Acadian Asset Management LLC Decreases Holdings in Commercial Metals (NYSE:CMC)

Acadian Asset Management LLC reduced its position in Commercial Metals (NYSE:CMC) by 15.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 219,418 shares of the basic materials company’s stock after selling 38,788 shares during the quarter. Acadian Asset Management LLC’s holdings in Commercial Metals were worth $12,894,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CMC. Chesapeake Capital Corp IL purchased a new position in shares of Commercial Metals in the first quarter worth $1,262,000. First Eagle Investment Management LLC boosted its position in Commercial Metals by 24.8% during the first quarter. First Eagle Investment Management LLC now owns 192,629 shares of the basic materials company’s stock worth $11,321,000 after acquiring an additional 38,300 shares during the last quarter. State Board of Administration of Florida Retirement System boosted its position in Commercial Metals by 22.1% during the first quarter. State Board of Administration of Florida Retirement System now owns 40,864 shares of the basic materials company’s stock worth $2,402,000 after acquiring an additional 7,405 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in Commercial Metals in the 1st quarter valued at about $4,901,000. Finally, ProShare Advisors LLC boosted its holdings in Commercial Metals by 4.7% in the 1st quarter. ProShare Advisors LLC now owns 26,745 shares of the basic materials company’s stock valued at $1,572,000 after purchasing an additional 1,189 shares during the last quarter. 86.90% of the stock is owned by hedge funds and other institutional investors.

Commercial Metals Trading Down 0.8 %

Shares of NYSE CMC traded down $0.49 during midday trading on Friday, reaching $57.60. 861,601 shares of the stock were exchanged, compared to its average volume of 874,745. The company has a market capitalization of $6.62 billion, a P/E ratio of 12.00 and a beta of 1.17. Commercial Metals has a 52-week low of $39.85 and a 52-week high of $59.81. The company has a current ratio of 4.24, a quick ratio of 2.83 and a debt-to-equity ratio of 0.27. The stock has a 50 day moving average price of $54.44 and a 200-day moving average price of $54.22.

Commercial Metals (NYSE:CMC) last issued its quarterly earnings results on Thursday, June 20th. The basic materials company reported $1.02 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.02. The business had revenue of $2.08 billion during the quarter, compared to the consensus estimate of $2.02 billion. Commercial Metals had a net margin of 6.95% and a return on equity of 14.62%. The company’s quarterly revenue was down 11.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.02 earnings per share. Equities research analysts expect that Commercial Metals will post 4.71 earnings per share for the current fiscal year.

Commercial Metals Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 10th. Investors of record on Monday, July 1st were issued a $0.18 dividend. The ex-dividend date of this dividend was Monday, July 1st. This represents a $0.72 dividend on an annualized basis and a yield of 1.25%. Commercial Metals’s payout ratio is 15.00%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on CMC shares. StockNews.com downgraded shares of Commercial Metals from a “buy” rating to a “hold” rating in a research note on Thursday, June 20th. Bank of America lowered their target price on shares of Commercial Metals from $70.00 to $69.00 and set a “buy” rating for the company in a report on Wednesday, June 26th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Commercial Metals has an average rating of “Hold” and an average price target of $60.50.

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.