State of New Jersey Common Pension Fund D Sells 6,627 Shares of Commercial Metals (NYSE:CMC)

State of New Jersey Common Pension Fund D lowered its position in shares of Commercial Metals (NYSE:CMC) by 14.1% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 40,239 shares of the basic materials company’s stock after selling 6,627 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Commercial Metals were worth $2,212,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CMC. Boston Partners grew its stake in Commercial Metals by 23,390.7% in the first quarter. Boston Partners now owns 3,076,337 shares of the basic materials company’s stock valued at $180,752,000 after acquiring an additional 3,063,241 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of Commercial Metals by 1.1% in the 3rd quarter. Principal Financial Group Inc. now owns 1,714,116 shares of the basic materials company’s stock valued at $94,208,000 after buying an additional 17,931 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Commercial Metals by 1.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,296,284 shares of the basic materials company’s stock valued at $71,283,000 after acquiring an additional 18,205 shares during the period. Janus Henderson Group PLC increased its holdings in shares of Commercial Metals by 2.3% during the 1st quarter. Janus Henderson Group PLC now owns 1,159,769 shares of the basic materials company’s stock worth $68,160,000 after acquiring an additional 25,816 shares during the last quarter. Finally, Thompson Siegel & Walmsley LLC acquired a new position in shares of Commercial Metals in the second quarter valued at $50,132,000. 86.90% of the stock is owned by institutional investors and hedge funds.

Commercial Metals Trading Down 2.0 %

Commercial Metals stock opened at $59.44 on Friday. The firm has a market capitalization of $6.77 billion, a price-to-earnings ratio of 14.36, a P/E/G ratio of 2.64 and a beta of 1.14. The company has a current ratio of 3.94, a quick ratio of 2.78 and a debt-to-equity ratio of 0.27. The firm has a 50 day moving average of $54.28 and a 200 day moving average of $54.54. Commercial Metals has a 12-month low of $43.52 and a 12-month high of $63.40.

Commercial Metals (NYSE:CMC) last posted its earnings results on Thursday, October 17th. The basic materials company reported $0.90 earnings per share for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.01). Commercial Metals had a net margin of 6.13% and a return on equity of 12.20%. The business had revenue of $2 billion during the quarter, compared to analysts’ expectations of $2.07 billion. As a group, research analysts predict that Commercial Metals will post 4.35 earnings per share for the current year.

Commercial Metals Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, October 31st were issued a dividend of $0.18 per share. The ex-dividend date was Thursday, October 31st. This represents a $0.72 dividend on an annualized basis and a yield of 1.21%. Commercial Metals’s payout ratio is 17.39%.

Analysts Set New Price Targets

CMC has been the subject of a number of analyst reports. Wolfe Research downgraded shares of Commercial Metals from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, October 9th. Jefferies Financial Group initiated coverage on shares of Commercial Metals in a research note on Tuesday, September 3rd. They issued a “buy” rating and a $65.00 target price for the company. Finally, BMO Capital Markets set a $62.00 target price on Commercial Metals and gave the stock a “market perform” rating in a research report on Friday, October 18th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, Commercial Metals presently has a consensus rating of “Moderate Buy” and an average price target of $65.25.

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.