Arizona State Retirement System boosted its position in Commercial Metals (NYSE:CMC – Get Rating) by 1.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 32,869 shares of the basic materials company’s stock after purchasing an additional 414 shares during the period. Arizona State Retirement System’s holdings in Commercial Metals were worth $1,368,000 as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. increased its holdings in shares of Commercial Metals by 138.5% in the fourth quarter. JPMorgan Chase & Co. now owns 1,772,655 shares of the basic materials company’s stock valued at $64,328,000 after buying an additional 1,029,537 shares in the last quarter. Adage Capital Partners GP L.L.C. bought a new position in shares of Commercial Metals in the fourth quarter valued at $21,774,000. Nuveen Asset Management LLC increased its holdings in shares of Commercial Metals by 41.3% in the fourth quarter. Nuveen Asset Management LLC now owns 1,381,058 shares of the basic materials company’s stock valued at $50,118,000 after buying an additional 403,664 shares in the last quarter. Scopus Asset Management L.P. bought a new position in shares of Commercial Metals in the fourth quarter valued at $9,617,000. Finally, Millennium Management LLC increased its holdings in shares of Commercial Metals by 26.5% in the fourth quarter. Millennium Management LLC now owns 1,189,009 shares of the basic materials company’s stock valued at $43,149,000 after buying an additional 249,155 shares in the last quarter. 85.01% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several research analysts have issued reports on CMC shares. Citigroup dropped their price target on Commercial Metals from $44.00 to $36.00 and set a “neutral” rating on the stock in a report on Friday, June 17th. Credit Suisse Group boosted their target price on shares of Commercial Metals from $37.00 to $39.00 and gave the company a “neutral” rating in a research note on Friday, June 17th. The Goldman Sachs Group cut their target price on shares of Commercial Metals from $42.00 to $38.00 in a research note on Tuesday, May 31st. JPMorgan Chase & Co. cut their target price on shares of Commercial Metals from $55.00 to $54.00 in a research note on Tuesday, June 14th. Finally, StockNews.com downgraded shares of Commercial Metals from a “buy” rating to a “hold” rating in a research note on Monday, June 20th. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, Commercial Metals presently has an average rating of “Hold” and a consensus price target of $42.40.
Commercial Metals Trading Up 3.1 %
Commercial Metals (NYSE:CMC – Get Rating) last posted its quarterly earnings results on Thursday, June 16th. The basic materials company reported $2.61 earnings per share for the quarter, topping analysts’ consensus estimates of $2.09 by $0.52. The business had revenue of $2.52 billion for the quarter, compared to the consensus estimate of $2.36 billion. Commercial Metals had a net margin of 12.66% and a return on equity of 31.92%. During the same period in the prior year, the business posted $1.04 earnings per share. As a group, sell-side analysts anticipate that Commercial Metals will post 7.45 earnings per share for the current fiscal year.
Commercial Metals Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 13th. Investors of record on Wednesday, June 29th were issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 1.37%. The ex-dividend date was Tuesday, June 28th. Commercial Metals’s dividend payout ratio is presently 6.36%.
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. 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.
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