Commercial Metals (NYSE:CMC) is Easterly Investment Partners LLC's 8th Largest Position

Easterly Investment Partners LLC lessened its holdings in shares of Commercial Metals (NYSE:CMC - Free Report) by 2.5% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 395,997 shares of the basic materials company's stock after selling 10,050 shares during the quarter. Commercial Metals accounts for about 1.5% of Easterly Investment Partners LLC's investment portfolio, making the stock its 8th largest holding. Easterly Investment Partners LLC owned approximately 0.35% of Commercial Metals worth $19,641,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. JPMorgan Chase & Co. boosted its stake in shares of 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 purchasing an additional 66,092 shares during the period. Principal Financial Group Inc. increased its holdings in shares of Commercial Metals by 1.1% in the 3rd quarter. Principal Financial Group Inc. now owns 1,714,116 shares of the basic materials company's stock valued at $94,208,000 after acquiring an additional 17,931 shares during the last quarter. Assenagon Asset Management S.A. raised its position 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 valued at $3,529,000 after acquiring an additional 28,297 shares in the last quarter. Vestcor Inc boosted its holdings in Commercial Metals by 108.0% in 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 period. Finally, Covea Finance increased its stake in Commercial Metals by 44.2% during the fourth quarter. Covea Finance now owns 62,000 shares of the basic materials company's stock valued at $3,075,000 after purchasing an additional 19,000 shares during the last quarter. Institutional investors and hedge funds own 86.90% of the company's stock.

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Analyst Ratings Changes

Several research analysts have recently commented on CMC shares. The Goldman Sachs Group initiated coverage on shares of Commercial Metals in a report on Monday, December 2nd. They issued a "buy" rating and a $75.00 price target for the company. UBS Group cut their price target on Commercial Metals from $54.00 to $49.00 and set a "neutral" rating on the stock in a report on Monday, March 24th. Jefferies Financial Group lowered their price objective on Commercial Metals from $65.00 to $62.00 and set a "buy" rating for the company in a research note on Monday, January 6th. BNP Paribas cut Commercial Metals from an "outperform" rating to a "neutral" rating in a research note on Friday, January 3rd. Finally, Morgan Stanley lowered their price target on shares of Commercial Metals from $56.00 to $53.00 and set an "equal weight" rating for the company in a research report on Friday, March 7th. Six research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $60.33.

Commercial Metals Price Performance

Shares of CMC traded down $0.47 during midday trading on Monday, reaching $45.54. The stock had a trading volume of 334,682 shares, compared to its average volume of 905,089. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.76 and a quick ratio of 1.94. The company has a market capitalization of $5.17 billion, a P/E ratio of 40.89, a P/E/G ratio of 2.62 and a beta of 1.17. The firm's 50 day moving average price is $48.67 and its 200-day moving average price is $52.71. Commercial Metals has a 52 week low of $42.62 and a 52 week high of $64.53.

Commercial Metals (NYSE:CMC - Get Free Report) last issued its quarterly 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 analyst estimates of $1.73 billion. Commercial Metals had a net margin of 1.70% and a return on equity of 9.88%. Commercial Metals's revenue was down 5.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.88 earnings per share. On average, analysts forecast that Commercial Metals will post 3.09 earnings per share for the current fiscal year.

Commercial Metals Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 9th. Shareholders of record on Monday, March 31st will be given a $0.18 dividend. The ex-dividend date is Monday, March 31st. This represents a $0.72 annualized dividend and a yield of 1.58%. Commercial Metals's dividend payout ratio (DPR) is 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.