New York State Common Retirement Fund Buys 102,389 Shares of Commercial Metals Company (NYSE:CMC)

New York State Common Retirement Fund raised its position in Commercial Metals Company (NYSE:CMC - Free Report) by 58.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 277,605 shares of the basic materials company's stock after acquiring an additional 102,389 shares during the quarter. New York State Common Retirement Fund owned approximately 0.25% of Commercial Metals worth $12,773,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. State of Michigan Retirement System increased its stake in Commercial Metals by 1.1% in the 1st quarter. State of Michigan Retirement System now owns 27,237 shares of the basic materials company's stock worth $1,253,000 after buying an additional 300 shares during the period. DMC Group LLC bought a new position in Commercial Metals during the 1st quarter valued at $209,000. TD Private Client Wealth LLC boosted its holdings in shares of Commercial Metals by 34.4% during the 1st quarter. TD Private Client Wealth LLC now owns 7,137 shares of the basic materials company's stock worth $328,000 after buying an additional 1,825 shares during the period. Envestnet Asset Management Inc. grew its stake in shares of Commercial Metals by 6.3% during the first quarter. Envestnet Asset Management Inc. now owns 385,527 shares of the basic materials company's stock worth $17,738,000 after purchasing an additional 22,682 shares during the period. Finally, Wayfinding Financial LLC acquired a new position in shares of Commercial Metals in the first quarter valued at $47,000. 86.90% of the stock is currently owned by institutional investors and hedge funds.

Commercial Metals Stock Up 0.6%

CMC traded up $0.34 on Monday, reaching $53.02. The company's stock had a trading volume of 1,068,192 shares, compared to its average volume of 996,741. The business's 50 day moving average is $49.46 and its 200 day moving average is $47.84. The stock has a market cap of $5.93 billion, a price-to-earnings ratio of 171.03, a price-to-earnings-growth ratio of 2.14 and a beta of 1.26. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.86 and a quick ratio of 2.00. Commercial Metals Company has a 1 year low of $37.92 and a 1 year high of $64.53.

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

Commercial Metals Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 9th. Shareholders of record on Monday, June 30th were paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.36%. The ex-dividend date was Monday, June 30th. Commercial Metals's dividend payout ratio (DPR) is presently 232.26%.

Analysts Set New Price Targets

CMC has been the topic of several recent research reports. Morgan Stanley set a $57.50 price target on Commercial Metals in a report on Wednesday, June 25th. UBS Group reiterated a "neutral" rating on shares of Commercial Metals in a report on Friday, June 20th. BMO Capital Markets restated a "market perform" rating and set a $55.00 target price (down from $57.00) on shares of Commercial Metals in a research report on Tuesday, June 24th. JPMorgan Chase & Co. boosted their target price on shares of Commercial Metals from $52.00 to $54.00 and gave the company a "neutral" rating in a research report on Monday, July 14th. Finally, Jefferies Financial Group restated a "buy" rating on shares of Commercial Metals in a research report on Friday, June 20th. Five analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $57.50.

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.