Covea Finance Decreases Stake in Commercial Metals Company $CMC

Covea Finance lessened its holdings in shares of Commercial Metals Company (NYSE:CMC) by 9.0% during the 4th quarter, HoldingsChannel reports. The firm owned 89,000 shares of the basic materials company’s stock after selling 8,800 shares during the period. Covea Finance’s holdings in Commercial Metals were worth $6,161,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of CMC. Drummond Knight Asset Management Pty Ltd acquired a new stake in shares of Commercial Metals in the third quarter valued at approximately $15,579,000. Allspring Global Investments Holdings LLC lifted its position in Commercial Metals by 11.1% during the third quarter. Allspring Global Investments Holdings LLC now owns 225,817 shares of the basic materials company’s stock worth $13,312,000 after buying an additional 22,587 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp boosted its stake in Commercial Metals by 430.9% during the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 29,247 shares of the basic materials company’s stock worth $1,675,000 after buying an additional 23,738 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its holdings in Commercial Metals by 6.9% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 29,033 shares of the basic materials company’s stock valued at $1,420,000 after buying an additional 1,868 shares in the last quarter. Finally, Rhumbline Advisers grew its holdings in Commercial Metals by 1.3% in the 2nd quarter. Rhumbline Advisers now owns 393,334 shares of the basic materials company’s stock valued at $19,238,000 after buying an additional 5,147 shares in the last quarter. Hedge funds and other institutional investors own 86.90% of the company’s stock.

Commercial Metals Stock Performance

Shares of Commercial Metals stock opened at $60.15 on Friday. The firm has a market cap of $6.67 billion, a PE ratio of 15.50, a price-to-earnings-growth ratio of 0.33 and a beta of 1.47. The company has a quick ratio of 3.70, a current ratio of 4.47 and a debt-to-equity ratio of 0.77. Commercial Metals Company has a 52 week low of $37.92 and a 52 week high of $84.87. The business’s fifty day simple moving average is $73.91 and its 200-day simple moving average is $66.40.

Commercial Metals (NYSE:CMC) last issued its quarterly earnings data on Thursday, January 8th. The basic materials company reported $1.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.55 by $0.29. The firm had revenue of $2.12 billion during the quarter, compared to the consensus estimate of $2.06 billion. Commercial Metals had a return on equity of 11.43% and a net margin of 5.46%.The company’s quarterly revenue was up 11.0% on a year-over-year basis. During the same period last year, the company earned $0.78 EPS. Equities analysts forecast that Commercial Metals Company will post 3.09 earnings per share for the current year.

Commercial Metals Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, February 2nd. Shareholders of record on Monday, January 19th were paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend was Friday, January 16th. Commercial Metals’s dividend payout ratio (DPR) is 18.56%.

Insider Transactions at Commercial Metals

In related news, Director Dennis V. Arriola acquired 2,000 shares of the firm’s stock in a transaction dated Tuesday, January 20th. The shares were purchased at an average cost of $74.69 per share, for a total transaction of $149,380.00. Following the acquisition, the director owned 9,238 shares in the company, valued at $689,986.22. The trade was a 27.63% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jennifer J. Durbin sold 25,050 shares of the stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $79.97, for a total transaction of $2,003,248.50. Following the transaction, the insider directly owned 52,880 shares of the company’s stock, valued at $4,228,813.60. The trade was a 32.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.62% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Weiss Ratings reiterated a “hold (c)” rating on shares of Commercial Metals in a report on Wednesday, January 21st. Citigroup upped their price objective on shares of Commercial Metals from $65.00 to $85.00 and gave the company a “buy” rating in a report on Monday, January 12th. Jefferies Financial Group set a $85.00 price objective on shares of Commercial Metals and gave the stock a “buy” rating in a research report on Thursday, January 8th. Morgan Stanley lifted their target price on shares of Commercial Metals from $68.00 to $85.00 and gave the stock an “overweight” rating in a research note on Friday, January 9th. Finally, Wells Fargo & Company boosted their target price on shares of Commercial Metals from $79.00 to $80.00 and gave the company an “overweight” rating in a report on Monday, March 2nd. Eight investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $72.80.

About Commercial Metals

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.