Man Group plc Lowers Holdings in Commercial Metals (NYSE:CMC)

Man Group plc trimmed its holdings in shares of Commercial Metals (NYSE:CMC - Free Report) by 64.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,352 shares of the basic materials company's stock after selling 28,302 shares during the quarter. Man Group plc's holdings in Commercial Metals were worth $761,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in CMC. Nomura Holdings Inc. purchased a new stake in shares of Commercial Metals during the fourth quarter worth about $748,000. Nuveen Asset Management LLC grew its position in Commercial Metals by 12.1% during the 4th quarter. Nuveen Asset Management LLC now owns 964,438 shares of the basic materials company's stock worth $47,836,000 after purchasing an additional 104,071 shares during the last quarter. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in Commercial Metals during the 4th quarter valued at approximately $7,205,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Commercial Metals by 5.6% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 864,544 shares of the basic materials company's stock worth $42,881,000 after buying an additional 46,057 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its stake in shares of Commercial Metals by 1.4% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 1,262,895 shares of the basic materials company's stock worth $62,640,000 after buying an additional 17,360 shares during the period. 86.90% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director John R. Mcpherson acquired 2,475 shares of the company's stock in a transaction that occurred on 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 acquisition, 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 legal filing with the SEC, which is available at this link. Company insiders own 0.46% of the company's stock.

Commercial Metals Price Performance

NYSE:CMC traded down $0.67 during trading hours on Friday, reaching $46.46. 212,708 shares of the company were exchanged, compared to its average volume of 960,990. The stock's 50-day moving average is $44.99 and its 200-day moving average is $49.70. Commercial Metals has a twelve month low of $37.92 and a twelve month high of $64.53. The firm has a market cap of $5.25 billion, a PE ratio of 41.88, a price-to-earnings-growth ratio of 2.62 and a beta of 1.29. The company has a current ratio of 2.76, a quick ratio of 1.94 and a debt-to-equity ratio of 0.29.

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 analysts' consensus estimates of $0.31 by ($0.05). The firm had revenue of $1.75 billion during the quarter, compared to analyst estimates of $1.73 billion. Commercial Metals had a return on equity of 9.88% and a net margin of 1.70%. The business's revenue was down 5.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.88 earnings per share. On average, sell-side analysts anticipate 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. Shareholders of record on Monday, March 31st were paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.55%. The ex-dividend date was Monday, March 31st. Commercial Metals's dividend payout ratio (DPR) is 120.00%.

Analyst Ratings Changes

A number of brokerages recently issued reports on CMC. Morgan Stanley reduced their target price on Commercial Metals from $56.00 to $53.00 and set an "equal weight" rating for the company in a research note on Friday, March 7th. BMO Capital Markets dropped their target price on Commercial Metals from $58.00 to $54.00 and set a "market perform" rating on the stock in a research report on Friday, March 21st. Wolfe Research raised shares of Commercial Metals from a "peer perform" rating to an "outperform" rating and set a $50.00 price target for the company in a research report on Tuesday. JPMorgan Chase & Co. started coverage on shares of Commercial Metals in a report on Friday. They issued a "neutral" rating and a $52.00 price objective on the stock. Finally, UBS Group reduced their target price on shares of Commercial Metals from $54.00 to $49.00 and set a "neutral" rating for the company in a report on Monday, March 24th. Six investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $58.00.

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.