Russell Investments Group Ltd. Sells 41,390 Shares of Commercial Metals (NYSE:CMC)

Russell Investments Group Ltd. reduced its stake in Commercial Metals (NYSE:CMC) by 18.9% during the 4th quarter, Holdings Channel reports. The fund owned 177,924 shares of the basic materials company’s stock after selling 41,390 shares during the period. Russell Investments Group Ltd.’s holdings in Commercial Metals were worth $8,903,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the stock. Commonwealth Equity Services LLC boosted its stake in Commercial Metals by 34.5% in the 3rd quarter. Commonwealth Equity Services LLC now owns 24,117 shares of the basic materials company’s stock valued at $1,192,000 after purchasing an additional 6,187 shares during the period. Cambridge Investment Research Advisors Inc. grew its stake in shares of Commercial Metals by 32.0% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 22,689 shares of the basic materials company’s stock valued at $1,121,000 after acquiring an additional 5,495 shares in the last quarter. Raymond James & Associates increased its position in Commercial Metals by 18.5% during the third quarter. Raymond James & Associates now owns 96,285 shares of the basic materials company’s stock worth $4,757,000 after acquiring an additional 15,025 shares during the period. Mackenzie Financial Corp boosted its holdings in Commercial Metals by 14.6% in the 3rd quarter. Mackenzie Financial Corp now owns 14,469 shares of the basic materials company’s stock valued at $687,000 after purchasing an additional 1,843 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in shares of Commercial Metals by 8.7% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 673,916 shares of the basic materials company’s stock worth $33,298,000 after purchasing an additional 53,996 shares in the last quarter. 86.90% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Commercial Metals

In other news, Chairman Barbara Smith sold 23,619 shares of the company’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $51.65, for a total transaction of $1,219,921.35. Following the completion of the transaction, the chairman now directly owns 72,400 shares in the company, valued at $3,739,460. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.00% of the company’s stock.

Commercial Metals Trading Down 0.2 %

Shares of CMC stock opened at $55.77 on Tuesday. Commercial Metals has a fifty-two week low of $39.85 and a fifty-two week high of $59.81. The stock’s fifty day moving average price is $55.49 and its two-hundred day moving average price is $50.88. 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 cap of $6.45 billion, a PE ratio of 9.68 and a beta of 1.35.

Commercial Metals (NYSE:CMC) last issued its earnings results on Thursday, March 21st. The basic materials company reported $0.88 EPS for the quarter, missing the consensus estimate of $0.93 by ($0.05). The business had revenue of $1.85 billion for the quarter, compared to analyst estimates of $1.80 billion. Commercial Metals had a return on equity of 17.72% and a net margin of 8.09%. The firm’s revenue was down 8.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.44 EPS. Equities analysts predict that Commercial Metals will post 5.34 EPS for the current fiscal year.

Commercial Metals Increases Dividend

The business also recently disclosed 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 an increase from Commercial Metals’s previous quarterly dividend of $0.16. The ex-dividend date was Thursday, March 28th. This represents a $0.72 annualized dividend and a yield of 1.29%. Commercial Metals’s dividend payout ratio is presently 12.50%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CMC. StockNews.com cut Commercial Metals from a “buy” rating to a “hold” rating in a research note on Thursday, April 18th. 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 research note on Friday, March 22nd. Finally, UBS Group assumed coverage on shares of Commercial Metals in a research note on Tuesday, January 16th. They set a “buy” rating and a $65.00 price objective on the stock.

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.