ProShare Advisors LLC Grows Stake in Commercial Metals (NYSE:CMC)

ProShare Advisors LLC increased its position in Commercial Metals (NYSE:CMC - Free Report) by 39.2% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 37,417 shares of the basic materials company's stock after purchasing an additional 10,534 shares during the quarter. ProShare Advisors LLC's holdings in Commercial Metals were worth $1,856,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in CMC. Norges Bank purchased a new position in shares of Commercial Metals in the 4th quarter valued at approximately $69,261,000. Franklin Resources Inc. lifted its stake in shares of Commercial Metals by 87.0% in the 4th quarter. Franklin Resources Inc. now owns 1,919,445 shares of the basic materials company's stock valued at $95,204,000 after purchasing an additional 893,094 shares during the period. Balyasny Asset Management L.P. lifted its stake in shares of Commercial Metals by 15,350.0% in the 4th quarter. Balyasny Asset Management L.P. now owns 568,095 shares of the basic materials company's stock valued at $28,178,000 after purchasing an additional 564,418 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Commercial Metals by 45.8% in the 4th quarter. JPMorgan Chase & Co. now owns 1,576,316 shares of the basic materials company's stock valued at $78,185,000 after purchasing an additional 495,163 shares during the period. Finally, First Trust Advisors LP lifted its stake in shares of Commercial Metals by 34.1% in the 4th quarter. First Trust Advisors LP now owns 1,754,840 shares of the basic materials company's stock valued at $87,040,000 after purchasing an additional 446,317 shares during the period. Hedge funds and other institutional investors own 86.90% of the company's stock.

Commercial Metals Stock Down 0.6%

Shares of NYSE:CMC opened at $47.48 on Wednesday. The stock has a market capitalization of $5.37 billion, a price-to-earnings ratio of 42.77, a PEG ratio of 2.62 and a beta of 1.29. The stock has a fifty day simple moving average of $44.98 and a two-hundred day simple moving average of $50.25. Commercial Metals has a 12-month low of $37.92 and a 12-month high of $64.53. 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 posted its earnings results on Thursday, March 20th. The basic materials company reported $0.26 EPS for the quarter, missing analysts' consensus estimates of $0.31 by ($0.05). The business had revenue of $1.75 billion during the quarter, compared to the consensus estimate of $1.73 billion. Commercial Metals had a return on equity of 9.88% and a net margin of 1.70%. The firm's revenue for the quarter was down 5.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.88 EPS. On average, research 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 issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date was Monday, March 31st. Commercial Metals's payout ratio is 120.00%.

Insiders Place Their Bets

In other Commercial Metals news, Director John R. Mcpherson bought 2,475 shares of Commercial Metals stock in a transaction on Friday, April 4th. The stock was acquired at an average price of $40.42 per share, with a total value of $100,039.50. Following the acquisition, the director now 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.46% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Morgan Stanley lowered 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. UBS Group lowered their price objective on Commercial Metals from $54.00 to $49.00 and set a "neutral" rating for the company in a research note on Monday, March 24th. Finally, BMO Capital Markets lowered their price objective on Commercial Metals from $58.00 to $54.00 and set a "market perform" rating for the company in a research note on Friday, March 21st. Six 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 company presently has a consensus rating of "Hold" and an average price target 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.

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