Gotham Asset Management LLC lowered its holdings in shares of Commercial Metals (NYSE:CMC) by 76.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 42,130 shares of the basic materials company’s stock after selling 139,837 shares during the period. Gotham Asset Management LLC’s holdings in Commercial Metals were worth $1,299,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also made changes to their positions in the company. Morgan Stanley raised its position in Commercial Metals by 72.9% during the fourth quarter. Morgan Stanley now owns 729,877 shares of the basic materials company’s stock worth $14,990,000 after acquiring an additional 307,618 shares during the last quarter. Alliancebernstein L.P. raised its position in shares of Commercial Metals by 1,065.4% in the first quarter. Alliancebernstein L.P. now owns 5,265,577 shares of the basic materials company’s stock valued at $162,390,000 after buying an additional 4,813,741 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Commercial Metals in the fourth quarter valued at approximately $8,982,000. AE Wealth Management LLC acquired a new position in shares of Commercial Metals in the first quarter valued at approximately $260,000. Finally, Cambridge Investment Research Advisors Inc. acquired a new position in shares of Commercial Metals in the first quarter valued at approximately $296,000. Institutional investors own 88.75% of the company’s stock.
A number of equities analysts have recently weighed in on CMC shares. BMO Capital Markets boosted their price objective on shares of Commercial Metals from $26.00 to $32.00 and gave the company a “hold” rating in a research report on Thursday, July 1st. The Goldman Sachs Group assumed coverage on shares of Commercial Metals in a report on Friday, April 9th. They issued a “sell” rating and a $29.00 target price for the company. Credit Suisse Group restated a “neutral” rating and issued a $33.00 target price (up from $25.00) on shares of Commercial Metals in a report on Monday, May 10th. Finally, JPMorgan Chase & Co. assumed coverage on shares of Commercial Metals in a report on Wednesday, June 16th. They issued a “neutral” rating and a $39.00 target price for the company. Two equities research analysts have rated the stock with a sell rating and eight have given a hold rating to the stock. Commercial Metals has a consensus rating of “Hold” and a consensus price target of $26.18.
Commercial Metals (NYSE:CMC) last announced its earnings results on Wednesday, June 16th. The basic materials company reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.21. The business had revenue of $1.85 billion during the quarter, compared to the consensus estimate of $1.74 billion. Commercial Metals had a net margin of 5.38% and a return on equity of 18.62%. The business’s quarterly revenue was up 37.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.59 earnings per share. As a group, research analysts forecast that Commercial Metals will post 3.51 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, July 14th. Stockholders of record on Wednesday, June 30th were paid a $0.12 dividend. The ex-dividend date of this dividend was Tuesday, June 29th. This represents a $0.48 annualized dividend and a dividend yield of 1.55%. Commercial Metals’s dividend payout ratio (DPR) is presently 18.18%.
About Commercial Metals
Commercial Metals Company manufactures, recycles, and fabricates steel and metal products, and related materials and services in the United States, Poland, China, Germany, and internationally. 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.
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