Harbor Capital Advisors Inc. Sells 2,954 Shares of Commercial Metals (NYSE:CMC)

Harbor Capital Advisors Inc. reduced its stake in shares of Commercial Metals (NYSE:CMC) by 76.3% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 919 shares of the basic materials company’s stock after selling 2,954 shares during the period. Harbor Capital Advisors Inc.’s holdings in Commercial Metals were worth $42,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of CMC. Park Square Financial Group LLC bought a new position in shares of Commercial Metals during the 4th quarter valued at approximately $33,000. Heck Capital Advisors LLC bought a new position in Commercial Metals in the 4th quarter worth approximately $34,000. V Square Quantitative Management LLC boosted its holdings in Commercial Metals by 60.7% in the 4th quarter. V Square Quantitative Management LLC now owns 707 shares of the basic materials company’s stock worth $35,000 after buying an additional 267 shares during the period. UMB Bank n.a. boosted its holdings in Commercial Metals by 51.9% in the 1st quarter. UMB Bank n.a. now owns 784 shares of the basic materials company’s stock worth $36,000 after buying an additional 268 shares during the period. Finally, South Plains Financial Inc. bought a new position in Commercial Metals in the 4th quarter worth approximately $73,000. 86.90% of the stock is owned by institutional investors.

Insider Buying and Selling at Commercial Metals

In related news, Director John R. Mcpherson acquired 2,475 shares of the company’s stock in a transaction dated Friday, April 4th. The stock was bought at an average cost of $40.42 per share, with a total value of $100,039.50. Following the acquisition, the director now owns 15,141 shares of the company’s stock, valued at approximately $611,999.22. The trade was a 19.54% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.46% of the company’s stock.

Commercial Metals Stock Down 0.6%

Shares of NYSE:CMC opened at $48.36 on Monday. The firm has a fifty day moving average price of $45.89 and a two-hundred day moving average price of $48.65. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.76 and a quick ratio of 1.94. Commercial Metals has a one year low of $37.92 and a one year high of $64.53. The company has a market cap of $5.46 billion, a price-to-earnings ratio of 43.57, a PEG ratio of 2.62 and a beta of 1.27.

Commercial Metals (NYSE:CMC) last announced its quarterly earnings results on Thursday, March 20th. The basic materials company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.31 by ($0.05). Commercial Metals had a net margin of 1.70% and a return on equity of 9.88%. The firm had revenue of $1.75 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same period in the previous year, the business earned $0.88 earnings per share. The firm’s revenue for the quarter was down 5.1% on a year-over-year basis. Analysts anticipate that Commercial Metals will post 3.09 EPS for the current fiscal year.

Commercial Metals Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 9th. Shareholders of record on Monday, March 31st were issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.49%. The ex-dividend date of this dividend was Monday, March 31st. Commercial Metals’s payout ratio is 120.00%.

Wall Street Analyst Weigh In

CMC has been the subject of several analyst reports. Morgan Stanley cut their price objective on shares of Commercial Metals from $56.00 to $53.00 and set an “equal weight” rating for the company in a report on Friday, March 7th. BMO Capital Markets cut their price objective on shares of Commercial Metals from $58.00 to $54.00 and set a “market perform” rating for the company in a report on Friday, March 21st. Wolfe Research raised shares of Commercial Metals from a “peer perform” rating to an “outperform” rating and set a $50.00 price objective for the company in a report on Tuesday, May 27th. JPMorgan Chase & Co. initiated coverage on shares of Commercial Metals in a report on Friday, May 30th. They issued a “neutral” rating and a $52.00 price objective for the company. Finally, UBS Group cut their price objective on shares of Commercial Metals from $54.00 to $49.00 and set a “neutral” rating for the company in a report on Monday, March 24th. Six analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Commercial Metals presently has an average rating of “Hold” and a consensus price target of $58.00.

About Commercial Metals

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.