Commercial Metals (NYSE:CMC) Shares Sold by Bank of America Corp DE

Bank of America Corp DE reduced its stake in shares of Commercial Metals (NYSE:CMC) by 17.7% during the 4th quarter, Holdings Channel.com reports. The firm owned 548,902 shares of the basic materials company’s stock after selling 118,109 shares during the quarter. Bank of America Corp DE’s holdings in Commercial Metals were worth $27,226,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CMC. Barclays PLC grew its position in Commercial Metals by 67.5% during the 3rd quarter. Barclays PLC now owns 210,769 shares of the basic materials company’s stock worth $11,584,000 after purchasing an additional 84,905 shares during the period. Assenagon Asset Management S.A. boosted its stake in shares of Commercial Metals by 66.0% during the 4th quarter. Assenagon Asset Management S.A. now owns 71,151 shares of the basic materials company’s stock worth $3,529,000 after acquiring an additional 28,297 shares in the last quarter. Spring Capital Management LLC purchased a new stake in shares of Commercial Metals during the 4th quarter worth about $248,000. Ameritas Advisory Services LLC boosted its stake in shares of Commercial Metals by 8.6% during the 4th quarter. Ameritas Advisory Services LLC now owns 5,567 shares of the basic materials company’s stock worth $276,000 after acquiring an additional 443 shares in the last quarter. Finally, ARS Investment Partners LLC boosted its stake in shares of Commercial Metals by 0.3% during the 4th quarter. ARS Investment Partners LLC now owns 291,482 shares of the basic materials company’s stock worth $14,458,000 after acquiring an additional 942 shares in the last quarter. 86.90% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Commercial Metals

In related news, Director John R. Mcpherson purchased 2,475 shares of Commercial Metals stock in a transaction that occurred on Friday, April 4th. The stock was purchased at an average cost of $40.42 per share, with a total value 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. The trade was a 19.54% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.46% of the company’s stock.

Analyst Upgrades and Downgrades

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

Commercial Metals Stock Performance

Shares of CMC stock opened at $48.04 on Friday. The company has a quick ratio of 1.94, a current ratio of 2.76 and a debt-to-equity ratio of 0.29. Commercial Metals has a 52 week low of $37.92 and a 52 week high of $64.53. The stock has a market capitalization of $5.43 billion, a PE ratio of 43.28, a P/E/G ratio of 2.62 and a beta of 1.29. The firm has a 50 day moving average of $44.86 and a two-hundred day moving average of $50.34.

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

Commercial Metals Announces Dividend

The company also recently disclosed 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. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.72 annualized dividend and a dividend yield of 1.50%. Commercial Metals’s dividend payout ratio (DPR) is currently 120.00%.

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.