction on Monday, October 23rd. The shares were bought at an average cost of $40.30 per share, with a total value of $249,860.00. Following the transaction, the chief executive officer now directly owns 92,182 shares in the company, valued at approximately $3,714,934.60. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 1.20% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on CMC. Citigroup reduced their target price on Commercial Metals from $56.00 to $48.00 and set a “neutral” rating for the company in a report on Monday, October 16th. BMO Capital Markets reduced their target price on Commercial Metals from $58.00 to $50.00 and set a “market perform” rating for the company in a report on Friday, October 13th. Finally, StockNews.com began coverage on Commercial Metals in a report on Thursday, October 5th. They set a “hold” rating for the company. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $55.17.

Commercial Metals Company 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.