Wells Fargo & Company MN Cuts Stock Position in Commercial Metals (NYSE:CMC)

Wells Fargo & Company MN lowered its position in shares of Commercial Metals (NYSE:CMC - Free Report) by 5.7% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 208,021 shares of the basic materials company's stock after selling 12,607 shares during the quarter. Wells Fargo & Company MN owned 0.18% of Commercial Metals worth $10,318,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Grant Private Wealth Management Inc purchased a new stake in Commercial Metals in the 4th quarter valued at approximately $203,000. Trexquant Investment LP grew its holdings in Commercial Metals by 130.3% during the fourth quarter. Trexquant Investment LP now owns 388,408 shares of the basic materials company's stock worth $19,265,000 after acquiring an additional 219,745 shares during the period. Headlands Technologies LLC lifted its holdings in Commercial Metals by 1,118.5% in the fourth quarter. Headlands Technologies LLC now owns 4,472 shares of the basic materials company's stock valued at $222,000 after acquiring an additional 4,105 shares during the period. Franklin Resources Inc. grew its stake in shares of Commercial Metals by 87.0% during the 4th quarter. Franklin Resources Inc. now owns 1,919,445 shares of the basic materials company's stock worth $95,204,000 after purchasing an additional 893,094 shares during the period. Finally, Hoey Investments Inc. lifted its stake in shares of Commercial Metals by 9.3% in the fourth quarter. Hoey Investments Inc. now owns 24,896 shares of the basic materials company's stock valued at $1,235,000 after purchasing an additional 2,119 shares during the period. Institutional investors and hedge funds own 86.90% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. BMO Capital Markets reduced their price target on shares of Commercial Metals from $58.00 to $54.00 and set a "market perform" rating for the company in a research report on Friday, March 21st. UBS Group lowered their target price on Commercial Metals from $54.00 to $49.00 and set a "neutral" rating on the stock in a report on Monday, March 24th. BNP Paribas lowered shares of Commercial Metals from an "outperform" rating to a "neutral" rating in a research report on Friday, January 3rd. Morgan Stanley cut 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 research report on Friday, March 7th. Finally, Jefferies Financial Group cut their price objective on Commercial Metals from $65.00 to $62.00 and set a "buy" rating for the company in a research report on Monday, January 6th. Six analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $60.33.

Insider Transactions at Commercial Metals

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

Commercial Metals Trading Up 3.0 %

Shares of Commercial Metals stock traded up $1.23 during trading hours on Tuesday, reaching $42.84. 581,724 shares of the company's stock were exchanged, compared to its average volume of 953,686. The firm has a market capitalization of $4.84 billion, a price-to-earnings ratio of 38.60, a price-to-earnings-growth 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 52-week low of $37.92 and a 52-week high of $64.53. The company has a fifty day moving average of $45.89 and a 200-day moving average of $51.31.

Commercial Metals (NYSE:CMC - Get Free Report) last posted its quarterly earnings results on Thursday, March 20th. The basic materials company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.31 by ($0.05). Commercial Metals had a net margin of 1.70% and a return on equity of 9.88%. The business had revenue of $1.75 billion during the quarter, compared to analysts' expectations of $1.73 billion. During the same quarter last year, the firm earned $0.88 EPS. The firm's quarterly revenue was down 5.1% compared to the same quarter last year. Sell-side analysts forecast that Commercial Metals will post 3.09 EPS for the current fiscal year.

Commercial Metals Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 9th. Shareholders of record on Monday, March 31st were issued a $0.18 dividend. The ex-dividend date was Monday, March 31st. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.68%. Commercial Metals's dividend payout ratio (DPR) is presently 120.00%.

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.