Pinebridge Investments L.P. Buys 13,628 Shares of Commercial Metals (NYSE:CMC)

Pinebridge Investments L.P. raised its position in Commercial Metals (NYSE:CMC - Free Report) by 42.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 45,555 shares of the basic materials company's stock after acquiring an additional 13,628 shares during the quarter. Pinebridge Investments L.P.'s holdings in Commercial Metals were worth $2,260,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Ashton Thomas Private Wealth LLC lifted its holdings in Commercial Metals by 5.3% in the fourth quarter. Ashton Thomas Private Wealth LLC now owns 4,528 shares of the basic materials company's stock worth $225,000 after buying an additional 229 shares during the period. Mariner LLC lifted its stake in shares of Commercial Metals by 0.9% in 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. Truist Financial Corp increased its holdings in shares of Commercial Metals by 3.5% in the 4th quarter. Truist Financial Corp now owns 7,150 shares of the basic materials company's stock worth $355,000 after purchasing an additional 242 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. raised its position in Commercial Metals by 10.0% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,784 shares of the basic materials company's stock worth $138,000 after buying an additional 254 shares during the last quarter. Finally, Arizona State Retirement System boosted its holdings in Commercial Metals by 0.8% in the fourth quarter. Arizona State Retirement System now owns 33,373 shares of the basic materials company's stock worth $1,655,000 after purchasing an additional 262 shares during the last quarter. 86.90% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. BMO Capital Markets cut their price target 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. BNP Paribas downgraded shares of Commercial Metals from an "outperform" rating to a "neutral" rating in a research report on Friday, January 3rd. Morgan Stanley decreased their target price on Commercial Metals from $56.00 to $53.00 and set an "equal weight" rating on the stock in a report on Friday, March 7th. Jefferies Financial Group cut their price target on Commercial Metals from $65.00 to $62.00 and set a "buy" rating for the company in a report on Monday, January 6th. Finally, UBS Group decreased their price objective on Commercial Metals from $54.00 to $49.00 and set a "neutral" rating on the stock in a research note on Monday, March 24th. Six investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, Commercial Metals currently has an average rating of "Hold" and an average price target of $60.33.

Commercial Metals Price Performance

Shares of NYSE:CMC traded up $1.14 during trading on Friday, hitting $46.49. 919,715 shares of the company's stock were exchanged, compared to its average volume of 955,269. The business's 50-day simple moving average is $44.83 and its 200 day simple moving average is $50.85. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.76 and a quick ratio of 1.94. Commercial Metals has a 52-week low of $37.92 and a 52-week high of $64.53. The company has a market cap of $5.25 billion, a price-to-earnings ratio of 41.88, a PEG ratio of 2.62 and a beta of 1.16.

Commercial Metals (NYSE:CMC - Get Free Report) last announced its quarterly earnings data 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). Commercial Metals had a net margin of 1.70% and a return on equity of 9.88%. The company had revenue of $1.75 billion for the quarter, compared to analysts' expectations of $1.73 billion. During the same period last year, the business earned $0.88 earnings per share. The company's quarterly revenue was down 5.1% compared to the same quarter last year. As a group, equities analysts predict that Commercial Metals will post 3.09 EPS for the current year.

Commercial Metals Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 9th. Shareholders of record on Monday, March 31st were issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 1.55%. The ex-dividend date was Monday, March 31st. Commercial Metals's dividend payout ratio (DPR) is presently 120.00%.

Insider Buying and Selling at Commercial Metals

In other news, Director John R. Mcpherson bought 2,475 shares of the stock in a transaction dated Friday, April 4th. The stock was purchased at an average cost of $40.42 per share, for a total transaction of $100,039.50. Following the transaction, the director now owns 15,141 shares of the company's stock, valued at $611,999.22. The trade was a 19.54 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.46% of the company's stock.

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.