Commercial Metals (NYSE:CMC) Stock Position Reduced by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC decreased its position in Commercial Metals (NYSE:CMC) by 12.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 154,106 shares of the basic materials company’s stock after selling 22,191 shares during the quarter. Wedge Capital Management L L P NC owned 0.14% of Commercial Metals worth $7,644,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the company. nVerses Capital LLC bought a new stake in Commercial Metals during the third quarter valued at $66,000. GAMMA Investing LLC raised its stake in Commercial Metals by 56.6% during the fourth quarter. GAMMA Investing LLC now owns 2,611 shares of the basic materials company’s stock worth $130,000 after acquiring an additional 944 shares during the period. Thurston Springer Miller Herd & Titak Inc. lifted its holdings in Commercial Metals by 10.0% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,784 shares of the basic materials company’s stock worth $138,000 after acquiring an additional 254 shares during the last quarter. KBC Group NV lifted its holdings in Commercial Metals by 15.9% in the third quarter. KBC Group NV now owns 3,099 shares of the basic materials company’s stock worth $170,000 after acquiring an additional 425 shares during the last quarter. Finally, Highland Capital Management LLC acquired a new position in Commercial Metals in the third quarter valued at approximately $206,000. 86.90% of the stock is owned by institutional investors and hedge funds.

Commercial Metals Stock Performance

Shares of CMC opened at $50.63 on Friday. The firm’s 50 day moving average is $55.57 and its 200-day moving average is $54.70. The stock has a market capitalization of $5.75 billion, a P/E ratio of 45.61, a P/E/G ratio of 2.08 and a beta of 1.19. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.76 and a quick ratio of 2.78. 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 quarterly earnings data 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. Commercial Metals had a return on equity of 9.88% and a net margin of 1.70%. The firm had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.85 billion. During the same quarter in the previous year, the company earned $1.49 EPS. The business’s revenue for the quarter was down 4.7% compared to the same quarter last year. Equities research analysts anticipate that Commercial Metals will post 3.47 EPS for the current fiscal year.

Commercial Metals Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 30th. Investors of record on Thursday, January 16th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.42%. The ex-dividend date is Thursday, January 16th. Commercial Metals’s dividend payout ratio is 64.86%.

Analyst Ratings Changes

Several brokerages recently issued reports on CMC. Morgan Stanley started coverage on Commercial Metals in a report on Thursday, December 19th. They issued an “equal weight” rating and a $65.00 price target on the stock. BMO Capital Markets reduced their price target on shares of Commercial Metals from $62.00 to $58.00 and set a “market perform” rating for the company in a report on Friday, January 3rd. Jefferies Financial Group lowered their price target on shares of Commercial Metals from $65.00 to $62.00 and set a “buy” rating for the company in a research report on Monday, January 6th. BNP Paribas cut shares of Commercial Metals from an “outperform” rating to a “neutral” rating in a research report on Friday, January 3rd. Finally, UBS Group upgraded Commercial Metals from a “sell” rating to a “neutral” rating and lowered their target price for the company from $56.00 to $54.00 in a research report on Friday, January 10th. Six equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $63.83.

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.