First Manhattan CO. LLC. Sells 11,129 Shares of Commercial Metals (NYSE:CMC)

First Manhattan CO. LLC. cut its position in shares of Commercial Metals (NYSE:CMC) by 3.8% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 281,391 shares of the basic materials company’s stock after selling 11,129 shares during the quarter. First Manhattan CO. LLC.’s holdings in Commercial Metals were worth $14,031,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Ashton Thomas Private Wealth LLC boosted its position in shares of Commercial Metals by 5.3% in the 4th quarter. Ashton Thomas Private Wealth LLC now owns 4,528 shares of the basic materials company’s stock worth $225,000 after purchasing an additional 229 shares in the last quarter. Mariner LLC boosted its holdings in Commercial Metals by 0.9% in the fourth quarter. Mariner LLC now owns 24,735 shares of the basic materials company’s stock worth $1,227,000 after acquiring an additional 232 shares in the last quarter. Truist Financial Corp grew its stake in shares of Commercial Metals by 3.5% in the fourth quarter. Truist Financial Corp now owns 7,150 shares of the basic materials company’s stock worth $355,000 after acquiring an additional 242 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. raised its position in shares of Commercial Metals by 10.0% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,784 shares of the basic materials company’s stock worth $138,000 after purchasing an additional 254 shares during the last quarter. Finally, Arizona State Retirement System boosted its stake in Commercial Metals by 0.8% in the 4th quarter. Arizona State Retirement System now owns 33,373 shares of the basic materials company’s stock worth $1,655,000 after purchasing an additional 262 shares in the last quarter. 86.90% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director John R. Mcpherson bought 2,475 shares of the stock in a transaction that occurred on Friday, April 4th. The shares were bought at an average cost of $40.42 per share, for a total transaction of $100,039.50. Following the completion of the transaction, the director now owns 15,141 shares of the company’s stock, valued at approximately $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 Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.46% of the company’s stock.

Commercial Metals Stock Performance

CMC stock opened at $46.11 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.76 and a quick ratio of 1.94. Commercial Metals has a 1 year low of $37.92 and a 1 year high of $64.53. The company has a market cap of $5.21 billion, a P/E ratio of 41.54, a price-to-earnings-growth ratio of 2.62 and a beta of 1.29. The stock’s fifty day moving average price is $44.60 and its 200-day moving average price is $50.53.

Commercial Metals (NYSE:CMC) last released 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 firm had revenue of $1.75 billion for the quarter, compared to the consensus estimate of $1.73 billion. During the same quarter in the prior year, the firm earned $0.88 earnings per share. The company’s revenue for the quarter was down 5.1% compared to the same quarter last year. On average, equities analysts forecast that Commercial Metals will post 3.09 earnings per share for the current year.

Commercial Metals Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 9th. Stockholders of record on Monday, March 31st were paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 1.56%. The ex-dividend date was Monday, March 31st. Commercial Metals’s dividend payout ratio is presently 120.00%.

Analyst Ratings Changes

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

Commercial Metals Company 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.