US Bancorp DE Trims Stock Position in Commercial Metals (NYSE:CMC)

US Bancorp DE cut its stake in shares of Commercial Metals (NYSE:CMC – Get Rating) by 2.1% during the third quarter, HoldingsChannel.com reports. The fund owned 11,094 shares of the basic materials company’s stock after selling 238 shares during the quarter. US Bancorp DE’s holdings in Commercial Metals were worth $393,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Ronald Blue Trust Inc. purchased a new position in shares of Commercial Metals during the second quarter worth approximately $30,000. Baldwin Brothers LLC MA purchased a new position in Commercial Metals during the second quarter valued at approximately $33,000. Geneos Wealth Management Inc. increased its holdings in Commercial Metals by 920.0% during the first quarter. Geneos Wealth Management Inc. now owns 1,020 shares of the basic materials company’s stock valued at $42,000 after buying an additional 920 shares during the period. National Bank of Canada FI increased its holdings in Commercial Metals by 32.8% during the second quarter. National Bank of Canada FI now owns 1,062 shares of the basic materials company’s stock valued at $36,000 after buying an additional 262 shares during the period. Finally, Investors Asset Management of Georgia Inc. GA ADV purchased a new position in Commercial Metals during the second quarter valued at approximately $35,000. 84.30% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on CMC. BMO Capital Markets lifted their price objective on shares of Commercial Metals from $49.00 to $56.00 and gave the company a “market perform” rating in a report on Tuesday, January 10th. The Goldman Sachs Group lifted their price objective on shares of Commercial Metals from $48.00 to $53.00 and gave the company a “neutral” rating in a report on Tuesday, January 10th. KeyCorp lifted their price objective on shares of Commercial Metals from $50.00 to $57.00 and gave the company an “overweight” rating in a report on Wednesday, January 11th. Bank of America assumed coverage on shares of Commercial Metals in a report on Wednesday, January 4th. They set a “neutral” rating and a $55.00 price objective on the stock. Finally, StockNews.com upgraded shares of Commercial Metals from a “hold” rating to a “buy” rating in a research note on Wednesday, January 18th. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $51.14.

Insider Transactions at Commercial Metals

In other news, CEO Barbara Smith sold 150,000 shares of Commercial Metals stock in a transaction on Tuesday, January 3rd. The shares were sold at an average price of $48.11, for a total transaction of $7,216,500.00. Following the completion of the sale, the chief executive officer now directly owns 227,651 shares in the company, valued at $10,952,289.61. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CEO Barbara Smith sold 150,000 shares of the business’s stock in a transaction on Tuesday, January 3rd. The shares were sold at an average price of $48.11, for a total transaction of $7,216,500.00. Following the completion of the transaction, the chief executive officer now directly owns 227,651 shares in the company, valued at $10,952,289.61. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Ty L. Garrison sold 6,900 shares of the business’s stock in a transaction on Monday, October 31st. The shares were sold at an average price of $45.76, for a total transaction of $315,744.00. Following the transaction, the senior vice president now owns 124,508 shares of the company’s stock, valued at $5,697,486.08. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 162,400 shares of company stock worth $7,804,384. Company insiders own 1.20% of the company’s stock.

Commercial Metals Price Performance

Shares of CMC opened at $51.87 on Tuesday. The company has a market cap of $6.09 billion, a price-to-earnings ratio of 5.06 and a beta of 1.29. Commercial Metals has a twelve month low of $31.47 and a twelve month high of $56.88. The company has a quick ratio of 1.97, a current ratio of 2.99 and a debt-to-equity ratio of 0.30. The company has a 50 day moving average of $49.69 and a two-hundred day moving average of $43.64.

Commercial Metals (NYSE:CMC – Get Rating) last posted its quarterly earnings data on Monday, January 9th. The basic materials company reported $2.24 EPS for the quarter, topping the consensus estimate of $1.99 by $0.25. Commercial Metals had a net margin of 13.61% and a return on equity of 33.19%. The business had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.16 billion. As a group, analysts predict that Commercial Metals will post 7.64 earnings per share for the current fiscal year.

Commercial Metals Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, February 2nd. Stockholders of record on Thursday, January 19th will be paid a dividend of $0.16 per share. The ex-dividend date is Wednesday, January 18th. This represents a $0.64 annualized dividend and a dividend yield of 1.23%. Commercial Metals’s payout ratio is currently 6.24%.

Commercial Metals Profile

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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.