Fmr LLC Sells 489,091 Shares of Commercial Metals (NYSE:CMC)

Fmr LLC reduced its stake in shares of Commercial Metals (NYSE:CMC) by 9.7% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 4,531,530 shares of the basic materials company’s stock after selling 489,091 shares during the period. Fmr LLC owned about 3.98% of Commercial Metals worth $249,053,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of CMC. nVerses Capital LLC bought a new position in Commercial Metals during the third quarter valued at $66,000. Archer Investment Corp bought a new position in shares of Commercial Metals during the 2nd quarter worth $77,000. GAMMA Investing LLC raised its stake in Commercial Metals by 21.9% in the 2nd quarter. GAMMA Investing LLC now owns 1,572 shares of the basic materials company’s stock valued at $86,000 after acquiring an additional 282 shares during the period. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Commercial Metals during the second quarter valued at about $129,000. Finally, KBC Group NV boosted its position in Commercial Metals by 15.9% during the third quarter. KBC Group NV now owns 3,099 shares of the basic materials company’s stock worth $170,000 after purchasing an additional 425 shares during the period. Hedge funds and other institutional investors own 86.90% of the company’s stock.

Commercial Metals Stock Up 0.5 %

Shares of NYSE:CMC opened at $61.69 on Monday. The firm has a fifty day moving average price of $56.45 and a two-hundred day moving average price of $54.89. The company has a market cap of $7.03 billion, a price-to-earnings ratio of 14.90, a PEG ratio of 2.74 and a beta of 1.14. The company has a debt-to-equity ratio of 0.27, a current ratio of 3.94 and a quick ratio of 2.78. Commercial Metals has a one year low of $44.78 and a one year high of $63.40.

Commercial Metals (NYSE:CMC) last posted its earnings results on Thursday, October 17th. The basic materials company reported $0.90 EPS for the quarter, missing the consensus estimate of $0.91 by ($0.01). Commercial Metals had a return on equity of 12.20% and a net margin of 6.13%. The business had revenue of $2 billion for the quarter, compared to analysts’ expectations of $2.07 billion. Analysts anticipate that Commercial Metals will post 4.26 EPS for the current fiscal year.

Commercial Metals Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, October 31st were paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.17%. The ex-dividend date was Thursday, October 31st. Commercial Metals’s dividend payout ratio is currently 17.39%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on CMC. BMO Capital Markets set a $62.00 price target on shares of Commercial Metals and gave the company a “market perform” rating in a research note on Friday, October 18th. Jefferies Financial Group assumed coverage on Commercial Metals in a research report on Tuesday, September 3rd. They set a “buy” rating and a $65.00 target price on the stock. Finally, Wolfe Research lowered Commercial Metals from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, October 9th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $65.25.

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.