New York State Teachers Retirement System Has $8.86 Million Holdings in Commercial Metals (NYSE:CMC)

New York State Teachers Retirement System decreased its holdings in shares of Commercial Metals (NYSE:CMC) by 6.9% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 161,037 shares of the basic materials company’s stock after selling 11,942 shares during the quarter. New York State Teachers Retirement System owned approximately 0.14% of Commercial Metals worth $8,855,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Rise Advisors LLC acquired a new position in shares of Commercial Metals during the 1st quarter worth about $28,000. Daiwa Securities Group Inc. bought a new stake in Commercial Metals during the fourth quarter worth about $30,000. SYSTM Wealth Solutions LLC acquired a new position in Commercial Metals during the first quarter valued at approximately $44,000. GAMMA Investing LLC acquired a new position in shares of Commercial Metals during the 4th quarter worth approximately $74,000. Finally, Quest Partners LLC acquired a new position in shares of Commercial Metals during the 4th quarter worth approximately $123,000. Institutional investors own 86.90% of the company’s stock.

Commercial Metals Stock Up 2.5 %

CMC stock opened at $54.23 on Friday. Commercial Metals has a 1-year low of $39.85 and a 1-year high of $61.26. The business’s 50 day simple moving average is $54.75 and its 200 day simple moving average is $54.99. The company has a current ratio of 4.24, a quick ratio of 2.83 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $6.24 billion, a PE ratio of 11.30 and a beta of 1.17.

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

Commercial Metals Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 10th. Shareholders of record on Monday, July 1st were given a dividend of $0.18 per share. The ex-dividend date of this dividend was Monday, July 1st. This represents a $0.72 annualized dividend and a yield of 1.33%. Commercial Metals’s dividend payout ratio (DPR) is presently 15.00%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on CMC shares. StockNews.com downgraded Commercial Metals from a “buy” rating to a “hold” rating in a report on Thursday, June 20th. Bank of America cut their price target on shares of Commercial Metals from $70.00 to $69.00 and set a “buy” rating for the company in a research note on Wednesday, June 26th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $60.50.

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.