New York State Teachers Retirement System Sells 13,870 Shares of Commercial Metals Company (NYSE:CMC)

New York State Teachers Retirement System cut its holdings in Commercial Metals Company (NYSE:CMC - Free Report) by 12.4% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 98,377 shares of the basic materials company's stock after selling 13,870 shares during the period. New York State Teachers Retirement System owned about 0.09% of Commercial Metals worth $4,526,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of CMC. Ashton Thomas Private Wealth LLC boosted its holdings in Commercial Metals by 5.3% in the 4th quarter. Ashton Thomas Private Wealth LLC now owns 4,528 shares of the basic materials company's stock worth $225,000 after acquiring an additional 229 shares during the period. Mariner LLC boosted its holdings in Commercial Metals by 0.9% during the fourth quarter. Mariner LLC now owns 24,735 shares of the basic materials company's stock worth $1,227,000 after buying an additional 232 shares in the last quarter. Arizona State Retirement System raised its holdings in Commercial Metals by 0.8% during the 4th quarter. Arizona State Retirement System now owns 33,373 shares of the basic materials company's stock worth $1,655,000 after buying an additional 262 shares during the period. UMB Bank n.a. lifted its stake in Commercial Metals by 51.9% in the 1st quarter. UMB Bank n.a. now owns 784 shares of the basic materials company's stock worth $36,000 after acquiring an additional 268 shares in the last quarter. Finally, Fifth Third Bancorp lifted its stake in Commercial Metals by 21.2% in the 1st quarter. Fifth Third Bancorp now owns 1,595 shares of the basic materials company's stock worth $73,000 after acquiring an additional 279 shares in the last quarter. 86.90% of the stock is currently owned by hedge funds and other institutional investors.

Commercial Metals Price Performance

NYSE:CMC traded up $0.93 during trading hours on Tuesday, reaching $51.97. 877,510 shares of the company were exchanged, compared to its average volume of 993,895. The company has a market capitalization of $5.82 billion, a P/E ratio of 167.65, a P/E/G ratio of 2.11 and a beta of 1.26. Commercial Metals Company has a 1-year low of $37.92 and a 1-year high of $64.53. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.86 and a quick ratio of 2.00. The business has a 50 day moving average of $48.28 and a 200 day moving average of $47.70.

Commercial Metals (NYSE:CMC - Get Free Report) last announced its quarterly earnings results on Monday, June 23rd. The basic materials company reported $0.74 EPS for the quarter, missing analysts' consensus estimates of $0.85 by ($0.11). The firm had revenue of $2.02 billion during the quarter, compared to the consensus estimate of $2.04 billion. Commercial Metals had a net margin of 0.48% and a return on equity of 7.45%. The firm's revenue was down 2.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.02 earnings per share. Research analysts forecast that Commercial Metals Company will post 3.09 EPS for the current year.

Commercial Metals Announces Dividend

The firm also recently disclosed 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. The ex-dividend date of this dividend is Monday, June 30th. This represents a $0.72 annualized dividend and a yield of 1.39%. Commercial Metals's payout ratio is 232.26%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. JPMorgan Chase & Co. initiated coverage on Commercial Metals in a research note on Friday, May 30th. They set a "neutral" rating and a $52.00 price target for the company. Wolfe Research upgraded shares of Commercial Metals from a "peer perform" rating to an "outperform" rating in a research report on Friday, June 20th. Morgan Stanley set a $57.50 price objective on Commercial Metals in a research report on Wednesday, June 25th. BMO Capital Markets reissued a "market perform" rating and issued a $55.00 target price (down from $57.00) on shares of Commercial Metals in a research note on Tuesday, June 24th. Finally, Jefferies Financial Group reaffirmed a "buy" rating on shares of Commercial Metals in a research note on Friday, June 20th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $57.21.

Commercial Metals Company 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.