Assenagon Asset Management S.A. Decreases Holdings in Commercial Metals Company (NYSE:CMC)

Assenagon Asset Management S.A. reduced its position in Commercial Metals Company (NYSE:CMC - Free Report) by 29.1% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 50,414 shares of the basic materials company's stock after selling 20,737 shares during the period. Assenagon Asset Management S.A.'s holdings in Commercial Metals were worth $2,320,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Boston Partners raised its stake in shares of Commercial Metals by 6.4% in the fourth quarter. Boston Partners now owns 4,055,150 shares of the basic materials company's stock worth $201,178,000 after purchasing an additional 243,921 shares during the last quarter. Victory Capital Management Inc. increased its holdings in Commercial Metals by 11.3% in the 4th quarter. Victory Capital Management Inc. now owns 2,422,427 shares of the basic materials company's stock worth $120,152,000 after buying an additional 245,468 shares in the last quarter. Franklin Resources Inc. raised its position in Commercial Metals by 87.0% in the 4th quarter. Franklin Resources Inc. now owns 1,919,445 shares of the basic materials company's stock worth $95,204,000 after buying an additional 893,094 shares during the last quarter. First Trust Advisors LP raised its position in Commercial Metals by 34.1% in the 4th quarter. First Trust Advisors LP now owns 1,754,840 shares of the basic materials company's stock worth $87,040,000 after buying an additional 446,317 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in Commercial Metals by 10.2% during the 4th quarter. Northern Trust Corp now owns 1,749,877 shares of the basic materials company's stock valued at $86,794,000 after acquiring an additional 162,201 shares during the period. 86.90% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Commercial Metals news, Director John R. Mcpherson acquired 2,475 shares of the company's stock in a transaction dated Friday, April 4th. The stock was purchased at an average price of $40.42 per share, with a total value of $100,039.50. Following the completion of the purchase, 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 position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.46% of the company's stock.

Commercial Metals Stock Performance

Commercial Metals stock traded down $0.33 during trading on Friday, reaching $48.71. The company had a trading volume of 1,487,973 shares, compared to its average volume of 1,135,929. The firm has a market capitalization of $5.50 billion, a price-to-earnings ratio of 81.19, a price-to-earnings-growth ratio of 2.77 and a beta of 1.27. The company has a current ratio of 2.82, a quick ratio of 1.94 and a debt-to-equity ratio of 0.29. The firm's 50-day simple moving average is $46.43 and its 200 day simple moving average is $48.47. Commercial Metals Company has a 52 week low of $37.92 and a 52 week high of $64.53.

Commercial Metals (NYSE:CMC - Get Free Report) last posted its quarterly earnings data on Thursday, March 20th. The basic materials company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.31 by ($0.05). The company had revenue of $1.75 billion during the quarter, compared to the consensus estimate of $1.73 billion. Commercial Metals had a return on equity of 8.23% and a net margin of 0.94%. The firm's quarterly revenue was down 5.1% compared to the same quarter last year. During the same period last year, the business earned $0.88 EPS. Sell-side analysts forecast that Commercial Metals Company will post 3.09 earnings per share for the current fiscal year.

Commercial Metals Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 9th. Shareholders of record on Monday, June 30th will be issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.48%. The ex-dividend date is Monday, June 30th. Commercial Metals's dividend payout ratio is currently 120.00%.

Wall Street Analyst Weigh In

CMC has been the subject of several research reports. UBS Group reissued a "neutral" rating on shares of Commercial Metals in a report on Friday. Morgan Stanley reaffirmed an "equal weight" rating on shares of Commercial Metals in a research report on Friday. JPMorgan Chase & Co. assumed coverage on Commercial Metals in a report on Friday, May 30th. They set a "neutral" rating and a $52.00 price target on the stock. Wolfe Research upgraded Commercial Metals from a "peer perform" rating to an "outperform" rating in a research note on Friday. Finally, BMO Capital Markets reduced their price objective on Commercial Metals from $58.00 to $54.00 and set a "market perform" rating for the company in a research report on Friday, March 21st. Six analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $58.00.

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.