Easterly Investment Partners LLC Sells 30,372 Shares of Commercial Metals (NYSE:CMC)

Easterly Investment Partners LLC decreased its stake in shares of Commercial Metals (NYSE:CMC - Free Report) by 7.0% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 405,413 shares of the basic materials company's stock after selling 30,372 shares during the period. Commercial Metals accounts for 2.0% of Easterly Investment Partners LLC's portfolio, making the stock its 4th largest position. Easterly Investment Partners LLC owned about 0.35% of Commercial Metals worth $22,294,000 as of its most recent filing with the SEC.

Other large investors also recently bought and sold shares of the company. Boston Partners lifted its stake in shares of Commercial Metals by 23,390.7% in the 1st quarter. Boston Partners now owns 3,076,337 shares of the basic materials company's stock valued at $180,752,000 after purchasing an additional 3,063,241 shares in the last quarter. Norges Bank purchased a new stake in Commercial Metals during the fourth quarter worth approximately $94,722,000. Victory Capital Management Inc. increased its position in shares of Commercial Metals by 241.3% in the fourth quarter. Victory Capital Management Inc. now owns 1,809,841 shares of the basic materials company's stock worth $90,564,000 after acquiring an additional 1,279,617 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its stake in shares of Commercial Metals by 388.4% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 298,621 shares of the basic materials company's stock valued at $17,550,000 after acquiring an additional 237,477 shares during the period. Finally, First Trust Advisors LP lifted its holdings in shares of Commercial Metals by 59.1% during the 4th quarter. First Trust Advisors LP now owns 617,188 shares of the basic materials company's stock valued at $30,884,000 after acquiring an additional 229,266 shares in the last quarter. Hedge funds and other institutional investors own 86.90% of the company's stock.

Commercial Metals Stock Up 2.5 %

CMC stock traded up $1.34 during trading on Friday, reaching $54.23. The stock had a trading volume of 706,672 shares, compared to its average volume of 867,946. 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 firm has a fifty day moving average price of $54.75 and a 200 day moving average price of $55.02. The company has a market capitalization of $6.24 billion, a P/E ratio of 11.30 and a beta of 1.17. Commercial Metals has a 1-year low of $39.85 and a 1-year high of $61.26.

Commercial Metals (NYSE:CMC - Get Free Report) last issued its quarterly earnings results on Thursday, June 20th. The basic materials company reported $1.02 EPS for the quarter, beating 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 firm had revenue of $2.08 billion during the quarter, compared to the consensus estimate of $2.02 billion. During the same quarter in the prior year, the business posted $2.02 earnings per share. Commercial Metals's revenue for the quarter was down 11.4% on a year-over-year basis. On average, equities analysts anticipate 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. Investors of record on Monday, July 1st were issued a $0.18 dividend. The ex-dividend date was Monday, July 1st. This represents a $0.72 annualized dividend and a yield of 1.33%. Commercial Metals's dividend payout ratio is presently 15.00%.

Wall Street Analyst Weigh In

Several research analysts have commented on CMC shares. Bank of America cut their price objective on Commercial Metals from $70.00 to $69.00 and set a "buy" rating on the stock in a research report on Wednesday, June 26th. StockNews.com downgraded Commercial Metals from a "buy" rating to a "hold" rating in a report on Thursday, June 20th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $60.50.

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.

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