State of Alaska Department of Revenue Sells 370 Shares of Commercial Metals (NYSE:CMC)

State of Alaska Department of Revenue lowered its stake in shares of Commercial Metals (NYSE:CMC) by 2.8% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 12,991 shares of the basic materials company’s stock after selling 370 shares during the period. State of Alaska Department of Revenue’s holdings in Commercial Metals were worth $644,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Thurston Springer Miller Herd & Titak Inc. raised its stake in shares of Commercial Metals by 10.0% during the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,784 shares of the basic materials company’s stock worth $138,000 after purchasing an additional 254 shares in the last quarter. Tectonic Advisors LLC raised its stake in Commercial Metals by 1.6% in the 3rd quarter. Tectonic Advisors LLC now owns 17,774 shares of the basic materials company’s stock valued at $977,000 after acquiring an additional 272 shares during the period. Assetmark Inc. raised its stake in Commercial Metals by 6.4% in the 3rd quarter. Assetmark Inc. now owns 4,602 shares of the basic materials company’s stock valued at $253,000 after acquiring an additional 277 shares during the period. Verdence Capital Advisors LLC raised its stake in Commercial Metals by 4.2% in the 3rd quarter. Verdence Capital Advisors LLC now owns 7,160 shares of the basic materials company’s stock valued at $394,000 after acquiring an additional 287 shares during the period. Finally, Flagship Harbor Advisors LLC raised its stake in Commercial Metals by 6.0% in the 4th quarter. Flagship Harbor Advisors LLC now owns 5,796 shares of the basic materials company’s stock valued at $288,000 after acquiring an additional 329 shares during the period. Institutional investors own 86.90% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. BNP Paribas cut Commercial Metals from an “outperform” rating to a “neutral” rating in a research note on Friday, January 3rd. The Goldman Sachs Group assumed 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. Morgan Stanley dropped their price target on Commercial Metals from $65.00 to $56.00 and set an “equal weight” rating on the stock in a research note on Monday, February 3rd. BMO Capital Markets lowered their price objective on Commercial Metals from $62.00 to $58.00 and set a “market perform” rating on the stock in a research report on Friday, January 3rd. Finally, Jefferies Financial Group lowered their price objective on Commercial Metals from $65.00 to $62.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Six analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $62.33.

Commercial Metals Stock Performance

CMC opened at $52.40 on Friday. The firm has a market cap of $5.95 billion, a P/E ratio of 47.20, a price-to-earnings-growth ratio of 2.58 and a beta of 1.18. Commercial Metals has a 52-week low of $45.50 and a 52-week high of $64.53. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.94 and a current ratio of 2.76. The business’s fifty day moving average is $51.05 and its 200-day moving average is $53.85.

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

Commercial Metals Announces Dividend

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

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.