Lazard Asset Management LLC Sells 8,797 Shares of Commercial Metals (NYSE:CMC)

Lazard Asset Management LLC lessened its holdings in Commercial Metals (NYSE:CMC) by 5.7% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 145,548 shares of the basic materials company’s stock after selling 8,797 shares during the period. Lazard Asset Management LLC owned approximately 0.13% of Commercial Metals worth $8,552,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Norges Bank bought a new position in shares of Commercial Metals during the 4th quarter worth $94,722,000. Victory Capital Management Inc. boosted its position in Commercial Metals by 241.3% during the fourth quarter. Victory Capital Management Inc. now owns 1,809,841 shares of the basic materials company’s stock worth $90,564,000 after purchasing an additional 1,279,617 shares during the period. First Trust Advisors LP increased its stake in shares of Commercial Metals by 59.1% in the fourth quarter. First Trust Advisors LP now owns 617,188 shares of the basic materials company’s stock worth $30,884,000 after purchasing an additional 229,266 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of Commercial Metals by 1,701.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 227,778 shares of the basic materials company’s stock valued at $13,387,000 after purchasing an additional 215,131 shares during the period. Finally, Vanguard Group Inc. lifted its stake in shares of Commercial Metals by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 12,641,427 shares of the basic materials company’s stock valued at $632,577,000 after buying an additional 191,345 shares in the last quarter. 86.90% of the stock is owned by institutional investors.

Commercial Metals Trading Up 2.2 %

Shares of NYSE:CMC traded up $1.30 on Friday, hitting $60.35. The company had a trading volume of 912,077 shares, compared to its average volume of 768,220. The firm’s 50-day simple moving average is $54.51 and its two-hundred day simple moving average is $54.50. The firm has a market capitalization of $6.94 billion, a price-to-earnings ratio of 12.57 and a beta of 1.17. The company has a quick ratio of 2.83, a current ratio of 4.24 and a debt-to-equity ratio of 0.27. Commercial Metals has a 1 year low of $39.85 and a 1 year high of $60.85.

Commercial Metals (NYSE:CMC) last issued its quarterly earnings results on Thursday, June 20th. The basic materials company reported $1.02 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.02. Commercial Metals had a return on equity of 14.62% and a net margin of 6.95%. The company had revenue of $2.08 billion for the quarter, compared to analysts’ expectations of $2.02 billion. During the same period in the prior year, the firm earned $2.02 earnings per share. The firm’s revenue for the quarter was down 11.4% on a year-over-year basis. Equities analysts anticipate that Commercial Metals will post 4.71 earnings per share for the current fiscal year.

Commercial Metals Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 10th. Shareholders of record on Monday, July 1st were issued a $0.18 dividend. The ex-dividend date was Monday, July 1st. This represents a $0.72 annualized dividend and a yield of 1.19%. Commercial Metals’s dividend payout ratio (DPR) is presently 15.00%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on CMC. StockNews.com lowered Commercial Metals from a “buy” rating to a “hold” rating in a research note on Thursday, June 20th. Bank of America lowered their price target on shares of Commercial Metals from $70.00 to $69.00 and set a “buy” rating on the stock in a report on Wednesday, June 26th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $60.50.

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.