Guggenheim Capital LLC Trims Holdings in Commercial Metals (NYSE:CMC)

Guggenheim Capital LLC trimmed its position in Commercial Metals (NYSE:CMC - Free Report) by 59.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,346 shares of the basic materials company's stock after selling 10,720 shares during the quarter. Guggenheim Capital LLC's holdings in Commercial Metals were worth $364,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in CMC. JPMorgan Chase & Co. grew its holdings in Commercial Metals by 6.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,081,153 shares of the basic materials company's stock worth $59,420,000 after acquiring an additional 66,092 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of Commercial Metals by 1.1% in the 3rd quarter. Principal Financial Group Inc. now owns 1,714,116 shares of the basic materials company's stock worth $94,208,000 after acquiring an additional 17,931 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in Commercial Metals by 66.0% in the fourth quarter. Assenagon Asset Management S.A. now owns 71,151 shares of the basic materials company's stock valued at $3,529,000 after purchasing an additional 28,297 shares during the last quarter. Covea Finance boosted its holdings in shares of Commercial Metals by 44.2% in the 4th quarter. Covea Finance now owns 62,000 shares of the basic materials company's stock valued at $3,075,000 after buying an additional 19,000 shares in the last quarter. Finally, Spring Capital Management LLC purchased a new stake in Commercial Metals during the fourth quarter valued at approximately $248,000. Hedge funds and other institutional investors own 86.90% of the company's stock.

Wall Street Analysts Forecast Growth

CMC has been the subject of several analyst reports. BMO Capital Markets decreased their price objective on Commercial Metals from $58.00 to $54.00 and set a "market perform" rating for the company in a report on Friday, March 21st. UBS Group dropped their price objective on shares of Commercial Metals from $54.00 to $49.00 and set a "neutral" rating on the stock in a report on Monday, March 24th. Morgan Stanley reduced their target price on shares of Commercial Metals from $56.00 to $53.00 and set an "equal weight" rating for the company in a report on Friday, March 7th. Jefferies Financial Group lowered their price target on shares of Commercial Metals from $65.00 to $62.00 and set a "buy" rating on the stock in a report on Monday, January 6th. Finally, BNP Paribas lowered Commercial Metals from an "outperform" rating to a "neutral" rating in a research note on Friday, January 3rd. Six analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $60.33.

Commercial Metals Price Performance

CMC traded down $0.18 on Wednesday, hitting $44.56. 887,463 shares of the company's stock were exchanged, compared to its average volume of 955,158. The firm has a 50-day moving average price of $45.09 and a 200-day moving average price of $51.00. The stock has a market cap of $5.04 billion, a price-to-earnings ratio of 40.14, a P/E/G ratio of 2.62 and a beta of 1.16. 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 has a fifty-two week low of $37.92 and a fifty-two week high of $64.53.

Commercial Metals (NYSE:CMC - Get Free Report) last issued its earnings results on Thursday, March 20th. The basic materials company reported $0.26 earnings per share 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 company had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.73 billion. During the same quarter in the prior year, the firm earned $0.88 earnings per share. The company's revenue for the quarter was down 5.1% on a year-over-year basis. As a group, equities analysts anticipate that Commercial Metals will post 3.09 earnings per share for the current year.

Commercial Metals Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 9th. Stockholders of record on Monday, March 31st were issued a dividend of $0.18 per share. The ex-dividend date was Monday, March 31st. This represents a $0.72 annualized dividend and a dividend yield of 1.62%. Commercial Metals's dividend payout ratio is presently 120.00%.

Insider Buying and Selling at Commercial Metals

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

About Commercial Metals

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.