Allspring Global Investments Holdings LLC Reduces Stake in Commercial Metals (NYSE:CMC)

Allspring Global Investments Holdings LLC trimmed its position in shares of Commercial Metals (NYSE:CMC) by 5.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 236,984 shares of the basic materials company’s stock after selling 13,458 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.21% of Commercial Metals worth $11,648,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. State Street Corp increased its position in Commercial Metals by 0.4% during the 3rd quarter. State Street Corp now owns 5,830,412 shares of the basic materials company’s stock worth $320,439,000 after purchasing an additional 24,665 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Commercial Metals by 1.0% during the 3rd quarter. Geode Capital Management LLC now owns 2,839,601 shares of the basic materials company’s stock worth $156,093,000 after purchasing an additional 28,019 shares during the last quarter. Victory Capital Management Inc. boosted its stake in shares of Commercial Metals by 1.9% during the 3rd quarter. Victory Capital Management Inc. now owns 2,176,959 shares of the basic materials company’s stock worth $119,646,000 after purchasing an additional 41,206 shares during the last quarter. Principal Financial Group Inc. grew its holdings 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 buying an additional 17,931 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Commercial Metals by 1.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,462,317 shares of the basic materials company’s stock valued at $80,369,000 after buying an additional 18,262 shares during the last quarter. Institutional investors and hedge funds own 86.90% of the company’s stock.

Commercial Metals Price Performance

CMC stock opened at $52.40 on Tuesday. The stock has a 50-day moving average price of $50.85 and a two-hundred day moving average price of $53.72. The company has a market cap of $5.95 billion, a PE ratio of 47.20, a price-to-earnings-growth ratio of 2.58 and a beta of 1.18. The company has a current ratio of 2.76, a quick ratio of 1.94 and a debt-to-equity ratio of 0.29. Commercial Metals has a 12-month low of $45.50 and a 12-month high of $64.53.

Commercial Metals (NYSE:CMC) last posted its earnings results on Monday, January 6th. The basic materials company reported $0.78 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.78. The firm had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.85 billion. Commercial Metals had a net margin of 1.70% and a return on equity of 9.88%. The company’s revenue was down 4.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.49 EPS. As a group, research analysts predict that Commercial Metals will post 3.09 EPS for the current year.

Commercial Metals Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 30th. Stockholders of record on Thursday, January 16th were paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.37%. The ex-dividend date was Thursday, January 16th. Commercial Metals’s dividend payout ratio is presently 64.86%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CMC. Morgan Stanley decreased their target price on shares of Commercial Metals from $65.00 to $56.00 and set an “equal weight” rating on the stock in a research report on Monday, February 3rd. Jefferies Financial Group decreased their price objective on Commercial Metals from $65.00 to $62.00 and set a “buy” rating on the stock in a report on Monday, January 6th. BNP Paribas lowered Commercial Metals from an “outperform” rating to a “neutral” rating in a research note on Friday, January 3rd. The Goldman Sachs Group started coverage on Commercial Metals in a research note on Monday, December 2nd. They issued a “buy” rating and a $75.00 price target on the stock. Finally, UBS Group raised shares of Commercial Metals from a “sell” rating to a “neutral” rating and dropped their price objective for the company from $56.00 to $54.00 in a research note on Friday, January 10th. Six research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $62.33.

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.