Comerica Bank Lowers Holdings in Commercial Metals (NYSE:CMC)

Comerica Bank reduced its stake in shares of Commercial Metals (NYSE:CMC) by 4.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 56,454 shares of the basic materials company’s stock after selling 2,896 shares during the quarter. Comerica Bank’s holdings in Commercial Metals were worth $2,800,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Heck Capital Advisors LLC bought a new stake in Commercial Metals in the 4th quarter valued at $34,000. V Square Quantitative Management LLC increased its holdings in shares of Commercial Metals by 60.7% in the fourth quarter. V Square Quantitative Management LLC now owns 707 shares of the basic materials company’s stock worth $35,000 after purchasing an additional 267 shares during the last quarter. Jones Financial Companies Lllp increased its holdings in shares of Commercial Metals by 22.0% in the fourth quarter. Jones Financial Companies Lllp now owns 1,646 shares of the basic materials company’s stock worth $82,000 after purchasing an additional 297 shares during the last quarter. New Age Alpha Advisors LLC bought a new position in Commercial Metals during the fourth quarter valued at approximately $105,000. Finally, Covestor Ltd grew its holdings in Commercial Metals by 19.0% during the 4th quarter. Covestor Ltd now owns 2,148 shares of the basic materials company’s stock valued at $107,000 after buying an additional 343 shares in the last quarter. Institutional investors own 86.90% of the company’s stock.

Insider Activity at Commercial Metals

In related news, Director John R. Mcpherson acquired 2,475 shares of the stock in a transaction on Friday, April 4th. The stock was bought at an average cost of $40.42 per share, with a total value of $100,039.50. Following the transaction, the director now directly owns 15,141 shares in the company, valued at approximately $611,999.22. This represents a 19.54 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.46% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CMC. BMO Capital Markets decreased their price objective on Commercial Metals from $58.00 to $54.00 and set a “market perform” rating on the stock in a report on Friday, March 21st. UBS Group decreased their price target on shares of Commercial Metals from $54.00 to $49.00 and set a “neutral” rating on the stock in a research note on Monday, March 24th. Finally, Morgan Stanley dropped their price objective on shares of Commercial Metals from $56.00 to $53.00 and set an “equal weight” rating for the company in a research note on Friday, March 7th. Six equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $60.33.

Commercial Metals Trading Down 0.8 %

CMC stock opened at $45.04 on Thursday. Commercial Metals has a twelve month low of $37.92 and a twelve month high of $64.53. The stock has a market capitalization of $5.09 billion, a price-to-earnings ratio of 40.58, a price-to-earnings-growth ratio of 2.62 and a beta of 1.29. The company has a quick ratio of 1.94, a current ratio of 2.76 and a debt-to-equity ratio of 0.29. The firm’s fifty day simple moving average is $44.60 and its two-hundred day simple moving average is $50.64.

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

Commercial Metals Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 9th. Investors of record on Monday, March 31st were paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.60%. The ex-dividend date was Monday, March 31st. 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.