Ameriprise Financial Inc. Trims Position in Commercial Metals (NYSE:CMC)

Ameriprise Financial Inc. trimmed its position in Commercial Metals (NYSE:CMC) by 6.0% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 633,048 shares of the basic materials company’s stock after selling 40,698 shares during the period. Ameriprise Financial Inc.’s holdings in Commercial Metals were worth $31,399,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Heck Capital Advisors LLC purchased a new position in Commercial Metals during the fourth quarter valued at approximately $34,000. V Square Quantitative Management LLC raised its position in shares of Commercial Metals by 60.7% during the 4th quarter. V Square Quantitative Management LLC now owns 707 shares of the basic materials company’s stock valued at $35,000 after purchasing an additional 267 shares during the period. South Plains Financial Inc. purchased a new position in shares of Commercial Metals during the 4th quarter valued at $73,000. Jones Financial Companies Lllp boosted its holdings in Commercial Metals by 22.0% in the 4th quarter. Jones Financial Companies Lllp now owns 1,646 shares of the basic materials company’s stock worth $82,000 after buying an additional 297 shares during the period. Finally, New Age Alpha Advisors LLC bought a new position in Commercial Metals in the 4th quarter worth $105,000. 86.90% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on CMC shares. UBS Group lowered their price objective on Commercial Metals from $54.00 to $49.00 and set a “neutral” rating on the stock in a research report on Monday, March 24th. Morgan Stanley lowered their price target on Commercial Metals from $56.00 to $53.00 and set an “equal weight” rating on the stock in a report on Friday, March 7th. Finally, BMO Capital Markets dropped their price target on Commercial Metals from $58.00 to $54.00 and set a “market perform” rating for the company in a research note on Friday, March 21st. Six equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $60.33.

Commercial Metals Stock Performance

NYSE CMC opened at $47.84 on Wednesday. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.76 and a quick ratio of 1.94. Commercial Metals has a 1-year low of $37.92 and a 1-year high of $64.53. The business has a 50 day simple moving average of $44.66 and a two-hundred day simple moving average of $50.47. The stock has a market capitalization of $5.41 billion, a PE ratio of 43.10, a P/E/G ratio of 2.62 and a beta of 1.29.

Commercial Metals (NYSE:CMC) last posted its earnings results on Thursday, March 20th. The basic materials company reported $0.26 earnings per share for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.05). The business had revenue of $1.75 billion during the quarter, compared to analysts’ expectations of $1.73 billion. Commercial Metals had a net margin of 1.70% and a return on equity of 9.88%. The company’s revenue for the quarter was down 5.1% compared to the same quarter last year. During the same period last year, the business posted $0.88 earnings per share. On average, research analysts predict that Commercial Metals will post 3.09 EPS for the current fiscal year.

Commercial Metals Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 9th. Stockholders of record on Monday, March 31st were given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 1.51%. The ex-dividend date was Monday, March 31st. Commercial Metals’s dividend payout ratio is 120.00%.

Insider Activity

In related news, Director John R. Mcpherson acquired 2,475 shares of the firm’s stock in a transaction on Friday, April 4th. The shares were acquired at an average cost of $40.42 per share, for a total transaction of $100,039.50. Following the completion of the transaction, the director now directly owns 15,141 shares in the company, valued at approximately $611,999.22. This trade represents a 19.54% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.46% of the company’s stock.

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.