Voya Investment Management LLC Sells 44,253 Shares of Commercial Metals Company $CMC

Voya Investment Management LLC lowered its holdings in Commercial Metals Company (NYSE:CMC) by 39.6% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 67,446 shares of the basic materials company’s stock after selling 44,253 shares during the quarter. Voya Investment Management LLC owned 0.06% of Commercial Metals worth $3,863,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Norges Bank bought a new stake in shares of Commercial Metals in the second quarter valued at approximately $70,402,000. Encompass Capital Advisors LLC bought a new stake in Commercial Metals in the 2nd quarter valued at $34,225,000. Millennium Management LLC grew its position in Commercial Metals by 124.3% in the 1st quarter. Millennium Management LLC now owns 926,718 shares of the basic materials company’s stock worth $42,638,000 after purchasing an additional 513,630 shares during the last quarter. Thomist Capital Management LP acquired a new stake in Commercial Metals in the 2nd quarter worth $14,950,000. Finally, Franklin Resources Inc. increased its holdings in shares of Commercial Metals by 10.0% during the 2nd quarter. Franklin Resources Inc. now owns 3,193,930 shares of the basic materials company’s stock worth $156,215,000 after purchasing an additional 290,256 shares during the period. 86.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on CMC shares. Jefferies Financial Group raised Commercial Metals from a “hold” rating to a “buy” rating and lifted their target price for the stock from $70.00 to $78.00 in a research report on Wednesday, December 10th. Citigroup raised Commercial Metals from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $60.00 to $65.00 in a report on Friday, October 17th. Weiss Ratings restated a “hold (c)” rating on shares of Commercial Metals in a research note on Wednesday, October 8th. The Goldman Sachs Group raised their target price on Commercial Metals from $69.00 to $76.00 and gave the stock a “buy” rating in a research report on Thursday, October 23rd. Finally, Bank of America boosted their price target on shares of Commercial Metals from $60.00 to $70.00 and gave the company a “buy” rating in a report on Monday, September 15th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $67.50.

Insider Buying and Selling

In other news, Director John R. Mcpherson acquired 1,722 shares of the firm’s stock in a transaction on Monday, October 20th. The shares were purchased 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 owned 6,722 shares of the company’s stock, valued at $390,480.98. This represents a 34.44% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.62% of the stock is currently owned by company insiders.

Commercial Metals Price Performance

Commercial Metals stock opened at $71.24 on Friday. The business has a 50 day simple moving average of $63.40 and a 200 day simple moving average of $57.75. Commercial Metals Company has a one year low of $37.92 and a one year high of $71.99. The company has a market capitalization of $7.91 billion, a PE ratio of 93.74, a price-to-earnings-growth ratio of 0.39 and a beta of 1.49. 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 released its quarterly earnings data on Thursday, October 16th. The basic materials company reported $1.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.32 by $0.05. Commercial Metals had a return on equity of 8.76% and a net margin of 1.09%.The firm had revenue of $2.11 billion during the quarter, compared to analyst estimates of $2.10 billion. During the same period in the prior year, the company posted $0.90 earnings per share. The business’s revenue for the quarter was up 5.9% compared to the same quarter last year. On average, sell-side analysts forecast that Commercial Metals Company will post 3.09 EPS for the current fiscal 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 issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend was Thursday, October 30th. Commercial Metals’s dividend payout ratio (DPR) is currently 94.74%.

Commercial Metals Profile

Commercial Metals Company (NYSE: CMC) is a leading global steel and metal recycler, manufacturer and fabricator based in Irving, Texas. The company operates an integrated network of scrap recycling facilities, electric arc furnace steel mills, metal fabrication plants and distribution centers. Through these operations, Commercial Metals collects and processes ferrous scrap to produce finished steel products and provides recycled metal to a variety of end markets.

In its steelmaking segment, CMC uses electric arc furnace technology to transform recycled scrap into reinforcing bar (rebar), merchant bar, coil and structural products.