Empowered Funds LLC Reduces Position in Commercial Metals (NYSE:CMC)

Empowered Funds LLC lowered its stake in shares of Commercial Metals (NYSE:CMC) by 0.6% during the third quarter, Holdings Channel reports. The fund owned 51,060 shares of the basic materials company’s stock after selling 289 shares during the quarter. Empowered Funds LLC’s holdings in Commercial Metals were worth $2,806,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Boston Partners boosted its stake in shares of Commercial Metals by 23,390.7% during the 1st quarter. Boston Partners now owns 3,076,337 shares of the basic materials company’s stock worth $180,752,000 after purchasing an additional 3,063,241 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its stake in Commercial Metals by 388.4% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 298,621 shares of the basic materials company’s stock worth $17,550,000 after acquiring an additional 237,477 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in Commercial Metals by 11.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 630,836 shares of the basic materials company’s stock valued at $37,075,000 after acquiring an additional 67,068 shares during the last quarter. Envestnet Asset Management Inc. lifted its stake in shares of Commercial Metals by 19.1% during the 2nd quarter. Envestnet Asset Management Inc. now owns 302,192 shares of the basic materials company’s stock worth $16,618,000 after purchasing an additional 48,453 shares during the period. Finally, O Shaughnessy Asset Management LLC boosted its holdings in shares of Commercial Metals by 13.6% during the first quarter. O Shaughnessy Asset Management LLC now owns 12,905 shares of the basic materials company’s stock worth $758,000 after purchasing an additional 1,545 shares during the last quarter. Hedge funds and other institutional investors own 86.90% of the company’s stock.

Commercial Metals Stock Performance

Shares of NYSE:CMC opened at $59.47 on Wednesday. The business has a 50-day moving average of $54.88 and a two-hundred day moving average of $54.62. The firm has a market capitalization of $6.77 billion, a PE ratio of 14.36, a P/E/G ratio of 2.55 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 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 (EPS) for the quarter, missing analysts’ consensus estimates 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 analyst estimates of $2.07 billion. As a group, research analysts forecast that Commercial Metals will post 4.35 earnings per share for the current year.

Commercial Metals Announces Dividend

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

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on CMC shares. 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. Jefferies Financial Group initiated coverage on shares of Commercial Metals in a research report on Tuesday, September 3rd. They issued a “buy” rating and a $65.00 target price on the stock. Finally, Wolfe Research lowered shares of Commercial Metals from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, October 9th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price 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.