New York State Teachers Retirement System Has $4.68 Million Holdings in Commercial Metals Company $CMC

New York State Teachers Retirement System cut its position in Commercial Metals Company (NYSE:CMC) by 2.7% during the second quarter, Holdings Channel.com reports. The institutional investor owned 95,738 shares of the basic materials company’s stock after selling 2,639 shares during the quarter. New York State Teachers Retirement System’s holdings in Commercial Metals were worth $4,683,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of CMC. Morris Financial Concepts Inc. bought a new stake in Commercial Metals in the second quarter valued at approximately $210,000. Harbour Investments Inc. raised its position in shares of Commercial Metals by 17.5% in the second quarter. Harbour Investments Inc. now owns 1,830 shares of the basic materials company’s stock valued at $90,000 after purchasing an additional 273 shares during the period. Sequoia Financial Advisors LLC bought a new position in shares of Commercial Metals in the second quarter valued at about $362,000. Meritage Portfolio Management increased its position in Commercial Metals by 4.3% during the second quarter. Meritage Portfolio Management now owns 9,316 shares of the basic materials company’s stock worth $456,000 after acquiring an additional 387 shares during the period. Finally, CWM LLC increased its position in Commercial Metals by 14.7% during the second quarter. CWM LLC now owns 3,876 shares of the basic materials company’s stock worth $190,000 after acquiring an additional 497 shares during the period. 86.90% of the stock is owned by institutional investors.

Commercial Metals Trading Up 2.0%

Shares of Commercial Metals stock opened at $58.53 on Tuesday. The company has a market capitalization of $6.50 billion, a price-to-earnings ratio of 77.02, a PEG ratio of 1.93 and a beta of 1.32. The company has a quick ratio of 2.03, a current ratio of 2.78 and a debt-to-equity ratio of 0.31. Commercial Metals Company has a 12-month low of $37.92 and a 12-month high of $64.53. The firm’s 50-day moving average price is $57.97 and its two-hundred day moving average price is $51.62.

Commercial Metals (NYSE:CMC) last posted its quarterly earnings results on Thursday, October 16th. The basic materials company reported $1.37 earnings per share for the quarter, beating analysts’ consensus estimates of $1.32 by $0.05. Commercial Metals had a net margin of 1.09% and a return on equity of 8.76%. The company had revenue of $2.11 billion for the quarter, compared to the consensus estimate of $2.10 billion. During the same period last year, the company posted $0.90 EPS. The firm’s quarterly revenue was up 5.9% compared to the same quarter last year. On average, analysts forecast that Commercial Metals Company will post 3.09 earnings per share for the current fiscal year.

Commercial Metals Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 13th. Stockholders of record on Thursday, October 30th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date is Thursday, October 30th. Commercial Metals’s dividend payout ratio (DPR) is presently 94.74%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Commercial Metals in a research report on Wednesday, October 8th. BMO Capital Markets reaffirmed a “market perform” rating and set a $55.00 price target (down from $57.00) on shares of Commercial Metals in a research report on Tuesday, June 24th. Citigroup raised shares of Commercial Metals from a “neutral” rating to a “buy” rating and raised their price target for the stock from $60.00 to $65.00 in a research report on Friday. Wells Fargo & Company increased their price objective on shares of Commercial Metals from $61.00 to $64.00 and gave the stock an “overweight” rating in a research note on Friday, September 19th. Finally, Bank of America increased their price objective on shares of Commercial Metals from $60.00 to $70.00 and gave the stock a “buy” rating in a research note on Monday, September 15th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, Commercial Metals currently has a consensus rating of “Moderate Buy” and a consensus target price of $61.85.

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.