Bank of America Corp DE Cuts Position in Commercial Metals (NYSE:CMC)

Bank of America Corp DE decreased its position in Commercial Metals (NYSE:CMC - Free Report) by 17.7% during the fourth quarter, according to the company in 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 quarter. Bank of America Corp DE owned approximately 0.48% of Commercial Metals worth $27,226,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of CMC. Norges Bank bought a new position in Commercial Metals in the fourth quarter valued at about $69,261,000. Franklin Resources Inc. lifted its holdings in 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 valued at $95,204,000 after acquiring an additional 893,094 shares during the period. JPMorgan Chase & Co. lifted its holdings in 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 valued at $78,185,000 after acquiring an additional 495,163 shares during the period. First Trust Advisors LP lifted its holdings in Commercial Metals by 34.1% in the fourth quarter. First Trust Advisors LP now owns 1,754,840 shares of the basic materials company's stock valued at $87,040,000 after acquiring an additional 446,317 shares during the period. Finally, Victory Capital Management Inc. lifted its holdings 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 valued at $120,152,000 after acquiring an additional 245,468 shares during the period. Institutional investors own 86.90% of the company's stock.

Commercial Metals Stock Performance

CMC traded down $0.52 during midday trading on Friday, reaching $46.19. The company had a trading volume of 880,918 shares, compared to its average volume of 958,937. 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 business has a 50-day moving average of $45.00 and a two-hundred day moving average of $50.11. The company has a market cap of $5.22 billion, a P/E ratio of 41.61, a P/E/G ratio of 2.62 and a beta of 1.29. Commercial Metals has a 1 year low of $37.92 and a 1 year high of $64.53.

Commercial Metals (NYSE:CMC - Get Free Report) last released 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). Commercial Metals had a return on equity of 9.88% and a net margin of 1.70%. The business had revenue of $1.75 billion for the quarter, compared to analysts' expectations of $1.73 billion. During the same quarter in the prior year, the business posted $0.88 EPS. The business's revenue for the quarter was down 5.1% compared to the same quarter last year. As a group, equities research analysts predict that Commercial Metals will post 3.09 earnings per share for the current fiscal year.

Commercial Metals Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 9th. Investors of record on Monday, March 31st were given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 1.56%. The ex-dividend date was Monday, March 31st. Commercial Metals's dividend payout ratio is currently 120.00%.

Insider Buying and Selling

In other Commercial Metals news, Director John R. Mcpherson bought 2,475 shares of the business's stock in a transaction that occurred on Friday, April 4th. The stock was purchased at an average price of $40.42 per share, for a total transaction of $100,039.50. Following the completion of the transaction, the director now owns 15,141 shares of the company's stock, valued at $611,999.22. This trade represents a 19.54% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.46% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of analysts have commented on CMC shares. BMO Capital Markets reduced their price target 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. 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 research report on Friday, March 7th. Finally, UBS Group reduced their price target on Commercial Metals from $54.00 to $49.00 and set a "neutral" rating for the company in a research report on Monday, March 24th. Six investment analysts have rated the stock with a hold rating and three have given 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.

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.