Renaissance Technologies LLC Increases Position in Commercial Metals (NYSE:CMC)

Renaissance Technologies LLC increased its holdings in Commercial Metals (NYSE:CMC - Free Report) by 395.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 149,100 shares of the basic materials company's stock after purchasing an additional 119,000 shares during the quarter. Renaissance Technologies LLC owned approximately 0.13% of Commercial Metals worth $7,395,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Norges Bank purchased a new position in Commercial Metals in the fourth quarter worth about $69,261,000. Franklin Resources Inc. grew its stake in shares of Commercial Metals by 87.0% in the fourth quarter. Franklin Resources Inc. now owns 1,919,445 shares of the basic materials company's stock worth $95,204,000 after acquiring an additional 893,094 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of Commercial Metals by 45.8% in the fourth quarter. JPMorgan Chase & Co. now owns 1,576,316 shares of the basic materials company's stock worth $78,185,000 after buying an additional 495,163 shares during the last quarter. Victory Capital Management Inc. raised its position in Commercial Metals by 11.3% in the fourth quarter. Victory Capital Management Inc. now owns 2,422,427 shares of the basic materials company's stock worth $120,152,000 after acquiring an additional 245,468 shares during the period. Finally, Boston Partners grew its position in shares of Commercial Metals by 6.4% during the 4th quarter. Boston Partners now owns 4,055,150 shares of the basic materials company's stock valued at $201,178,000 after acquiring an additional 243,921 shares during the period. Hedge funds and other institutional investors own 86.90% of the company's stock.

Insiders Place Their Bets

In other news, Director John R. Mcpherson bought 2,475 shares of Commercial Metals stock in a transaction that occurred on Friday, April 4th. The shares were purchased at an average price 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 $611,999.22. The trade was a 19.54 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.46% of the stock is owned by company insiders.

Commercial Metals Trading Up 1.7 %

CMC stock traded up $0.76 during mid-day trading on Thursday, hitting $44.02. 132,994 shares of the company were exchanged, compared to its average volume of 949,964. The company has a quick ratio of 1.94, a current ratio of 2.76 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $4.97 billion, a P/E ratio of 39.63, a PEG ratio of 2.62 and a beta of 1.16. The business has a fifty day simple moving average of $45.70 and a 200-day simple moving average of $51.25. Commercial Metals has a 12-month low of $37.92 and a 12-month high of $64.53.

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

Commercial Metals Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 9th. Stockholders of record on Monday, March 31st were paid a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 1.64%. The ex-dividend date of this dividend was Monday, March 31st. Commercial Metals's payout ratio is currently 120.00%.

Analyst Ratings Changes

A number of analysts have weighed in on the company. UBS Group reduced 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. BNP Paribas downgraded shares of Commercial Metals from an "outperform" rating to a "neutral" rating in a research note on Friday, January 3rd. Morgan Stanley dropped their price objective 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. Jefferies Financial Group lowered their target price on Commercial Metals from $65.00 to $62.00 and set a "buy" rating for the company in a report on Monday, January 6th. Finally, BMO Capital Markets dropped their price objective on shares of Commercial Metals from $58.00 to $54.00 and set a "market perform" rating on the stock in a report on Friday, March 21st. Six investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $60.33.

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.