Fmr LLC Trims Stake in Commercial Metals (NYSE:CMC)

FMR LLC reduced its holdings in shares of Commercial Metals (NYSE:CMC - Free Report) by 9.7% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,531,530 shares of the basic materials company's stock after selling 489,091 shares during the quarter. FMR LLC owned approximately 3.98% of Commercial Metals worth $249,053,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CMC. Public Employees Retirement System of Ohio acquired a new stake in shares of Commercial Metals in the first quarter valued at about $558,000. Comerica Bank grew its stake in shares of Commercial Metals by 10.5% in the first quarter. Comerica Bank now owns 64,920 shares of the basic materials company's stock valued at $3,815,000 after acquiring an additional 6,174 shares in the last quarter. Burney Co. bought a new stake in shares of Commercial Metals during the 1st quarter valued at $331,000. GAMMA Investing LLC boosted its position in shares of Commercial Metals by 21.9% during the 2nd quarter. GAMMA Investing LLC now owns 1,572 shares of the basic materials company's stock worth $86,000 after acquiring an additional 282 shares in the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. acquired a new position in Commercial Metals during the second quarter worth about $129,000. 86.90% of the stock is currently owned by institutional investors and hedge funds.

Commercial Metals Stock Performance

Shares of CMC stock traded up $2.04 during trading hours on Monday, hitting $63.73. 265,772 shares of the company were exchanged, compared to its average volume of 855,651. The company has a current ratio of 3.94, a quick ratio of 2.78 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $7.27 billion, a price-to-earnings ratio of 14.90, a P/E/G ratio of 2.74 and a beta of 1.14. The firm has a fifty day simple moving average of $56.45 and a 200 day simple moving average of $54.86. Commercial Metals has a 52-week low of $44.93 and a 52-week high of $63.74.

Commercial Metals (NYSE:CMC - Get Free Report) last issued its earnings results on Thursday, October 17th. The basic materials company reported $0.90 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.91 by ($0.01). Commercial Metals had a net margin of 6.13% and a return on equity of 12.20%. The firm had revenue of $2 billion during the quarter, compared to the consensus estimate of $2.07 billion. Research analysts predict that Commercial Metals will post 4.26 earnings per share for the current fiscal year.

Commercial Metals Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, October 31st were paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.13%. The ex-dividend date was Thursday, October 31st. Commercial Metals's payout ratio is currently 17.39%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on CMC shares. Wolfe Research lowered shares of Commercial Metals from an "outperform" rating to a "peer perform" rating in a report on Wednesday, October 9th. BMO Capital Markets set a $62.00 price objective on Commercial Metals and gave the stock a "market perform" rating in a report on Friday, October 18th. The Goldman Sachs Group assumed coverage on shares of Commercial Metals in a research report on Monday. They set a "buy" rating and a $75.00 price target on the stock. Finally, Jefferies Financial Group assumed coverage on Commercial Metals in a report on Tuesday, September 3rd. They issued a "buy" rating and a $65.00 target price for the company. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, Commercial Metals presently has an average rating of "Moderate Buy" and a consensus target price of $67.20.

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.