First Manhattan CO. LLC. Trims Stock Position in Commercial Metals (NYSE:CMC)

First Manhattan CO. LLC. cut its position in Commercial Metals (NYSE:CMC) by 3.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 281,391 shares of the basic materials company’s stock after selling 11,129 shares during the quarter. First Manhattan CO. LLC. owned about 0.25% of Commercial Metals worth $14,031,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently bought and sold shares of the company. Heck Capital Advisors LLC purchased a new stake in Commercial Metals in the fourth quarter valued at approximately $34,000. V Square Quantitative Management LLC raised its position in shares of Commercial Metals by 60.7% during the 4th quarter. V Square Quantitative Management LLC now owns 707 shares of the basic materials company’s stock valued at $35,000 after buying an additional 267 shares in the last quarter. South Plains Financial Inc. purchased a new position in Commercial Metals in the fourth quarter worth $73,000. Jones Financial Companies Lllp increased its stake in Commercial Metals by 22.0% in the fourth quarter. Jones Financial Companies Lllp now owns 1,646 shares of the basic materials company’s stock valued at $82,000 after acquiring an additional 297 shares during the last quarter. Finally, New Age Alpha Advisors LLC purchased a new stake in Commercial Metals during the fourth quarter valued at about $105,000. 86.90% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on CMC shares. Morgan Stanley reduced their price objective on Commercial Metals from $56.00 to $53.00 and set an “equal weight” rating on the stock in a research report on Friday, March 7th. BMO Capital Markets decreased their price target on shares of Commercial Metals from $58.00 to $54.00 and set a “market perform” rating on the stock in a research note on Friday, March 21st. Finally, UBS Group lowered their price objective on shares of Commercial Metals from $54.00 to $49.00 and set a “neutral” rating for the company in a report on Monday, March 24th. Six analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, Commercial Metals currently has a consensus rating of “Hold” and an average price target of $60.33.

Commercial Metals Stock Down 0.1 %

Shares of Commercial Metals stock opened at $46.11 on Friday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.94 and a current ratio of 2.76. Commercial Metals has a 52-week low of $37.92 and a 52-week high of $64.53. The company’s 50 day moving average price is $44.60 and its 200-day moving average price is $50.53. The stock has a market capitalization of $5.21 billion, a price-to-earnings ratio of 41.54, a P/E/G ratio of 2.62 and a beta of 1.29.

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

Commercial Metals Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 9th. Stockholders of record on Monday, March 31st were given a $0.18 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.56%. Commercial Metals’s dividend payout ratio is currently 120.00%.

Insider Activity

In related news, Director John R. Mcpherson purchased 2,475 shares of the business’s stock in a transaction that occurred on Friday, April 4th. The shares were acquired at an average price of $40.42 per share, for a total transaction of $100,039.50. Following the completion of the acquisition, the director now directly owns 15,141 shares in the company, valued at approximately $611,999.22. The trade was a 19.54 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.46% of the company’s stock.

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.