Commercial Metals (NYSE:CMC) Shares Sold by Sawgrass Asset Management LLC

Sawgrass Asset Management LLC lessened its stake in Commercial Metals (NYSE:CMC) by 32.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 4,317 shares of the basic materials company’s stock after selling 2,115 shares during the quarter. Sawgrass Asset Management LLC’s holdings in Commercial Metals were worth $216,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. grew its position in Commercial Metals by 2.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,416,800 shares of the basic materials company’s stock worth $70,897,000 after acquiring an additional 31,365 shares during the period. Avidian Wealth Solutions LLC purchased a new position in Commercial Metals in the fourth quarter worth approximately $522,000. Amalgamated Bank grew its position in Commercial Metals by 1.2% in the fourth quarter. Amalgamated Bank now owns 69,130 shares of the basic materials company’s stock worth $3,459,000 after acquiring an additional 825 shares during the period. Summit Global Investments grew its position in Commercial Metals by 57.7% in the fourth quarter. Summit Global Investments now owns 89,279 shares of the basic materials company’s stock worth $4,468,000 after acquiring an additional 32,652 shares during the period. Finally, Victory Capital Management Inc. grew its position in Commercial Metals by 241.3% in the fourth quarter. Victory Capital Management Inc. now owns 1,809,841 shares of the basic materials company’s stock worth $90,564,000 after acquiring an additional 1,279,617 shares during the period. Institutional investors and hedge funds own 86.90% of the company’s stock.

Insider Activity at Commercial Metals

In related news, Chairman Barbara Smith sold 35,704 shares of Commercial Metals stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $57.88, for a total value of $2,066,547.52. Following the completion of the transaction, the chairman now directly owns 36,196 shares in the company, valued at $2,095,024.48. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 1.00% of the stock is currently owned by company insiders.

Commercial Metals Trading Up 0.9 %

Shares of CMC traded up $0.48 during midday trading on Tuesday, hitting $56.27. 631,943 shares of the stock were exchanged, compared to its average volume of 964,616. Commercial Metals has a 52-week low of $39.85 and a 52-week high of $59.81. The stock has a fifty day simple moving average of $55.49 and a 200 day simple moving average of $50.88. The firm has a market cap of $6.51 billion, a P/E ratio of 9.77 and a beta of 1.35. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.69 and a current ratio of 4.19.

Commercial Metals (NYSE:CMC) last released its earnings results on Thursday, March 21st. The basic materials company reported $0.88 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.05). The company had revenue of $1.85 billion during the quarter, compared to analysts’ expectations of $1.80 billion. Commercial Metals had a net margin of 8.09% and a return on equity of 17.72%. The company’s revenue for the quarter was down 8.4% on a year-over-year basis. During the same quarter last year, the business posted $1.44 earnings per share. On average, research analysts anticipate that Commercial Metals will post 5.34 EPS for the current fiscal year.

Commercial Metals Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 10th. Investors of record on Monday, April 1st were issued a $0.18 dividend. The ex-dividend date of this dividend was Thursday, March 28th. This is a positive change from Commercial Metals’s previous quarterly dividend of $0.16. This represents a $0.72 dividend on an annualized basis and a yield of 1.28%. Commercial Metals’s dividend payout ratio (DPR) is 12.50%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on CMC. UBS Group started coverage on Commercial Metals in a research report on Tuesday, January 16th. They issued a “buy” rating and a $65.00 price objective for the company. BMO Capital Markets raised their price target on Commercial Metals from $52.00 to $60.00 and gave the stock a “market perform” rating in a research report on Friday, March 22nd. Finally, StockNews.com lowered Commercial Metals from a “buy” rating to a “hold” rating in a research report on Thursday, April 18th.

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.