California Public Employees Retirement System Has $12.20 Million Stake in Commercial Metals (NYSE:CMC)

California Public Employees Retirement System trimmed its position in Commercial Metals (NYSE:CMC - Free Report) by 4.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 246,006 shares of the basic materials company's stock after selling 10,760 shares during the period. California Public Employees Retirement System owned approximately 0.22% of Commercial Metals worth $12,202,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. BNP Paribas Financial Markets increased its position in Commercial Metals by 18.7% during the 3rd quarter. BNP Paribas Financial Markets now owns 29,772 shares of the basic materials company's stock worth $1,636,000 after purchasing an additional 4,699 shares in the last quarter. Verition Fund Management LLC purchased a new stake in Commercial Metals in the 3rd quarter valued at about $374,000. HighTower Advisors LLC grew its holdings in shares of Commercial Metals by 82.6% during the 3rd quarter. HighTower Advisors LLC now owns 15,928 shares of the basic materials company's stock worth $874,000 after purchasing an additional 7,207 shares during the period. State Street Corp grew its holdings in shares of Commercial Metals by 0.4% during the 3rd quarter. State Street Corp now owns 5,830,412 shares of the basic materials company's stock worth $320,439,000 after purchasing an additional 24,665 shares during the period. Finally, Wellington Management Group LLP lifted its position in Commercial Metals by 18.8% during the 3rd quarter. Wellington Management Group LLP now owns 714,808 shares of the basic materials company's stock worth $39,286,000 after acquiring an additional 113,156 shares in the last quarter. Institutional investors and hedge funds own 86.90% of the company's stock.

Insider Buying and Selling

In other news, Director John R. Mcpherson bought 2,475 shares of the stock in a transaction that occurred on Friday, April 4th. The shares were purchased at an average cost of $40.42 per share, with a total value of $100,039.50. Following the completion of the acquisition, the director now directly owns 15,141 shares in the company, valued at approximately $611,999.22. The trade was a 19.54 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.46% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have issued reports on CMC shares. Jefferies Financial Group cut their target price on Commercial Metals from $65.00 to $62.00 and set a "buy" rating on the stock in a research report on Monday, January 6th. BNP Paribas lowered Commercial Metals from an "outperform" rating to a "neutral" rating in a research report on Friday, January 3rd. Morgan Stanley cut their target price on Commercial Metals from $56.00 to $53.00 and set an "equal weight" rating on the stock in a research note on Friday, March 7th. UBS Group cut their target price on Commercial Metals from $54.00 to $49.00 and set a "neutral" rating on the stock in a research note on Monday, March 24th. Finally, BMO Capital Markets cut their target price on Commercial Metals from $58.00 to $54.00 and set a "market perform" rating on the stock in a research note on Friday, March 21st. Six analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $60.33.

Commercial Metals Stock Performance

Shares of CMC traded down $2.92 during trading hours on Thursday, reaching $40.88. 370,368 shares of the company's stock traded hands, compared to its average volume of 938,030. The firm has a market capitalization of $4.62 billion, a price-to-earnings ratio of 36.89, a P/E/G ratio of 2.62 and a beta of 1.16. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.76 and a quick ratio of 1.94. Commercial Metals has a twelve month low of $37.92 and a twelve month high of $64.53. The business's fifty day simple moving average is $47.25 and its two-hundred day simple moving average is $52.06.

Commercial Metals (NYSE:CMC - Get Free Report) last issued its quarterly earnings results on Thursday, March 20th. The basic materials company reported $0.26 EPS for the quarter, missing analysts' consensus estimates of $0.31 by ($0.05). The business had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.73 billion. Commercial Metals had a net margin of 1.70% and a return on equity of 9.88%. Commercial Metals's revenue for the quarter was down 5.1% on a year-over-year basis. During the same period last year, the business posted $0.88 earnings per share. Analysts predict that Commercial Metals will post 3.09 earnings per share for the current year.

Commercial Metals Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 9th. Investors of record on Monday, March 31st were issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.76%. The ex-dividend date of this dividend was Monday, March 31st. Commercial Metals's payout ratio is currently 120.00%.

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.