Commercial Metals (NYSE:CMC) Shares Sold by IQ EQ FUND MANAGEMENT IRELAND Ltd

IQ EQ FUND MANAGEMENT IRELAND Ltd reduced its position in shares of Commercial Metals (NYSE:CMC) by 62.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 15,317 shares of the basic materials company’s stock after selling 25,940 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd’s holdings in Commercial Metals were worth $760,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. State Street Corp grew its position in Commercial Metals by 0.4% in the third quarter. State Street Corp now owns 5,830,412 shares of the basic materials company’s stock worth $320,439,000 after buying an additional 24,665 shares during the last quarter. Boston Partners grew its holdings in shares of Commercial Metals by 6.4% in the 4th quarter. Boston Partners now owns 4,055,150 shares of the basic materials company’s stock worth $201,178,000 after acquiring an additional 243,921 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Commercial Metals by 1.0% during the third 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 period. Victory Capital Management Inc. lifted its holdings in shares of Commercial Metals by 11.3% during the fourth quarter. Victory Capital Management Inc. now owns 2,422,427 shares of the basic materials company’s stock valued at $120,152,000 after purchasing an additional 245,468 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its position in shares of Commercial Metals by 1.1% in the 3rd quarter. Principal Financial Group Inc. now owns 1,714,116 shares of the basic materials company’s stock valued at $94,208,000 after purchasing an additional 17,931 shares during the period. 86.90% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

CMC has been the topic of a number of recent analyst reports. BNP Paribas lowered shares of Commercial Metals from an “outperform” rating to a “neutral” rating in a report on Friday, January 3rd. Morgan Stanley reduced their target price on Commercial Metals from $56.00 to $53.00 and set an “equal weight” rating for the company in a report on Friday, March 7th. UBS Group lowered their price target on Commercial Metals from $54.00 to $49.00 and set a “neutral” rating on the stock in a report on Monday. BMO Capital Markets dropped their price target on Commercial Metals from $58.00 to $54.00 and set a “market perform” rating on the stock in a research report on Friday, March 21st. Finally, The Goldman Sachs Group initiated coverage on Commercial Metals in a research report on Monday, December 2nd. They set a “buy” rating and a $75.00 price objective for the company. Six analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $60.33.

Commercial Metals Stock Performance

Shares of CMC stock opened at $48.36 on Friday. Commercial Metals has a fifty-two week low of $42.62 and a fifty-two week high of $64.53. The stock’s 50-day moving average is $48.75 and its two-hundred day moving average is $52.68. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.76 and a quick ratio of 1.94. The firm has a market cap of $5.50 billion, a P/E ratio of 43.57, a PEG ratio of 2.62 and a beta of 1.17.

Commercial Metals (NYSE:CMC) last released its quarterly earnings data on Thursday, March 20th. The basic materials company reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.05). The firm had revenue of $1.75 billion during the quarter, compared to analyst estimates of $1.73 billion. Commercial Metals had a return on equity of 9.88% and a net margin of 1.70%. The company’s quarterly revenue was down 5.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.88 EPS. Analysts predict that Commercial Metals will post 3.09 earnings per share for the current fiscal year.

Commercial Metals Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 9th. Stockholders of record on Monday, March 31st will be issued a dividend of $0.18 per share. The ex-dividend date is Monday, March 31st. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.49%. Commercial Metals’s dividend payout ratio is currently 120.00%.

Commercial Metals 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.