Jennison Associates LLC Sells 4,049 Shares of Commercial Metals (NYSE:CMC)

Jennison Associates LLC trimmed its stake in Commercial Metals (NYSE:CMC) by 18.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 18,189 shares of the basic materials company’s stock after selling 4,049 shares during the period. Jennison Associates LLC’s holdings in Commercial Metals were worth $1,000,000 as of its most recent SEC filing.

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

Analysts Set New Price Targets

CMC has been the topic of several research reports. BMO Capital Markets set a $62.00 price objective on shares of Commercial Metals and gave the stock 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 issued a “buy” rating and a $65.00 price target on the stock. Finally, Wolfe Research cut Commercial Metals from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, October 9th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, Commercial Metals has a consensus rating of “Moderate Buy” and an average price target of $65.25.

Commercial Metals Stock Up 1.3 %

Commercial Metals stock opened at $61.22 on Friday. The firm has a market cap of $6.97 billion, a price-to-earnings ratio of 14.79, a PEG ratio of 2.60 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. Commercial Metals has a 12 month low of $43.52 and a 12 month high of $63.40. The stock has a fifty day simple moving average of $55.52 and a two-hundred day simple moving average of $54.73.

Commercial Metals (NYSE:CMC) last announced its quarterly earnings results on Thursday, October 17th. The basic materials company reported $0.90 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 company had revenue of $2 billion during the quarter, compared to the consensus estimate of $2.07 billion. Equities analysts predict that Commercial Metals will post 4.35 EPS for the current fiscal year.

Commercial Metals Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, October 31st were issued a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 1.18%. The ex-dividend date of this dividend was Thursday, October 31st. Commercial Metals’s payout ratio is currently 17.39%.

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.