Jennison Associates LLC Sells 5,053 Shares of Commercial Metals (NYSE:CMC)

Jennison Associates LLC lessened its stake in Commercial Metals (NYSE:CMC) by 26.2% in the fourth quarter, HoldingsChannel reports. The fund owned 14,204 shares of the basic materials company’s stock after selling 5,053 shares during the period. Jennison Associates LLC’s holdings in Commercial Metals were worth $711,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Janney Montgomery Scott LLC increased its holdings in Commercial Metals by 1.1% during the 3rd quarter. Janney Montgomery Scott LLC now owns 23,471 shares of the basic materials company’s stock valued at $1,160,000 after purchasing an additional 247 shares during the period. Inspire Investing LLC increased its holdings in Commercial Metals by 4.4% during the 3rd quarter. Inspire Investing LLC now owns 6,237 shares of the basic materials company’s stock valued at $308,000 after purchasing an additional 261 shares during the period. Diversified Trust Co increased its holdings in Commercial Metals by 1.2% during the 3rd quarter. Diversified Trust Co now owns 23,810 shares of the basic materials company’s stock valued at $1,176,000 after purchasing an additional 292 shares during the period. Oliver Luxxe Assets LLC increased its holdings in Commercial Metals by 2.2% during the 3rd quarter. Oliver Luxxe Assets LLC now owns 14,211 shares of the basic materials company’s stock valued at $702,000 after purchasing an additional 304 shares during the period. Finally, AlphaMark Advisors LLC increased its holdings in Commercial Metals by 7.4% during the 4th quarter. AlphaMark Advisors LLC now owns 5,087 shares of the basic materials company’s stock valued at $255,000 after purchasing an additional 352 shares during the period. Institutional investors own 86.90% of the company’s stock.

Commercial Metals Stock Down 0.4 %

CMC stock opened at $53.48 on Friday. Commercial Metals has a fifty-two week low of $39.85 and a fifty-two week high of $59.81. The business’s 50 day moving average price is $55.41 and its two-hundred day moving average price is $50.33. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.69 and a current ratio of 4.19. The company has a market capitalization of $6.19 billion, a price-to-earnings ratio of 9.28 and a beta of 1.33.

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

Commercial Metals Increases Dividend

The business 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. The ex-dividend date was Thursday, March 28th. This represents a $0.72 annualized dividend and a dividend yield of 1.35%. This is an increase from Commercial Metals’s previous quarterly dividend of $0.16. Commercial Metals’s dividend payout ratio is presently 12.50%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on CMC shares. BMO Capital Markets boosted their price target on Commercial Metals from $52.00 to $60.00 and gave the company a “market perform” rating in a report on Friday, March 22nd. StockNews.com downgraded Commercial Metals from a “buy” rating to a “hold” rating in a report on Thursday, April 18th. Finally, UBS Group initiated coverage on Commercial Metals in a report on Tuesday, January 16th. They set a “buy” rating and a $65.00 price target on the stock.

Insider Buying and Selling

In related news, Chairman Barbara Smith sold 23,619 shares of the company’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $51.65, for a total value of $1,219,921.35. Following the sale, the chairman now owns 72,400 shares in the company, valued at approximately $3,739,460. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 119,489 shares of company stock worth $6,371,781 in the last 90 days. Insiders own 1.00% of the company’s stock.

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.