Raymond James Financial Services Advisors Inc. Sells 73,052 Shares of Commercial Metals (NYSE:CMC)

Raymond James Financial Services Advisors Inc. decreased its position in Commercial Metals (NYSE:CMC) by 91.6% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 6,727 shares of the basic materials company’s stock after selling 73,052 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in Commercial Metals were worth $337,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of CMC. HM Payson & Co. purchased a new position in shares of Commercial Metals during the third quarter worth approximately $25,000. Point72 Asset Management L.P. bought a new position in shares of Commercial Metals during the 2nd quarter valued at $30,000. Quarry LP purchased a new position in Commercial Metals in the 1st quarter worth $30,000. Sunbelt Securities Inc. bought a new stake in Commercial Metals in the first quarter worth $30,000. Finally, Geneos Wealth Management Inc. boosted its position in Commercial Metals by 920.0% during the first quarter. Geneos Wealth Management Inc. now owns 1,020 shares of the basic materials company’s stock valued at $42,000 after buying an additional 920 shares during the period. Hedge funds and other institutional investors own 86.90% of the company’s stock.

Commercial Metals Stock Performance

Shares of NYSE:CMC opened at $55.21 on Monday. The company has a current ratio of 4.19, a quick ratio of 2.69 and a debt-to-equity ratio of 0.27. The company has a 50-day moving average price of $55.41 and a 200-day moving average price of $50.13. The company has a market cap of $6.39 billion, a price-to-earnings ratio of 9.59 and a beta of 1.33. Commercial Metals has a 12 month low of $39.85 and a 12 month high of $59.81.

Commercial Metals (NYSE:CMC) last announced its quarterly earnings results on Thursday, March 21st. The basic materials company reported $0.88 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.05). Commercial Metals had a net margin of 8.09% and a return on equity of 17.72%. The business had revenue of $1.85 billion for the quarter, compared to analysts’ expectations of $1.80 billion. During the same quarter in the prior year, the firm earned $1.44 EPS. The firm’s revenue for the quarter was down 8.4% on a year-over-year basis. As a group, equities analysts anticipate that Commercial Metals will post 5.34 EPS for the current year.

Commercial Metals Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 10th. Investors of record on Monday, April 1st were paid a $0.18 dividend. This is a positive change from Commercial Metals’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $0.72 dividend on an annualized basis and a yield of 1.30%. Commercial Metals’s dividend payout ratio (DPR) is presently 12.50%.

Insider Activity at Commercial Metals

In other news, CAO Lindsay L. Sloan sold 600 shares of the firm’s stock in a transaction dated Friday, January 26th. The shares were sold at an average price of $51.52, for a total value of $30,912.00. Following the completion of the sale, the chief accounting officer now directly owns 12,338 shares of the company’s stock, valued at approximately $635,653.76. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CAO Lindsay L. Sloan sold 600 shares of the business’s stock in a transaction dated Friday, January 26th. The shares were sold at an average price of $51.52, for a total transaction of $30,912.00. Following the transaction, the chief accounting officer now owns 12,338 shares in the company, valued at $635,653.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Barbara Smith sold 23,619 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $51.65, for a total transaction of $1,219,921.35. Following the completion of the sale, the chairman now owns 72,400 shares of the company’s stock, valued at $3,739,460. The disclosure for this sale can be found here. Insiders have sold a total of 120,089 shares of company stock worth $6,402,693 over the last quarter. Corporate insiders own 1.00% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently commented on CMC shares. UBS Group started coverage on Commercial Metals in a report on Tuesday, January 16th. They issued a “buy” rating and a $65.00 price objective on the stock. BMO Capital Markets lifted their price target on Commercial Metals from $52.00 to $60.00 and gave the stock a “market perform” rating in a research note on Friday, March 22nd. Finally, StockNews.com lowered Commercial Metals from a “buy” rating to a “hold” rating in a research note on Thursday.

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.