Alliancebernstein L.P. Sells 7,820 Shares of Commercial Metals (NYSE:CMC)

Alliancebernstein L.P. trimmed its stake in Commercial Metals (NYSE:CMC) by 3.1% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 244,177 shares of the basic materials company’s stock after selling 7,820 shares during the period. Alliancebernstein L.P. owned approximately 0.21% of Commercial Metals worth $12,111,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. State Street Corp lifted its stake in shares of 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 acquiring an additional 24,665 shares during the last quarter. Boston Partners lifted its stake in shares of Commercial Metals by 6.4% during 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 lifted 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 acquiring an additional 28,019 shares during the last quarter. Victory Capital Management Inc. lifted its stake in shares of Commercial Metals by 11.3% during the 4th quarter. Victory Capital Management Inc. now owns 2,422,427 shares of the basic materials company’s stock worth $120,152,000 after acquiring an additional 245,468 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its stake in shares of Commercial Metals by 1.1% during the 3rd quarter. Principal Financial Group Inc. now owns 1,714,116 shares of the basic materials company’s stock worth $94,208,000 after acquiring an additional 17,931 shares during the last quarter. 86.90% of the stock is owned by institutional investors.

Commercial Metals Trading Up 11.9 %

Shares of NYSE:CMC opened at $43.88 on Thursday. Commercial Metals has a 12-month low of $37.92 and a 12-month high of $64.53. The business’s fifty day simple moving average is $47.25 and its 200-day simple moving average is $52.06. The company has a market capitalization of $4.96 billion, a PE ratio of 39.53, a P/E/G ratio of 2.62 and a beta of 1.16. 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 (NYSE:CMC) last announced its quarterly earnings results on Thursday, March 20th. The basic materials company reported $0.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.05). Commercial Metals had a net margin of 1.70% and a return on equity of 9.88%. The company had revenue of $1.75 billion during the quarter, compared to analysts’ expectations of $1.73 billion. During the same quarter in the prior year, the business posted $0.88 earnings per share. The company’s revenue was down 5.1% compared to the same quarter last year. As a group, equities research 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 disclosed a quarterly dividend, which was paid on Wednesday, April 9th. Stockholders of record on Monday, March 31st were given a $0.18 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.64%. Commercial Metals’s payout ratio is 120.00%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on CMC shares. BMO Capital Markets decreased their price target on Commercial Metals from $58.00 to $54.00 and set a “market perform” rating for the company in a research note on Friday, March 21st. BNP Paribas downgraded Commercial Metals from an “outperform” rating to a “neutral” rating in a report on Friday, January 3rd. Jefferies Financial Group reduced 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. Morgan Stanley reduced their price objective on Commercial Metals from $56.00 to $53.00 and set an “equal weight” rating on the stock in a report on Friday, March 7th. Finally, UBS Group reduced their price objective on Commercial Metals from $54.00 to $49.00 and set a “neutral” rating on the stock in a report on Monday, March 24th. Six research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, Commercial Metals has an average rating of “Hold” and an average price target of $60.33.

Insider Transactions at Commercial Metals

In other Commercial Metals news, Director John R. Mcpherson acquired 2,475 shares of the stock in a transaction dated Friday, April 4th. The stock was purchased at an average price of $40.42 per share, with a total value of $100,039.50. Following the transaction, the director now directly owns 15,141 shares of the company’s stock, valued at $611,999.22. This trade represents a 19.54 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.46% of the company’s stock.

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.