Retirement Systems of Alabama Sells 3,125 Shares of Commercial Metals (NYSE:CMC)

Retirement Systems of Alabama lessened its holdings in Commercial Metals (NYSE:CMC) by 2.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 139,688 shares of the basic materials company’s stock after selling 3,125 shares during the period. Retirement Systems of Alabama owned about 0.12% of Commercial Metals worth $7,677,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of CMC. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Commercial Metals by 0.7% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 26,778 shares of the basic materials company’s stock valued at $1,473,000 after purchasing an additional 187 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. bought a new stake in shares of Commercial Metals during the second quarter worth $1,140,000. Raymond James & Associates increased its holdings in shares of Commercial Metals by 23.3% during the second quarter. Raymond James & Associates now owns 214,716 shares of the basic materials company’s stock worth $11,807,000 after buying an additional 40,621 shares in the last quarter. Fifth Third Wealth Advisors LLC bought a new position in shares of Commercial Metals in the 2nd quarter valued at $305,000. Finally, SummerHaven Investment Management LLC boosted its holdings in shares of Commercial Metals by 2.1% during the 2nd quarter. SummerHaven Investment Management LLC now owns 13,615 shares of the basic materials company’s stock valued at $749,000 after acquiring an additional 276 shares in the last quarter. Institutional investors and hedge funds own 86.90% of the company’s stock.

Commercial Metals Stock Down 3.7 %

Shares of NYSE:CMC opened at $54.20 on Wednesday. Commercial Metals has a 1 year low of $47.42 and a 1 year high of $64.53. The company has a debt-to-equity ratio of 0.27, a current ratio of 3.94 and a quick ratio of 2.78. The business’s 50-day moving average is $58.00 and its 200-day moving average is $55.21. The company has a market capitalization of $6.18 billion, a price-to-earnings ratio of 13.09, a P/E/G ratio of 2.74 and a beta of 1.15.

Commercial Metals (NYSE:CMC) last posted its quarterly earnings results on Thursday, October 17th. The basic materials company reported $0.90 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.01). The business had revenue of $2 billion for the quarter, compared to the consensus estimate of $2.07 billion. Commercial Metals had a return on equity of 12.20% and a net margin of 6.13%. Equities research analysts predict that Commercial Metals will post 4.26 earnings per share for the current year.

Commercial Metals Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st were paid a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.33%. The ex-dividend date was Thursday, October 31st. Commercial Metals’s dividend payout ratio (DPR) is currently 17.39%.

Wall Street Analyst Weigh In

CMC has been the subject of a number of recent research reports. Jefferies Financial Group started coverage on Commercial Metals in a report on Tuesday, September 3rd. They issued a “buy” rating and a $65.00 target price for the company. The Goldman Sachs Group started coverage on shares of Commercial Metals in a report on Monday, December 2nd. They issued a “buy” rating and a $75.00 price objective for the company. UBS Group reissued a “sell” rating and issued a $56.00 price objective (down previously from $62.00) on shares of Commercial Metals in a research note on Thursday, December 12th. Wolfe Research lowered Commercial Metals from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, October 9th. Finally, BMO Capital Markets set a $62.00 target price on shares of Commercial Metals and gave the company a “market perform” rating in a research report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat, Commercial Metals currently has an average rating of “Hold” and a consensus price target of $65.40.

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.