Sumitomo Mitsui Trust Holdings Inc. Invests $1.14 Million in Commercial Metals (NYSE:CMC)

Sumitomo Mitsui Trust Holdings Inc. bought a new position in Commercial Metals (NYSE:CMC - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 20,730 shares of the basic materials company's stock, valued at approximately $1,140,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CMC. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Commercial Metals by 18.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 31,880 shares of the basic materials company's stock worth $1,595,000 after buying an additional 5,007 shares during the last quarter. Daiwa Securities Group Inc. purchased a new position in Commercial Metals during the 4th quarter valued at $30,000. Xponance Inc. raised its holdings in Commercial Metals by 6.3% in the 4th quarter. Xponance Inc. now owns 17,997 shares of the basic materials company's stock worth $901,000 after purchasing an additional 1,062 shares in the last quarter. Illinois Municipal Retirement Fund lifted its position in shares of Commercial Metals by 118.4% in the 4th quarter. Illinois Municipal Retirement Fund now owns 36,071 shares of the basic materials company's stock worth $1,805,000 after purchasing an additional 19,553 shares during the period. Finally, GAMMA Investing LLC bought a new stake in shares of Commercial Metals during the 4th quarter valued at about $74,000. 86.90% of the stock is currently owned by institutional investors.

Commercial Metals Stock Up 2.5 %

Shares of Commercial Metals stock traded up $1.33 during trading on Friday, hitting $54.22. The company's stock had a trading volume of 706,569 shares, compared to its average volume of 867,946. Commercial Metals has a 52 week low of $39.85 and a 52 week high of $61.26. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.83 and a current ratio of 4.24. The company has a fifty day simple moving average of $54.67 and a two-hundred day simple moving average of $54.97. The company has a market capitalization of $6.23 billion, a PE ratio of 11.28 and a beta of 1.17.

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

Commercial Metals Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 10th. Stockholders of record on Monday, July 1st were issued a dividend of $0.18 per share. The ex-dividend date was Monday, July 1st. This represents a $0.72 annualized dividend and a dividend yield of 1.33%. Commercial Metals's payout ratio is presently 15.00%.

Analysts Set New Price Targets

Several brokerages have commented on CMC. Bank of America lowered their price objective on shares of Commercial Metals from $70.00 to $69.00 and set a "buy" rating for the company in a report on Wednesday, June 26th. StockNews.com lowered Commercial Metals from a "buy" rating to a "hold" rating in a research report on Thursday, June 20th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, Commercial Metals has a consensus rating of "Hold" and a consensus price target of $60.50.

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.