Illinois Municipal Retirement Fund Sells 22,644 Shares of Commercial Metals Company $CMC

Illinois Municipal Retirement Fund reduced its position in shares of Commercial Metals Company (NYSE:CMC) by 53.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 19,984 shares of the basic materials company’s stock after selling 22,644 shares during the period. Illinois Municipal Retirement Fund’s holdings in Commercial Metals were worth $1,145,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in CMC. Drummond Knight Asset Management Pty Ltd acquired a new position in shares of Commercial Metals in the 3rd quarter valued at approximately $15,579,000. Allspring Global Investments Holdings LLC boosted its position in shares of Commercial Metals by 11.1% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 225,817 shares of the basic materials company’s stock worth $13,312,000 after acquiring an additional 22,587 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp increased its stake in Commercial Metals by 430.9% in the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 29,247 shares of the basic materials company’s stock valued at $1,675,000 after acquiring an additional 23,738 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in Commercial Metals by 6.9% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 29,033 shares of the basic materials company’s stock valued at $1,420,000 after purchasing an additional 1,868 shares in the last quarter. Finally, Rhumbline Advisers raised its position in Commercial Metals by 1.3% during the second quarter. Rhumbline Advisers now owns 393,334 shares of the basic materials company’s stock valued at $19,238,000 after purchasing an additional 5,147 shares in the last quarter. 86.90% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on CMC shares. The Goldman Sachs Group reiterated a “buy” rating and issued a $84.00 price target on shares of Commercial Metals in a research note on Tuesday, December 30th. JPMorgan Chase & Co. raised Commercial Metals from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $64.00 to $78.00 in a research note on Friday, December 5th. Citigroup lifted their target price on Commercial Metals from $65.00 to $85.00 and gave the company a “buy” rating in a research report on Monday, January 12th. UBS Group reissued a “neutral” rating on shares of Commercial Metals in a report on Monday, October 27th. Finally, Wells Fargo & Company raised their price target on shares of Commercial Metals from $68.00 to $79.00 and gave the company an “overweight” rating in a research note on Monday, December 15th. Eight equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Commercial Metals currently has an average rating of “Moderate Buy” and an average price target of $72.70.

Commercial Metals Stock Performance

Commercial Metals stock opened at $78.70 on Thursday. Commercial Metals Company has a 1 year low of $37.92 and a 1 year high of $84.87. The company has a debt-to-equity ratio of 0.77, a current ratio of 4.47 and a quick ratio of 3.70. The company has a market capitalization of $8.73 billion, a P/E ratio of 20.28, a P/E/G ratio of 0.42 and a beta of 1.49. The business has a 50 day moving average of $75.05 and a 200-day moving average of $64.55.

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

Commercial Metals Dividend Announcement

The business also recently disclosed 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 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date was Friday, January 16th. Commercial Metals’s dividend payout ratio (DPR) is 18.56%.

Insider Buying and Selling

In other news, insider Jennifer J. Durbin sold 25,050 shares of the stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $79.97, for a total transaction of $2,003,248.50. Following the completion of the sale, the insider directly owned 52,880 shares in the company, valued at $4,228,813.60. This represents a 32.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Dennis V. Arriola bought 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 acquisition, the director owned 9,238 shares of the company’s stock, valued at $689,986.22. This trade represents a 27.63% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 0.62% of the stock is owned by insiders.

Commercial Metals Company 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.