State of Michigan Retirement System Purchases 500 Shares of Commercial Metals (NYSE:CMC)

State of Michigan Retirement System boosted its position in Commercial Metals (NYSE:CMCFree Report) by 1.8% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 28,537 shares of the basic materials company’s stock after acquiring an additional 500 shares during the period. State of Michigan Retirement System’s holdings in Commercial Metals were worth $1,677,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Rise Advisors LLC bought a new stake in shares of Commercial Metals in the first quarter worth about $28,000. Daiwa Securities Group Inc. purchased a new position in shares of Commercial Metals during the fourth quarter valued at approximately $30,000. GAMMA Investing LLC bought a new position in shares of Commercial Metals during the fourth quarter valued at approximately $74,000. Planned Solutions Inc. purchased a new stake in Commercial Metals in the fourth quarter worth $73,000. Finally, Tennessee Valley Asset Management Partners bought a new stake in Commercial Metals in the fourth quarter valued at $107,000. Hedge funds and other institutional investors own 86.90% of the company’s stock.

Commercial Metals Stock Down 0.6 %

Shares of Commercial Metals stock opened at $52.65 on Friday. Commercial Metals has a 1 year low of $39.85 and a 1 year high of $59.81. The firm has a market cap of $6.05 billion, a price-to-earnings ratio of 10.97 and a beta of 1.17. The company has a 50-day moving average of $54.48 and a 200 day moving average of $53.77. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.24 and a quick ratio of 2.83.

Commercial Metals (NYSE:CMCGet Free Report) last released its earnings results on Thursday, June 20th. The basic materials company reported $1.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.02. The firm had revenue of $2.08 billion during the quarter, compared to analyst estimates of $2.02 billion. Commercial Metals had a net margin of 6.95% and a return on equity of 14.62%. The business’s revenue was down 11.4% on a year-over-year basis. During the same period last year, the business earned $2.02 earnings per share. As a group, sell-side analysts anticipate that Commercial Metals will post 4.71 earnings per share for the current fiscal year.

Commercial Metals Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 10th. Stockholders of record on Monday, July 1st will be paid a $0.18 dividend. The ex-dividend date is Monday, July 1st. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.37%. Commercial Metals’s dividend payout ratio is currently 15.00%.

Wall Street Analyst Weigh In

Several brokerages have commented on CMC. StockNews.com lowered shares of Commercial Metals from a “buy” rating to a “hold” rating in a report on Thursday, June 20th. BMO Capital Markets raised their price objective on shares of Commercial Metals from $52.00 to $60.00 and gave the stock a “market perform” rating in a report on Friday, March 22nd. Finally, Bank of America cut their price objective on Commercial Metals from $70.00 to $69.00 and set a “buy” rating on the stock in a research report on Wednesday, June 26th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $60.50.

Get Our Latest Stock Report on CMC

Commercial Metals Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Commercial Metals (NYSE:CMC)

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