Allspring Global Investments Holdings LLC Cuts Stake in Commercial Metals Company $CMC

Allspring Global Investments Holdings LLC reduced its holdings in shares of Commercial Metals Company (NYSE:CMC) by 12.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 182,709 shares of the basic materials company’s stock after selling 25,953 shares during the period. Allspring Global Investments Holdings LLC owned about 0.16% of Commercial Metals worth $11,487,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Royal Bank of Canada raised its position in Commercial Metals by 1.4% in the 1st quarter. Royal Bank of Canada now owns 90,989 shares of the basic materials company’s stock worth $4,186,000 after purchasing an additional 1,219 shares during the period. Amundi boosted its position in Commercial Metals by 13.3% during the first quarter. Amundi now owns 2,480 shares of the basic materials company’s stock valued at $114,000 after buying an additional 291 shares during the period. Jones Financial Companies Lllp grew its stake in shares of Commercial Metals by 614.9% during the first quarter. Jones Financial Companies Lllp now owns 11,767 shares of the basic materials company’s stock valued at $541,000 after buying an additional 10,121 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Commercial Metals by 5.8% during the first quarter. Goldman Sachs Group Inc. now owns 1,033,514 shares of the basic materials company’s stock valued at $47,552,000 after buying an additional 56,875 shares during the last quarter. Finally, Empowered Funds LLC increased its holdings in shares of Commercial Metals by 1.8% in the first quarter. Empowered Funds LLC now owns 53,305 shares of the basic materials company’s stock worth $2,453,000 after buying an additional 941 shares during the period. 86.90% of the stock is currently owned by institutional investors.

Insider Transactions at Commercial Metals

In other news, CEO Peter R. Matt acquired 8,230 shares of the stock in a transaction on Friday, July 10th. The stock was acquired at an average price of $61.30 per share, with a total value of $504,499.00. Following the completion of the transaction, the chief executive officer owned 181,522 shares of the company’s stock, valued at $11,127,298.60. This represents a 4.75% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.62% of the company’s stock.

Commercial Metals Trading Up 0.6%

NYSE:CMC opened at $68.13 on Thursday. The company has a 50-day moving average price of $70.28 and a 200-day moving average price of $70.53. Commercial Metals Company has a 12 month low of $49.66 and a 12 month high of $84.87. The company has a current ratio of 2.33, a quick ratio of 1.54 and a debt-to-equity ratio of 0.73. The stock has a market cap of $7.54 billion, a price-to-earnings ratio of 12.83, a P/E/G ratio of 0.39 and a beta of 1.54.

Commercial Metals (NYSE:CMC) last announced its quarterly earnings results on Thursday, June 25th. The basic materials company reported $1.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.70 by $0.03. Commercial Metals had a net margin of 6.72% and a return on equity of 15.69%. The company had revenue of $2.48 billion for the quarter, compared to analysts’ expectations of $2.40 billion. During the same quarter in the previous year, the company earned $0.74 earnings per share. Commercial Metals’s quarterly revenue was up 22.9% on a year-over-year basis. Equities analysts predict that Commercial Metals Company will post 6.63 EPS for the current year.

Commercial Metals Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Monday, July 6th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend was Monday, July 6th. Commercial Metals’s dividend payout ratio is presently 15.07%.

Wall Street Analysts Forecast Growth

CMC has been the subject of several analyst reports. Barclays started coverage on Commercial Metals in a report on Thursday, May 21st. They set an “equal weight” rating and a $75.00 target price for the company. BMO Capital Markets lowered their price objective on Commercial Metals from $80.00 to $77.00 and set a “market perform” rating for the company in a research report on Monday, June 29th. UBS Group raised Commercial Metals from a “neutral” rating to a “buy” rating and increased their price objective for the company from $79.00 to $89.00 in a research note on Wednesday, May 13th. Weiss Ratings upgraded shares of Commercial Metals from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, June 30th. Finally, The Goldman Sachs Group started coverage on shares of Commercial Metals in a research note on Wednesday, April 1st. They issued a “neutral” rating and a $74.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Commercial Metals presently has a consensus rating of “Moderate Buy” and a consensus price target of $79.45.

About Commercial Metals

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.