Jennison Associates LLC Lowers Stock Position in Commercial Metals (NYSE:CMC)

Jennison Associates LLC lessened its stake in Commercial Metals (NYSE:CMC) by 18.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,189 shares of the basic materials company’s stock after selling 4,049 shares during the period. Jennison Associates LLC’s holdings in Commercial Metals were worth $1,000,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in CMC. Seizert Capital Partners LLC grew its position in Commercial Metals by 32.5% in the third quarter. Seizert Capital Partners LLC now owns 75,873 shares of the basic materials company’s stock worth $4,170,000 after acquiring an additional 18,600 shares in the last quarter. Boston Partners lifted its stake in 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 Commercial Metals by 388.4% during the first quarter. Jacobs Levy Equity Management Inc. now owns 298,621 shares of the basic materials company’s stock worth $17,550,000 after purchasing an additional 237,477 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Commercial Metals by 11.9% during the 1st 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 purchasing an additional 67,068 shares during the last quarter. Finally, Envestnet Asset Management Inc. increased its position in shares of Commercial Metals by 19.1% during the 2nd quarter. Envestnet Asset Management Inc. now owns 302,192 shares of the basic materials company’s stock valued at $16,618,000 after purchasing an additional 48,453 shares during the last quarter. Institutional investors own 86.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on CMC. Wolfe Research downgraded Commercial Metals from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, October 9th. Jefferies Financial Group initiated coverage on shares of Commercial Metals in a report on Tuesday, September 3rd. They issued a “buy” rating and a $65.00 price objective for the company. Finally, BMO Capital Markets set a $62.00 target price on shares of Commercial Metals and gave the company a “market perform” rating in a report on Friday, October 18th. 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, Commercial Metals presently has an average rating of “Moderate Buy” and an average price target of $65.25.

Commercial Metals Stock Performance

Shares of CMC stock opened at $61.22 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.78 and a current ratio of 3.94. Commercial Metals has a fifty-two week low of $43.52 and a fifty-two week high of $63.40. The stock has a 50 day moving average price of $55.52 and a two-hundred day moving average price of $54.73. The company has a market capitalization of $6.97 billion, a P/E ratio of 14.79, a PEG ratio of 2.60 and a beta of 1.14.

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

Commercial Metals Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, October 31st were paid a $0.18 dividend. The ex-dividend date was Thursday, October 31st. This represents a $0.72 annualized dividend and a dividend yield of 1.18%. Commercial Metals’s payout ratio is presently 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.