PNC Financial Services Group Inc. Sells 3,525 Shares of Commercial Metals (NYSE:CMC)

PNC Financial Services Group Inc. trimmed its position in shares of Commercial Metals (NYSE:CMC) by 7.2% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 45,479 shares of the basic materials company’s stock after selling 3,525 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Commercial Metals were worth $2,500,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Boston Partners increased its position 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 valued at $180,752,000 after acquiring an additional 3,063,241 shares during the last quarter. Thompson Siegel & Walmsley LLC purchased a new stake in shares of Commercial Metals during the 2nd quarter valued at about $50,132,000. Van ECK Associates Corp lifted its stake in shares of Commercial Metals by 204.3% in the 3rd quarter. Van ECK Associates Corp now owns 420,808 shares of the basic materials company’s stock worth $21,570,000 after purchasing an additional 282,511 shares during the period. Jacobs Levy Equity Management Inc. boosted its holdings in shares of Commercial Metals by 388.4% in 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 buying an additional 237,477 shares during the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its position in Commercial Metals by 163.5% during the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 219,770 shares of the basic materials company’s stock valued at $11,756,000 after buying an additional 136,367 shares during the period. 86.90% of the stock is currently owned by hedge funds and other institutional investors.

Commercial Metals Stock Performance

CMC opened at $62.31 on Tuesday. The company has a 50 day simple moving average of $55.74 and a two-hundred day simple moving average of $54.75. The company has a debt-to-equity ratio of 0.27, a current ratio of 3.94 and a quick ratio of 2.78. The firm has a market cap of $7.10 billion, a P/E ratio of 15.05, a PEG ratio of 2.63 and a beta of 1.14. Commercial Metals has a 1-year low of $43.52 and a 1-year high of $63.40.

Commercial Metals (NYSE:CMC) last issued 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). The firm had revenue of $2 billion during the quarter, compared to the consensus estimate of $2.07 billion. Commercial Metals had a return on equity of 12.20% and a net margin of 6.13%. Equities analysts forecast that Commercial Metals will post 4.35 earnings per share for the current fiscal year.

Commercial Metals Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, October 31st were given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 1.16%. The ex-dividend date of this dividend was Thursday, October 31st. Commercial Metals’s dividend payout ratio is currently 17.39%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. BMO Capital Markets set a $62.00 price target on shares of Commercial Metals and gave the stock a “market perform” rating in a research report on Friday, October 18th. Jefferies Financial Group assumed coverage on Commercial Metals in a report on Tuesday, September 3rd. They issued a “buy” rating and a $65.00 target price on the stock. Finally, Wolfe Research lowered Commercial Metals from an “outperform” rating to a “peer perform” rating in a report on Wednesday, October 9th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, Commercial Metals currently has an average rating of “Moderate Buy” and a consensus target price of $65.25.

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.