Wealthspire Advisors LLC Sells 1,729 Shares of Commercial Metals (NYSE:CMC)

Wealthspire Advisors LLC lowered its stake in Commercial Metals (NYSE:CMC) by 12.2% in the 4th quarter, Holdings Channel reports. The firm owned 12,473 shares of the basic materials company’s stock after selling 1,729 shares during the quarter. Wealthspire Advisors LLC’s holdings in Commercial Metals were worth $619,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its position in shares of 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 valued at $59,420,000 after acquiring an additional 66,092 shares during the last quarter. Principal Financial Group Inc. boosted its position in shares of Commercial Metals by 1.1% during the 3rd quarter. Principal Financial Group Inc. now owns 1,714,116 shares of the basic materials company’s stock valued at $94,208,000 after acquiring an additional 17,931 shares during the last quarter. Assenagon Asset Management S.A. boosted its position in shares of Commercial Metals by 66.0% during the 4th quarter. Assenagon Asset Management S.A. now owns 71,151 shares of the basic materials company’s stock valued at $3,529,000 after acquiring an additional 28,297 shares during the last quarter. Vestcor Inc boosted its position in shares of Commercial Metals by 108.0% during the 3rd quarter. Vestcor Inc now owns 18,103 shares of the basic materials company’s stock valued at $995,000 after acquiring an additional 9,400 shares during the last quarter. Finally, Covea Finance boosted its position in shares of Commercial Metals by 44.2% during the 4th quarter. Covea Finance now owns 62,000 shares of the basic materials company’s stock valued at $3,075,000 after acquiring an additional 19,000 shares during the last quarter. Institutional investors own 86.90% of the company’s stock.

Commercial Metals Price Performance

Shares of Commercial Metals stock opened at $50.00 on Wednesday. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.76 and a quick ratio of 1.94. The business’s 50 day simple moving average is $49.97 and its two-hundred day simple moving average is $53.62. The stock has a market capitalization of $5.68 billion, a P/E ratio of 45.05, a price-to-earnings-growth ratio of 2.62 and a beta of 1.18. Commercial Metals has a one year low of $45.50 and a one year high of $64.53.

Commercial Metals (NYSE:CMC) last announced its quarterly earnings results on Monday, January 6th. The basic materials company reported $0.78 EPS for the quarter, hitting analysts’ consensus estimates of $0.78. The business had revenue of $1.91 billion for the quarter, compared to analysts’ expectations of $1.85 billion. Commercial Metals had a return on equity of 9.88% and a net margin of 1.70%. The business’s quarterly revenue was down 4.7% on a year-over-year basis. During the same period in the previous year, the firm earned $1.49 EPS. Analysts forecast that Commercial Metals will post 3.09 EPS for the current year.

Commercial Metals Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 30th. Shareholders of record on Thursday, January 16th were paid a $0.18 dividend. The ex-dividend date was Thursday, January 16th. This represents a $0.72 dividend on an annualized basis and a yield of 1.44%. Commercial Metals’s dividend payout ratio (DPR) is currently 64.86%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on CMC shares. BMO Capital Markets dropped their price target on Commercial Metals from $62.00 to $58.00 and set a “market perform” rating for the company in a research report on Friday, January 3rd. Morgan Stanley dropped their target price on Commercial Metals from $65.00 to $56.00 and set an “equal weight” rating for the company in a research report on Monday, February 3rd. UBS Group upgraded Commercial Metals from a “sell” rating to a “neutral” rating and dropped their target price for the stock from $56.00 to $54.00 in a research report on Friday, January 10th. The Goldman Sachs Group assumed coverage on Commercial Metals in a research report on Monday, December 2nd. They issued a “buy” rating and a $75.00 target price for the company. Finally, Jefferies Financial Group dropped their target price 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’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $62.33.

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.