New York State Common Retirement Fund Reduces Position in Commercial Metals Company $CMC

New York State Common Retirement Fund cut its holdings in shares of Commercial Metals Company (NYSE:CMC) by 17.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 254,613 shares of the basic materials company’s stock after selling 55,432 shares during the quarter. New York State Common Retirement Fund owned 0.23% of Commercial Metals worth $14,584,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Root Financial Partners LLC acquired a new position in Commercial Metals in the third quarter valued at approximately $25,000. SBI Securities Co. Ltd. lifted its stake in shares of Commercial Metals by 282.3% in the 2nd quarter. SBI Securities Co. Ltd. now owns 692 shares of the basic materials company’s stock valued at $34,000 after purchasing an additional 511 shares during the period. Spire Wealth Management boosted its holdings in Commercial Metals by 42.4% during the third quarter. Spire Wealth Management now owns 615 shares of the basic materials company’s stock worth $35,000 after buying an additional 183 shares in the last quarter. Signaturefd LLC boosted its holdings in Commercial Metals by 51.4% during the second quarter. Signaturefd LLC now owns 890 shares of the basic materials company’s stock worth $44,000 after buying an additional 302 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its position in Commercial Metals by 84.1% during the second quarter. EverSource Wealth Advisors LLC now owns 1,550 shares of the basic materials company’s stock valued at $76,000 after buying an additional 708 shares during the period. 86.90% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Commercial Metals

In other Commercial Metals news, Director Dennis V. Arriola acquired 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 20th. The stock was purchased at an average price of $74.69 per share, for a total transaction of $149,380.00. Following the completion of the acquisition, the director owned 9,238 shares of the company’s stock, valued at approximately $689,986.22. This trade represents a 27.63% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.62% of the company’s stock.

Analyst Upgrades and Downgrades

CMC has been the subject of several research analyst reports. JPMorgan Chase & Co. raised Commercial Metals from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $64.00 to $78.00 in a research note on Friday, December 5th. Wells Fargo & Company upped their price objective on shares of Commercial Metals from $68.00 to $79.00 and gave the stock an “overweight” rating in a research report on Monday, December 15th. Morgan Stanley lifted their target price on shares of Commercial Metals from $68.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, January 9th. UBS Group restated a “neutral” rating on shares of Commercial Metals in a research report on Monday, October 27th. Finally, Zacks Research raised shares of Commercial Metals from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 14th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $72.70.

Commercial Metals Stock Up 4.6%

Shares of CMC opened at $80.41 on Tuesday. The company’s 50-day moving average price is $71.20 and its 200 day moving average price is $62.22. Commercial Metals Company has a 12-month low of $37.92 and a 12-month high of $80.65. The company has a current ratio of 4.47, a quick ratio of 3.70 and a debt-to-equity ratio of 0.77. The firm has a market cap of $8.92 billion, a P/E ratio of 20.72, a price-to-earnings-growth ratio of 0.41 and a beta of 1.49.

Commercial Metals (NYSE:CMC) last released its quarterly earnings results on Thursday, January 8th. The basic materials company reported $1.84 EPS for the quarter, topping analysts’ consensus estimates of $1.55 by $0.29. Commercial Metals had a return on equity of 11.43% and a net margin of 5.46%.The company had revenue of $2.12 billion for the quarter, compared to analysts’ expectations of $2.06 billion. During the same period in the prior year, the firm earned $0.78 earnings per share. The firm’s revenue was up 11.0% compared to the same quarter last year. On average, sell-side analysts forecast that Commercial Metals Company will post 3.09 earnings per share for the current year.

Commercial Metals Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, February 2nd. Stockholders of record on Monday, January 19th were given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend was Friday, January 16th. Commercial Metals’s dividend payout ratio is currently 18.56%.

Commercial Metals Profile

Commercial Metals Company (NYSE: CMC) is a leading global steel and metal recycler, manufacturer and fabricator based in Irving, Texas. The company operates an integrated network of scrap recycling facilities, electric arc furnace steel mills, metal fabrication plants and distribution centers. Through these operations, Commercial Metals collects and processes ferrous scrap to produce finished steel products and provides recycled metal to a variety of end markets.

In its steelmaking segment, CMC uses electric arc furnace technology to transform recycled scrap into reinforcing bar (rebar), merchant bar, coil and structural products.