Allspring Global Investments Holdings LLC Lowers Position in Commercial Metals Company $CMC

Key Points

• Allspring Global Investments Holdings LLC reduced its stake in Commercial Metals Company by 23.7% during the 2nd quarter, now holding 203,230 shares valued at approximately $10.3 million.
• Analysts have recently raised their price targets for Commercial Metals, with JPMorgan increasing its target from $54 to $63, and Zacks upgrading its rating to a "strong-buy."
• The company announced a quarterly dividend of $0.18 per share scheduled for November 13, reflecting a 1.3% dividend yield with a payout ratio of 94.74%.

Allspring Global Investments Holdings LLC cut its stake in Commercial Metals Company (NYSE:CMC - Free Report) by 23.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 203,230 shares of the basic materials company's stock after selling 63,259 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.18% of Commercial Metals worth $10,306,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of CMC. Nuveen LLC purchased a new stake in shares of Commercial Metals in the first quarter worth approximately $44,345,000. Pacer Advisors Inc. raised its stake in shares of Commercial Metals by 4,372.6% in the first quarter. Pacer Advisors Inc. now owns 759,484 shares of the basic materials company's stock worth $34,944,000 after purchasing an additional 742,503 shares during the last quarter. American Century Companies Inc. raised its stake in shares of Commercial Metals by 86.1% in the first quarter. American Century Companies Inc. now owns 1,587,259 shares of the basic materials company's stock worth $73,030,000 after purchasing an additional 734,265 shares during the last quarter. Victory Capital Management Inc. grew its holdings in shares of Commercial Metals by 27.5% in the first quarter. Victory Capital Management Inc. now owns 3,089,313 shares of the basic materials company's stock valued at $142,139,000 after acquiring an additional 666,886 shares in the last quarter. Finally, Fuller & Thaler Asset Management Inc. grew its holdings in shares of Commercial Metals by 14.9% in the first quarter. Fuller & Thaler Asset Management Inc. now owns 4,161,292 shares of the basic materials company's stock valued at $191,461,000 after acquiring an additional 539,309 shares in the last quarter. 86.90% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CMC has been the subject of several recent analyst reports. JPMorgan Chase & Co. upped their target price on Commercial Metals from $54.00 to $63.00 and gave the company a "neutral" rating in a report on Monday, October 13th. Wall Street Zen raised Commercial Metals from a "hold" rating to a "buy" rating in a report on Sunday, October 12th. Zacks Research raised Commercial Metals from a "hold" rating to a "strong-buy" rating in a report on Tuesday, October 14th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Commercial Metals in a report on Wednesday, October 8th. Finally, BMO Capital Markets reaffirmed a "market perform" rating and issued a $55.00 target price (down from $57.00) on shares of Commercial Metals in a report on Tuesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $61.75.

Commercial Metals Price Performance

Shares of NYSE CMC opened at $57.39 on Friday. The stock has a fifty day simple moving average of $57.86 and a two-hundred day simple moving average of $51.43. Commercial Metals Company has a 1-year low of $37.92 and a 1-year high of $64.53. The firm has a market cap of $6.42 billion, a price-to-earnings ratio of 75.51, a price-to-earnings-growth ratio of 1.93 and a beta of 1.32. The company has a current ratio of 2.78, a quick ratio of 2.00 and a debt-to-equity ratio of 0.31.

Commercial Metals (NYSE:CMC - Get Free Report) last announced its quarterly earnings data on Thursday, October 16th. The basic materials company reported $1.37 earnings per share for the quarter, beating the consensus estimate of $1.32 by $0.05. Commercial Metals had a return on equity of 8.76% and a net margin of 1.09%.The business had revenue of $2.11 billion during the quarter, compared to analyst estimates of $2.10 billion. During the same period in the prior year, the company earned $0.90 earnings per share. Commercial Metals's revenue was up 5.9% compared to the same quarter last year. Analysts anticipate that Commercial Metals Company will post 3.09 earnings per share for the current year.

Commercial Metals Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 13th. Shareholders of record on Thursday, October 30th will be given a dividend of $0.18 per share. The ex-dividend date is Thursday, October 30th. This represents a $0.72 annualized dividend and a dividend yield of 1.3%. Commercial Metals's dividend payout ratio is currently 94.74%.

About Commercial Metals

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.

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