Commercial Metals (NYSE:CMC) Shares Sold by IQ EQ FUND MANAGEMENT IRELAND Ltd

IQ EQ FUND MANAGEMENT IRELAND Ltd decreased its position in shares of Commercial Metals (NYSE:CMC - Free Report) by 62.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,317 shares of the basic materials company's stock after selling 25,940 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd's holdings in Commercial Metals were worth $760,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of 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 position in shares of Commercial Metals by 1.1% during the third quarter. Principal Financial Group Inc. now owns 1,714,116 shares of the basic materials company's stock worth $94,208,000 after acquiring an additional 17,931 shares during the period. Assenagon Asset Management S.A. raised its stake in shares of Commercial Metals by 66.0% in the fourth 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 grew its stake in Commercial Metals by 108.0% during the 3rd 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 in the last quarter. Finally, Covea Finance increased its holdings in Commercial Metals by 44.2% during the 4th quarter. Covea Finance now owns 62,000 shares of the basic materials company's stock worth $3,075,000 after purchasing an additional 19,000 shares during the period. Institutional investors and hedge funds own 86.90% of the company's stock.

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Analyst Ratings Changes

A number of equities analysts have recently commented on CMC shares. BNP Paribas downgraded Commercial Metals from an "outperform" rating to a "neutral" rating in a research report on Friday, January 3rd. BMO Capital Markets reduced their price objective 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 lowered their target price on shares of Commercial Metals from $56.00 to $53.00 and set an "equal weight" rating for the company in a research note on Friday, March 7th. The Goldman Sachs Group started coverage on Commercial Metals in a report on Monday, December 2nd. They set a "buy" rating and a $75.00 price target for the company. Finally, UBS Group dropped their price objective on Commercial Metals from $54.00 to $49.00 and set a "neutral" rating on the stock in a report on Monday, March 24th. Six equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, Commercial Metals has an average rating of "Hold" and an average target price of $60.33.

Commercial Metals Stock Performance

Shares of CMC stock traded up $0.70 during trading hours on Tuesday, hitting $46.71. The stock had a trading volume of 536,394 shares, compared to its average volume of 1,214,570. The stock's 50 day moving average is $48.57 and its 200 day moving average is $52.68. The firm has a market capitalization of $5.28 billion, a PE ratio of 42.08, a PEG ratio of 2.62 and a beta of 1.17. Commercial Metals has a twelve month low of $42.62 and a twelve month high of $64.53. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.76 and a quick ratio of 1.94.

Commercial Metals (NYSE:CMC - Get Free Report) last issued its quarterly earnings data on Thursday, March 20th. The basic materials company reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.31 by ($0.05). Commercial Metals had a return on equity of 9.88% and a net margin of 1.70%. The business had revenue of $1.75 billion for the quarter, compared to analysts' expectations of $1.73 billion. During the same period in the previous year, the business posted $0.88 earnings per share. The company's revenue for the quarter was down 5.1% on a year-over-year basis. As a group, research analysts forecast that Commercial Metals will post 3.09 earnings per share for the current fiscal year.

Commercial Metals Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 9th. Shareholders of record on Monday, March 31st will be given a dividend of $0.18 per share. The ex-dividend date is Monday, March 31st. This represents a $0.72 dividend on an annualized basis and a yield of 1.54%. Commercial Metals's payout ratio is 120.00%.

Commercial Metals 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.