Commercial Metals (NYSE:CMC) Shares Sold by Easterly Investment Partners LLC

Easterly Investment Partners LLC reduced its holdings in Commercial Metals (NYSE:CMC) by 2.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 395,997 shares of the basic materials company’s stock after selling 10,050 shares during the period. Commercial Metals accounts for about 1.5% of Easterly Investment Partners LLC’s portfolio, making the stock its 8th largest holding. Easterly Investment Partners LLC owned about 0.35% of Commercial Metals worth $19,641,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. JPMorgan Chase & Co. increased its position in shares of Commercial Metals by 45.8% during the 4th quarter. JPMorgan Chase & Co. now owns 1,576,316 shares of the basic materials company’s stock worth $78,185,000 after purchasing an additional 495,163 shares during the last quarter. Stevens Capital Management LP acquired a new position in shares of Commercial Metals during the 4th quarter worth approximately $276,000. LPL Financial LLC raised its stake in Commercial Metals by 9.7% in the 4th quarter. LPL Financial LLC now owns 41,483 shares of the basic materials company’s stock valued at $2,058,000 after acquiring an additional 3,661 shares during the period. KLP Kapitalforvaltning AS acquired a new stake in Commercial Metals during the 4th quarter valued at $1,825,000. Finally, American Century Companies Inc. boosted its position in Commercial Metals by 1.5% during the fourth quarter. American Century Companies Inc. now owns 852,994 shares of the basic materials company’s stock worth $42,309,000 after purchasing an additional 12,909 shares during the period. 86.90% of the stock is owned by institutional investors.

Commercial Metals Stock Up 0.6 %

Shares of NYSE CMC opened at $48.83 on Thursday. Commercial Metals has a 52 week low of $42.62 and a 52 week high of $64.53. The stock’s fifty day moving average is $48.81 and its 200 day moving average is $52.71. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.94 and a current ratio of 2.76. The stock has a market capitalization of $5.55 billion, a P/E ratio of 43.99, a PEG ratio of 2.62 and a beta of 1.17.

Commercial Metals (NYSE:CMC) last released its earnings results on Thursday, March 20th. The basic materials company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.31 by ($0.05). Commercial Metals had a net margin of 1.70% and a return on equity of 9.88%. The firm had revenue of $1.75 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same period in the prior year, the business earned $0.88 earnings per share. Commercial Metals’s quarterly revenue was down 5.1% compared to the same quarter last year. Sell-side analysts forecast that Commercial Metals will post 3.09 earnings per share for the current fiscal year.

Commercial Metals Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 9th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.47%. The ex-dividend date is Monday, March 31st. Commercial Metals’s payout ratio is presently 120.00%.

Analyst Upgrades and Downgrades

CMC has been the topic of several research analyst reports. Jefferies Financial Group dropped their price objective on shares of Commercial Metals from $65.00 to $62.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. BNP Paribas cut shares of Commercial Metals from an “outperform” rating to a “neutral” rating in a report on Friday, January 3rd. The Goldman Sachs Group assumed coverage on Commercial Metals in a report on Monday, December 2nd. They set a “buy” rating and a $75.00 price objective for the company. Morgan Stanley lowered their target price on Commercial Metals from $56.00 to $53.00 and set an “equal weight” rating on the stock in a research note on Friday, March 7th. Finally, BMO Capital Markets reduced their price target on Commercial Metals from $58.00 to $54.00 and set a “market perform” rating for the company in a research note on Friday, March 21st. Six investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $60.33.

Commercial Metals Company Profile

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.