Summit Global Investments Lowers Stock Holdings in Commercial Metals (NYSE:CMC)

Summit Global Investments reduced its position in Commercial Metals (NYSE:CMC - Free Report) by 83.9% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,468 shares of the basic materials company's stock after selling 38,895 shares during the quarter. Summit Global Investments' holdings in Commercial Metals were worth $411,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Rise Advisors LLC purchased a new position in shares of Commercial Metals in the first quarter worth $28,000. Daiwa Securities Group Inc. bought a new stake in Commercial Metals in the fourth quarter valued at $30,000. SYSTM Wealth Solutions LLC bought a new stake in shares of Commercial Metals during the 1st quarter valued at $44,000. GAMMA Investing LLC bought a new stake in shares of Commercial Metals during the 4th quarter valued at $74,000. Finally, Tennessee Valley Asset Management Partners bought a new stake in shares of Commercial Metals during the 4th quarter valued at $107,000. 86.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. StockNews.com cut shares of Commercial Metals from a "buy" rating to a "hold" rating in a report on Thursday, June 20th. Bank of America lowered their price target on Commercial Metals from $70.00 to $69.00 and set a "buy" rating for the company in a research report on Wednesday, June 26th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $60.50.

Commercial Metals Stock Performance

NYSE:CMC traded up $0.21 during mid-day trading on Wednesday, reaching $53.90. The company's stock had a trading volume of 894,607 shares, compared to its average volume of 868,486. Commercial Metals has a 12-month low of $39.85 and a 12-month high of $61.26. The firm's fifty day moving average price is $54.58 and its two-hundred day moving average price is $54.99. The company has a current ratio of 4.24, a quick ratio of 2.83 and a debt-to-equity ratio of 0.27. The stock has a market cap of $6.20 billion, a P/E ratio of 11.23 and a beta of 1.17.

Commercial Metals (NYSE:CMC - Get Free Report) last issued its earnings results on Thursday, June 20th. The basic materials company reported $1.02 earnings per share for the quarter, topping analysts' consensus estimates of $1.00 by $0.02. Commercial Metals had a return on equity of 14.62% and a net margin of 6.95%. The business had revenue of $2.08 billion during the quarter, compared to analyst estimates of $2.02 billion. During the same quarter in the previous year, the firm earned $2.02 EPS. Commercial Metals's revenue was down 11.4% on a year-over-year basis. On average, equities analysts forecast that Commercial Metals will post 4.71 EPS for the current fiscal year.

Commercial Metals Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 10th. Stockholders of record on Monday, July 1st were given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 1.34%. The ex-dividend date of this dividend was Monday, July 1st. Commercial Metals's payout ratio is currently 15.00%.

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.