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

Allspring Global Investments Holdings LLC lessened its stake in Commercial Metals Company (NYSE:CMC) by 7.6% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 208,662 shares of the basic materials company’s stock after selling 17,155 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.19% of Commercial Metals worth $14,980,000 as of its most recent filing with the SEC.

A number of other large investors have also recently made changes to their positions in the company. Vaughan Nelson Investment Management L.P. acquired a new stake in shares of Commercial Metals in the 3rd quarter valued at $54,394,000. Encompass Capital Advisors LLC acquired a new position in shares of Commercial Metals during the 2nd quarter worth about $34,225,000. Merewether Investment Management LP purchased a new position in shares of Commercial Metals in the 3rd quarter valued at about $26,847,000. UBS Group AG increased its holdings in shares of Commercial Metals by 41.8% in the 3rd quarter. UBS Group AG now owns 1,521,130 shares of the basic materials company’s stock valued at $87,130,000 after acquiring an additional 448,083 shares during the last quarter. Finally, Millennium Management LLC raised its position in shares of Commercial Metals by 44.2% during the 3rd quarter. Millennium Management LLC now owns 1,013,517 shares of the basic materials company’s stock worth $58,054,000 after acquiring an additional 310,431 shares in the last quarter. 86.90% of the stock is currently owned by hedge funds and other institutional investors.

Commercial Metals Stock Up 0.2%

CMC stock opened at $61.71 on Friday. The company has a market cap of $6.84 billion, a price-to-earnings ratio of 13.74, a price-to-earnings-growth ratio of 0.35 and a beta of 1.47. The company has a fifty day moving average price of $71.11 and a 200 day moving average price of $66.67. The company has a debt-to-equity ratio of 0.75, a current ratio of 2.38 and a quick ratio of 1.55. Commercial Metals Company has a 12 month low of $37.92 and a 12 month high of $84.87.

Commercial Metals (NYSE:CMC) last posted its quarterly earnings data on Thursday, March 26th. The basic materials company reported $1.16 EPS for the quarter, missing analysts’ consensus estimates of $1.28 by ($0.12). The business had revenue of $2.13 billion during the quarter, compared to analyst estimates of $2.10 billion. Commercial Metals had a net margin of 6.02% and a return on equity of 13.54%. The company’s revenue for the quarter was up 21.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.26 earnings per share. Sell-side analysts expect that Commercial Metals Company will post 3.09 earnings per share for the current year.

Commercial Metals Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Monday, April 6th will be issued a dividend of $0.20 per share. This is a boost from Commercial Metals’s previous quarterly dividend of $0.18. This represents a $0.80 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend is Monday, April 6th. Commercial Metals’s dividend payout ratio is 16.04%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. JPMorgan Chase & Co. dropped their price target on shares of Commercial Metals from $85.00 to $83.00 and set an “overweight” rating on the stock in a research note on Friday, March 27th. Zacks Research downgraded shares of Commercial Metals from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 3rd. Citigroup upped their target price on shares of Commercial Metals from $65.00 to $85.00 and gave the company a “buy” rating in a report on Monday, January 12th. Jefferies Financial Group set a $85.00 price target on shares of Commercial Metals and gave the company a “buy” rating in a research report on Thursday, January 8th. Finally, Wells Fargo & Company decreased their price objective on shares of Commercial Metals from $80.00 to $77.00 and set an “overweight” rating for the company in a research note on Friday, March 27th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $72.00.

Insider Buying and Selling at Commercial Metals

In other news, insider Jennifer J. Durbin sold 25,050 shares of the firm’s stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $79.97, for a total value of $2,003,248.50. Following the completion of the sale, the insider owned 52,880 shares in the company, valued at approximately $4,228,813.60. This trade represents a 32.14% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Dennis V. Arriola bought 2,000 shares of the stock in a transaction dated Tuesday, January 20th. The stock was purchased at an average cost 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 approximately $689,986.22. This 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 company insiders.

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.