Empowered Funds LLC Lowers Stock Holdings in Commercial Metals (NYSE:CMC)

Empowered Funds LLC cut its stake in shares of Commercial Metals (NYSE:CMC) by 0.6% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 51,060 shares of the basic materials company’s stock after selling 289 shares during the period. Empowered Funds LLC’s holdings in Commercial Metals were worth $2,806,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Boston Partners raised its stake in shares of Commercial Metals by 23,390.7% during the first quarter. Boston Partners now owns 3,076,337 shares of the basic materials company’s stock worth $180,752,000 after purchasing an additional 3,063,241 shares during the last quarter. Jacobs Levy Equity Management Inc. lifted its stake in shares of Commercial Metals by 388.4% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 298,621 shares of the basic materials company’s stock worth $17,550,000 after acquiring an additional 237,477 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in shares of Commercial Metals by 11.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 630,836 shares of the basic materials company’s stock valued at $37,075,000 after acquiring an additional 67,068 shares in the last quarter. Envestnet Asset Management Inc. increased its stake in shares of Commercial Metals by 19.1% during the second quarter. Envestnet Asset Management Inc. now owns 302,192 shares of the basic materials company’s stock worth $16,618,000 after acquiring an additional 48,453 shares during the period. Finally, O Shaughnessy Asset Management LLC raised its holdings in Commercial Metals by 13.6% during the first quarter. O Shaughnessy Asset Management LLC now owns 12,905 shares of the basic materials company’s stock worth $758,000 after purchasing an additional 1,545 shares in the last quarter. 86.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CMC has been the topic of a number of analyst reports. Jefferies Financial Group assumed coverage on Commercial Metals in a report on Tuesday, September 3rd. They issued a “buy” rating and a $65.00 price objective on the stock. BMO Capital Markets set a $62.00 price objective on Commercial Metals and gave the stock a “market perform” rating in a report on Friday, October 18th. Finally, Wolfe Research downgraded Commercial Metals from an “outperform” rating to a “peer perform” rating in a report on Wednesday, October 9th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $65.25.

Commercial Metals Stock Performance

CMC opened at $59.47 on Wednesday. Commercial Metals has a 1-year low of $43.52 and a 1-year high of $63.40. The stock has a market cap of $6.77 billion, a P/E ratio of 14.36, a P/E/G ratio of 2.55 and a beta of 1.14. The stock’s 50 day simple moving average is $54.88 and its 200 day simple moving average is $54.62. The company has a debt-to-equity ratio of 0.27, a current ratio of 3.94 and a quick ratio of 2.78.

Commercial Metals (NYSE:CMC) last posted its earnings results on Thursday, October 17th. The basic materials company reported $0.90 earnings per share for the quarter, missing the consensus estimate of $0.91 by ($0.01). Commercial Metals had a net margin of 6.13% and a return on equity of 12.20%. The firm had revenue of $2 billion during the quarter, compared to analyst estimates of $2.07 billion. As a group, equities analysts anticipate that Commercial Metals will post 4.35 EPS for the current fiscal year.

Commercial Metals Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st were issued a dividend of $0.18 per share. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $0.72 annualized dividend and a yield of 1.21%. Commercial Metals’s dividend payout ratio (DPR) is currently 17.39%.

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.