Envestnet Asset Management Inc. Cuts Stock Holdings in Commercial Metals Company $CMC

Envestnet Asset Management Inc. lowered its stake in Commercial Metals Company (NYSE:CMC) by 76.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 92,191 shares of the basic materials company’s stock after selling 293,336 shares during the period. Envestnet Asset Management Inc.’s holdings in Commercial Metals were worth $4,509,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. National Bank of Canada FI boosted its holdings in Commercial Metals by 80.3% during the 1st quarter. National Bank of Canada FI now owns 548 shares of the basic materials company’s stock valued at $25,000 after acquiring an additional 244 shares during the period. Signaturefd LLC lifted its position in Commercial Metals by 51.4% in the second quarter. Signaturefd LLC now owns 890 shares of the basic materials company’s stock valued at $44,000 after purchasing an additional 302 shares during the last quarter. UMB Bank n.a. lifted its position in Commercial Metals by 77.8% in the second quarter. UMB Bank n.a. now owns 1,394 shares of the basic materials company’s stock valued at $68,000 after purchasing an additional 610 shares during the last quarter. Harbour Investments Inc. boosted its stake in shares of Commercial Metals by 17.5% during 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. Finally, Amundi grew its holdings in shares of Commercial Metals by 13.3% in the first quarter. Amundi now owns 2,480 shares of the basic materials company’s stock worth $114,000 after purchasing an additional 291 shares during the last quarter. Institutional investors own 86.90% of the company’s stock.

Commercial Metals Price Performance

Shares of NYSE CMC opened at $59.55 on Friday. Commercial Metals Company has a 1 year low of $37.92 and a 1 year high of $64.53. The stock has a market capitalization of $6.61 billion, a P/E ratio of 78.35, a P/E/G ratio of 1.94 and a beta of 1.34. The company’s 50-day moving average is $58.82 and its 200 day moving average is $53.74. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.78 and a quick ratio of 2.03.

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

Commercial Metals Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, November 13th. Investors of record on Thursday, October 30th were given a dividend of $0.18 per share. The ex-dividend date was Thursday, October 30th. This represents a $0.72 annualized dividend and a dividend yield of 1.2%. Commercial Metals’s payout ratio is currently 94.74%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on CMC shares. Citigroup upgraded shares of Commercial Metals from a “neutral” rating to a “buy” rating and upped their price target for the company from $60.00 to $65.00 in a report on Friday, October 17th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Commercial Metals in a research note on Wednesday, October 8th. Zacks Research raised Commercial Metals from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 14th. Wells Fargo & Company boosted their price target on Commercial Metals from $64.00 to $68.00 and gave the company an “overweight” rating in a report on Thursday, November 6th. Finally, JPMorgan Chase & Co. increased their price objective on Commercial Metals from $63.00 to $64.00 and gave the stock a “neutral” rating in a report on Monday, October 20th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, Commercial Metals has a consensus rating of “Moderate Buy” and an average price target of $64.20.

Insider Buying and Selling at Commercial Metals

In other news, Director John R. Mcpherson purchased 1,722 shares of Commercial Metals stock in a transaction that occurred on Monday, October 20th. The shares were bought at an average cost of $58.09 per share, with a total value of $100,030.98. Following the completion of the purchase, the director directly owned 6,722 shares in the company, valued at approximately $390,480.98. This trade represents a 34.44% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.46% of the stock is owned by corporate insiders.

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.