New York Life Investment Management LLC Cuts Position in Commercial Metals (NYSE:CMC)

New York Life Investment Management LLC cut its stake in Commercial Metals (NYSE:CMC) by 8.9% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 12,132 shares of the basic materials company’s stock after selling 1,191 shares during the period. New York Life Investment Management LLC’s holdings in Commercial Metals were worth $602,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CMC. Heck Capital Advisors LLC purchased a new position in Commercial Metals in the fourth quarter worth $34,000. V Square Quantitative Management LLC grew its position in Commercial Metals by 60.7% in the fourth quarter. V Square Quantitative Management LLC now owns 707 shares of the basic materials company’s stock worth $35,000 after acquiring an additional 267 shares in the last quarter. GAMMA Investing LLC grew its position in Commercial Metals by 56.6% in the fourth quarter. GAMMA Investing LLC now owns 2,611 shares of the basic materials company’s stock worth $130,000 after acquiring an additional 944 shares in the last quarter. Union Bancaire Privee UBP SA purchased a new position in Commercial Metals in the fourth quarter worth $134,000. Finally, Thurston Springer Miller Herd & Titak Inc. grew its position in Commercial Metals by 10.0% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,784 shares of the basic materials company’s stock worth $138,000 after acquiring an additional 254 shares in the last quarter. 86.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Commercial Metals Stock Performance

Shares of NYSE:CMC opened at $45.36 on Wednesday. The company has a market cap of $5.15 billion, a price-to-earnings ratio of 40.86, a price-to-earnings-growth ratio of 2.62 and a beta of 1.18. The company has a 50-day moving average price of $49.73 and a 200-day moving average price of $53.42. The company has a current ratio of 2.76, a quick ratio of 1.94 and a debt-to-equity ratio of 0.29. Commercial Metals has a 12 month low of $43.81 and a 12 month high of $64.53.

Commercial Metals (NYSE:CMC) last issued its quarterly earnings data on Monday, January 6th. The basic materials company reported $0.78 EPS for the quarter, meeting the consensus estimate of $0.78. The firm had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.85 billion. Commercial Metals had a net margin of 1.70% and a return on equity of 9.88%. The company’s quarterly revenue was down 4.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.49 earnings per share. As a group, equities analysts anticipate 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. Investors of record on Thursday, January 16th were paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date was Thursday, January 16th. Commercial Metals’s payout ratio is currently 64.86%.

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.