Commercial Metals (NYSE:CMC) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. reduced its stake in Commercial Metals (NYSE:CMC - Free Report) by 6.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 184,745 shares of the basic materials company's stock after selling 12,264 shares during the quarter. Corebridge Financial Inc. owned about 0.16% of Commercial Metals worth $9,163,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in CMC. Stevens Capital Management LP purchased a new position in Commercial Metals in the 4th quarter valued at about $276,000. LPL Financial LLC raised its position in shares of Commercial Metals by 9.7% in the fourth quarter. LPL Financial LLC now owns 41,483 shares of the basic materials company's stock valued at $2,058,000 after buying an additional 3,661 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new position in shares of Commercial Metals during the fourth quarter valued at approximately $1,825,000. American Century Companies Inc. grew its stake in Commercial Metals by 1.5% in the 4th quarter. American Century Companies Inc. now owns 852,994 shares of the basic materials company's stock worth $42,309,000 after acquiring an additional 12,909 shares during the period. Finally, Quantbot Technologies LP grew its stake in Commercial Metals by 209.2% in the 4th quarter. Quantbot Technologies LP now owns 19,219 shares of the basic materials company's stock worth $953,000 after acquiring an additional 13,004 shares during the period. Institutional investors and hedge funds own 86.90% of the company's stock.

Commercial Metals Stock Up 2.3 %

CMC stock traded up $1.04 during midday trading on Tuesday, hitting $47.05. 1,484,811 shares of the company's stock were exchanged, compared to its average volume of 911,034. The firm has a 50 day moving average price of $48.48 and a 200-day moving average price of $52.65. Commercial Metals has a 12-month low of $42.62 and a 12-month high of $64.53. The stock has a market capitalization of $5.32 billion, a price-to-earnings ratio of 42.38, a price-to-earnings-growth ratio of 2.62 and a beta of 1.17. The company has a current ratio of 2.76, a quick ratio of 1.94 and a debt-to-equity ratio of 0.29.

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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 (EPS) for the quarter, missing analysts' consensus estimates of $0.31 by ($0.05). Commercial Metals had a return on equity of 9.88% and a net margin of 1.70%. The company had revenue of $1.75 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same quarter last year, the firm posted $0.88 EPS. The firm's quarterly revenue was down 5.1% on a year-over-year basis. On average, analysts anticipate that Commercial Metals will post 3.09 EPS for the current year.

Commercial Metals Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 9th. Stockholders of record on Monday, March 31st will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.72 annualized dividend and a dividend yield of 1.53%. Commercial Metals's payout ratio is 120.00%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on CMC. BNP Paribas downgraded shares of Commercial Metals from an "outperform" rating to a "neutral" rating in a research note on Friday, January 3rd. BMO Capital Markets cut 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 report on Friday, March 21st. Morgan Stanley reduced their price objective on 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. UBS Group lowered their target price on Commercial Metals from $54.00 to $49.00 and set a "neutral" rating for the company in a research note on Monday, March 24th. Finally, Jefferies Financial Group reduced their price target on Commercial Metals from $65.00 to $62.00 and set a "buy" rating on the stock in a research report on Monday, January 6th. Six analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat.com, Commercial Metals presently has an average rating of "Hold" and an average target price of $60.33.

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.