Envestnet Asset Management Inc. lessened its position in Commercial Metals (NYSE:CMC – Get Rating) by 0.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 228,697 shares of the basic materials company’s stock after selling 1,871 shares during the period. Envestnet Asset Management Inc.’s holdings in Commercial Metals were worth $8,114,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of Commercial Metals by 1.1% in the first quarter. Vanguard Group Inc. now owns 13,226,374 shares of the basic materials company’s stock worth $550,481,000 after buying an additional 142,062 shares in the last quarter. FMR LLC grew its stake in Commercial Metals by 5.1% during the second quarter. FMR LLC now owns 10,124,695 shares of the basic materials company’s stock valued at $335,128,000 after acquiring an additional 493,455 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Commercial Metals by 1.9% during the third quarter. Dimensional Fund Advisors LP now owns 7,645,358 shares of the basic materials company’s stock valued at $271,260,000 after acquiring an additional 140,355 shares in the last quarter. State Street Corp grew its stake in Commercial Metals by 22.3% during the first quarter. State Street Corp now owns 7,494,116 shares of the basic materials company’s stock valued at $312,971,000 after acquiring an additional 1,367,997 shares in the last quarter. Finally, Berkley W R Corp grew its stake in Commercial Metals by 14.4% during the second quarter. Berkley W R Corp now owns 2,869,104 shares of the basic materials company’s stock valued at $94,967,000 after acquiring an additional 361,600 shares in the last quarter. Institutional investors own 84.30% of the company’s stock.
Insider Activity at Commercial Metals
In related news, CEO Barbara Smith sold 5,500 shares of the company’s stock in a transaction dated Thursday, December 1st. The shares were sold at an average price of $49.48, for a total value of $272,140.00. Following the completion of the sale, the chief executive officer now owns 503,285 shares of the company’s stock, valued at $24,902,541.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.20% of the stock is currently owned by insiders.
Commercial Metals Stock Performance
Commercial Metals (NYSE:CMC – Get Rating) last issued its quarterly earnings results 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 company had revenue of $2.23 billion during the quarter, compared to analyst estimates of $2.16 billion. As a group, analysts predict that Commercial Metals will post 7.47 earnings per share for the current year.
Commercial Metals Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 2nd. Investors of record on Thursday, January 19th were issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.24%. The ex-dividend date of this dividend was Wednesday, January 18th. Commercial Metals’s dividend payout ratio is currently 6.24%.
Analysts Set New Price Targets
Several research firms have commented on CMC. KeyCorp increased their price objective on shares of Commercial Metals from $50.00 to $57.00 and gave the company an “overweight” rating in a research report on Wednesday, January 11th. StockNews.com lowered shares of Commercial Metals from a “buy” rating to a “hold” rating in a report on Wednesday, February 22nd. 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. Finally, Bank of America started coverage on shares of Commercial Metals in a report on Wednesday, January 4th. They set a “neutral” rating and a $55.00 price objective for the company. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $52.86.
Commercial Metals Company Profile
Commercial Metals Co engages in the manufacture, recycling, and marketing of steel and metal products. It operates through the following segments: North America and Europe. The North America segment is a vertically integrated network of recycling facilities, steel mills and fabrication operations. The Europe segment is a vertically integrated network of recycling facilities, an EAF mini mill and fabrication operations located in Poland.
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