Bank of America Corp DE Sells 118,109 Shares of Commercial Metals (NYSE:CMC)

Bank of America Corp DE lowered its holdings in shares of Commercial Metals (NYSE:CMC - Free Report) by 17.7% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 548,902 shares of the basic materials company's stock after selling 118,109 shares during the period. Bank of America Corp DE owned 0.48% of Commercial Metals worth $27,226,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Heck Capital Advisors LLC bought a new position in Commercial Metals during the fourth quarter worth about $34,000. V Square Quantitative Management LLC grew its holdings in Commercial Metals by 60.7% during the fourth quarter. V Square Quantitative Management LLC now owns 707 shares of the basic materials company's stock worth $35,000 after purchasing an additional 267 shares during the period. South Plains Financial Inc. bought a new position in Commercial Metals during the fourth quarter worth about $73,000. Jones Financial Companies Lllp grew its holdings in Commercial Metals by 22.0% during the fourth quarter. Jones Financial Companies Lllp now owns 1,646 shares of the basic materials company's stock worth $82,000 after purchasing an additional 297 shares during the period. Finally, New Age Alpha Advisors LLC bought a new position in Commercial Metals during the fourth quarter worth about $105,000. Institutional investors own 86.90% of the company's stock.

Wall Street Analysts Forecast Growth

CMC has been the subject of a number of research analyst reports. Morgan Stanley reduced their price target on Commercial Metals from $56.00 to $53.00 and set an "equal weight" rating for the company in a report on Friday, March 7th. UBS Group cut their price objective on shares of Commercial Metals from $54.00 to $49.00 and set a "neutral" rating for the company in a research report on Monday, March 24th. Finally, BMO Capital Markets cut their price objective on shares of 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 research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, Commercial Metals currently has a consensus rating of "Hold" and an average target price of $60.33.

Insider Transactions at Commercial Metals

In other news, Director John R. Mcpherson acquired 2,475 shares of the stock in a transaction on Friday, April 4th. The stock was acquired at an average cost of $40.42 per share, for a total transaction of $100,039.50. Following the completion of the transaction, the director now directly owns 15,141 shares in the company, valued at approximately $611,999.22. This trade represents a 19.54% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. 0.46% of the stock is currently owned by insiders.

Commercial Metals Price Performance

Shares of CMC stock traded down $0.28 during trading on Tuesday, hitting $47.48. The company had a trading volume of 433,388 shares, compared to its average volume of 957,207. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.94 and a current ratio of 2.76. The firm has a market capitalization of $5.37 billion, a P/E ratio of 42.77, a price-to-earnings-growth ratio of 2.62 and a beta of 1.29. The stock's 50-day moving average price is $44.98 and its 200 day moving average price is $50.25. Commercial Metals has a one year low of $37.92 and a one year high of $64.53.

Commercial Metals (NYSE:CMC - Get Free Report) last issued its quarterly 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 company had revenue of $1.75 billion during the quarter, compared to the consensus estimate of $1.73 billion. Commercial Metals had a net margin of 1.70% and a return on equity of 9.88%. The company's quarterly revenue was down 5.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.88 earnings per share. Equities analysts expect that Commercial Metals will post 3.09 EPS for the current fiscal year.

Commercial Metals Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 9th. Stockholders of record on Monday, March 31st were issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 1.52%. The ex-dividend date of this dividend was Monday, March 31st. Commercial Metals's dividend payout ratio (DPR) 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.