New York State Teachers Retirement System Has $8.86 Million Holdings in Commercial Metals (NYSE:CMC)

New York State Teachers Retirement System decreased its stake in shares of Commercial Metals (NYSE:CMC) by 6.9% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 161,037 shares of the basic materials company’s stock after selling 11,942 shares during the quarter. New York State Teachers Retirement System’s holdings in Commercial Metals were worth $8,855,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of the stock. Rise Advisors LLC bought a new position in Commercial Metals during the first quarter worth $28,000. Daiwa Securities Group Inc. acquired a new position in shares of Commercial Metals during the fourth quarter valued at about $30,000. SYSTM Wealth Solutions LLC bought a new position in shares of Commercial Metals during the 1st quarter worth about $44,000. GAMMA Investing LLC bought a new position in shares of Commercial Metals during the 4th quarter worth about $74,000. Finally, Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Commercial Metals in the 2nd quarter valued at about $129,000. Institutional investors own 86.90% of the company’s stock.

Commercial Metals Price Performance

Shares of NYSE CMC opened at $54.23 on Friday. The stock has a market cap of $6.24 billion, a price-to-earnings ratio of 11.30 and a beta of 1.17. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.83 and a current ratio of 4.24. Commercial Metals has a fifty-two week low of $39.85 and a fifty-two week high of $61.26. The firm’s 50-day simple moving average is $54.75 and its 200 day simple moving average is $54.99.

Commercial Metals (NYSE:CMC) last posted its earnings results on Thursday, June 20th. The basic materials company reported $1.02 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.02. Commercial Metals had a return on equity of 14.62% and a net margin of 6.95%. The company had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.02 billion. During the same quarter last year, the company earned $2.02 earnings per share. The company’s revenue for the quarter was down 11.4% on a year-over-year basis. As a group, research analysts anticipate that Commercial Metals will post 4.71 earnings per share for the current fiscal year.

Commercial Metals Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 10th. Stockholders of record on Monday, July 1st were paid a $0.18 dividend. The ex-dividend date was Monday, July 1st. This represents a $0.72 annualized dividend and a dividend yield of 1.33%. Commercial Metals’s payout ratio is 15.00%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Bank of America cut their price target on Commercial Metals from $70.00 to $69.00 and set a “buy” rating on the stock in a report on Wednesday, June 26th. StockNews.com cut Commercial Metals from a “buy” rating to a “hold” rating in a report on Thursday, June 20th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $60.50.

Commercial Metals 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.