Fairholme Capital Management LLC grew its holdings in shares of Commercial Metals (NYSE:CMC – Get Rating) by 17.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,074,400 shares of the basic materials company’s stock after buying an additional 302,900 shares during the period. Commercial Metals accounts for approximately 5.0% of Fairholme Capital Management LLC’s holdings, making the stock its 2nd biggest position. Fairholme Capital Management LLC owned 1.71% of Commercial Metals worth $86,337,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of CMC. GSA Capital Partners LLP bought a new position in Commercial Metals in the 4th quarter worth about $459,000. Retirement Systems of Alabama boosted its stake in Commercial Metals by 0.9% in the 1st quarter. Retirement Systems of Alabama now owns 159,396 shares of the basic materials company’s stock worth $6,634,000 after purchasing an additional 1,485 shares in the last quarter. State of Michigan Retirement System boosted its stake in Commercial Metals by 1.0% in the 1st quarter. State of Michigan Retirement System now owns 30,837 shares of the basic materials company’s stock worth $1,283,000 after purchasing an additional 299 shares in the last quarter. Principal Financial Group Inc. boosted its stake in Commercial Metals by 178.6% in the 1st quarter. Principal Financial Group Inc. now owns 1,509,265 shares of the basic materials company’s stock worth $62,816,000 after purchasing an additional 967,546 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV boosted its stake in Commercial Metals by 86.5% in the 1st quarter. Mercer Global Advisors Inc. ADV now owns 27,773 shares of the basic materials company’s stock worth $1,156,000 after purchasing an additional 12,884 shares in the last quarter. Institutional investors own 85.81% of the company’s stock.
Insider Buying and Selling
In related news, SVP Ty L. Garrison sold 20,000 shares of the stock in a transaction that occurred on Tuesday, August 2nd. The shares were sold at an average price of $39.28, for a total value of $785,600.00. Following the completion of the sale, the senior vice president now directly owns 114,609 shares of the company’s stock, valued at approximately $4,501,841.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.20% of the stock is currently owned by insiders.
Commercial Metals Trading Down 0.1 %
Commercial Metals (NYSE:CMC – Get Rating) last released its earnings results on Thursday, June 16th. The basic materials company reported $2.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.09 by $0.52. The company had revenue of $2.52 billion during the quarter, compared to analyst estimates 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 firm posted $1.04 EPS. As a group, research analysts predict that Commercial Metals will post 8.1 earnings per share for the current year.
Commercial Metals Dividend Announcement
The company also recently announced 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 annualized dividend and a yield of 1.34%. The ex-dividend date was Tuesday, June 28th. Commercial Metals’s dividend payout ratio is 6.36%.
Analyst Upgrades and Downgrades
A number of brokerages recently issued reports on CMC. JPMorgan Chase & Co. dropped their price target on shares of Commercial Metals from $55.00 to $54.00 in a research note on Tuesday, June 14th. Credit Suisse Group boosted their target price on Commercial Metals from $37.00 to $39.00 and gave the stock a “neutral” rating in a research report on Friday, June 17th. StockNews.com lowered Commercial Metals from a “buy” rating to a “hold” rating in a research report on Monday, June 20th. Citigroup decreased their target price on Commercial Metals from $44.00 to $36.00 and set a “neutral” rating for the company in a research report on Friday, June 17th. Finally, The Goldman Sachs Group decreased their target price on Commercial Metals from $42.00 to $38.00 in a research report on Tuesday, May 31st. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Commercial Metals presently has an average rating of “Hold” and a consensus target price of $42.40.
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. 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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