Truist Financial Corp Boosts Stock Holdings in Commercial Metals (NYSE:CMC)

Truist Financial Corp lifted its stake in shares of Commercial Metals (NYSE:CMC) by 3.5% during the fourth quarter, Holdings Channel reports. The fund owned 7,150 shares of the basic materials company’s stock after acquiring an additional 242 shares during the period. Truist Financial Corp’s holdings in Commercial Metals were worth $355,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of CMC. JPMorgan Chase & Co. increased its holdings in Commercial Metals by 6.5% in the third quarter. JPMorgan Chase & Co. now owns 1,081,153 shares of the basic materials company’s stock valued at $59,420,000 after buying an additional 66,092 shares during the last quarter. Principal Financial Group Inc. grew its holdings in shares of Commercial Metals by 1.1% during the third quarter. Principal Financial Group Inc. now owns 1,714,116 shares of the basic materials company’s stock worth $94,208,000 after purchasing an additional 17,931 shares during the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of Commercial Metals by 66.0% during the fourth quarter. Assenagon Asset Management S.A. now owns 71,151 shares of the basic materials company’s stock worth $3,529,000 after purchasing an additional 28,297 shares during the last quarter. Vestcor Inc grew its holdings in shares of Commercial Metals by 108.0% during the third quarter. Vestcor Inc now owns 18,103 shares of the basic materials company’s stock worth $995,000 after purchasing an additional 9,400 shares during the last quarter. Finally, Covea Finance grew its holdings in shares of Commercial Metals by 44.2% during the fourth quarter. Covea Finance now owns 62,000 shares of the basic materials company’s stock worth $3,075,000 after purchasing an additional 19,000 shares during the last quarter. Hedge funds and other institutional investors own 86.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on CMC shares. UBS Group raised Commercial Metals from a “sell” rating to a “neutral” rating and dropped their price objective for the stock from $56.00 to $54.00 in a report on Friday, January 10th. BNP Paribas lowered Commercial Metals from an “outperform” rating to a “neutral” rating in a report on Friday, January 3rd. BMO Capital Markets dropped their price objective on Commercial Metals from $62.00 to $58.00 and set a “market perform” rating on the stock in a report on Friday, January 3rd. The Goldman Sachs Group started coverage on shares of Commercial Metals in a research note on Monday, December 2nd. They set a “buy” rating and a $75.00 target price for the company. Finally, Morgan Stanley decreased their target price on shares of Commercial Metals from $65.00 to $56.00 and set an “equal weight” rating for the company in a research note on Monday, February 3rd. Six research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $62.33.

Commercial Metals Stock Down 3.5 %

CMC stock opened at $45.36 on Wednesday. The stock has a market capitalization of $5.15 billion, a P/E ratio of 40.86, a PEG ratio of 2.62 and a beta of 1.18. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.94 and a current ratio of 2.76. Commercial Metals has a one year low of $43.81 and a one year high of $64.53. The company has a 50 day moving average price of $49.73 and a two-hundred day moving average price of $53.42.

Commercial Metals (NYSE:CMC) last released its earnings results on Monday, January 6th. The basic materials company reported $0.78 EPS for the quarter, hitting the consensus estimate of $0.78. The firm had revenue of $1.91 billion during the quarter, compared to analysts’ expectations of $1.85 billion. Commercial Metals had a net margin of 1.70% and a return on equity of 9.88%. Commercial Metals’s revenue for the quarter was down 4.7% on a year-over-year basis. During the same period in the previous year, the company earned $1.49 EPS. As a group, sell-side analysts expect that Commercial Metals will post 3.09 EPS for the current year.

Commercial Metals Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, January 30th. Shareholders of record on Thursday, January 16th were issued a $0.18 dividend. The ex-dividend date was Thursday, January 16th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.59%. Commercial Metals’s dividend payout ratio (DPR) is presently 64.86%.

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, 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.