Ontario Teachers Pension Plan Board Lowers Stock Position in Commercial Metals (NYSE:CMC)

Ontario Teachers Pension Plan Board cut its holdings in shares of Commercial Metals (NYSE:CMC) by 83.6% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 6,928 shares of the basic materials company’s stock after selling 35,299 shares during the period. Ontario Teachers Pension Plan Board’s holdings in Commercial Metals were worth $381,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of CMC. Seizert Capital Partners LLC lifted its position in shares of Commercial Metals by 32.5% during the third quarter. Seizert Capital Partners LLC now owns 75,873 shares of the basic materials company’s stock valued at $4,170,000 after buying an additional 18,600 shares during the last quarter. Boston Partners raised its stake in shares of Commercial Metals by 23,390.7% during the 1st quarter. Boston Partners now owns 3,076,337 shares of the basic materials company’s stock worth $180,752,000 after acquiring an additional 3,063,241 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its position in Commercial Metals by 388.4% during the first quarter. Jacobs Levy Equity Management Inc. now owns 298,621 shares of the basic materials company’s stock valued at $17,550,000 after acquiring an additional 237,477 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Commercial Metals by 11.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 630,836 shares of the basic materials company’s stock valued at $37,075,000 after acquiring an additional 67,068 shares in the last quarter. Finally, Envestnet Asset Management Inc. grew its holdings in Commercial Metals by 19.1% in the second quarter. Envestnet Asset Management Inc. now owns 302,192 shares of the basic materials company’s stock worth $16,618,000 after purchasing an additional 48,453 shares during the last quarter. 86.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Jefferies Financial Group started coverage on Commercial Metals in a research report on Tuesday, September 3rd. They issued a “buy” rating and a $65.00 price objective for the company. Wolfe Research downgraded Commercial Metals from an “outperform” rating to a “peer perform” rating in a report on Wednesday, October 9th. Finally, BMO Capital Markets set a $62.00 price objective on shares of Commercial Metals and gave the company a “market perform” rating in a report on Friday, October 18th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $65.25.

Commercial Metals Stock Performance

Shares of CMC stock opened at $61.22 on Friday. The business has a fifty day moving average of $55.52 and a 200 day moving average of $54.74. Commercial Metals has a 1 year low of $43.52 and a 1 year high of $63.40. The company has a debt-to-equity ratio of 0.27, a current ratio of 3.94 and a quick ratio of 2.78. The firm has a market capitalization of $6.97 billion, a price-to-earnings ratio of 14.79, a price-to-earnings-growth ratio of 2.56 and a beta of 1.14.

Commercial Metals (NYSE:CMC) last announced its quarterly earnings data on Thursday, October 17th. The basic materials company reported $0.90 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.91 by ($0.01). The firm had revenue of $2 billion during the quarter, compared to analysts’ expectations of $2.07 billion. Commercial Metals had a return on equity of 12.20% and a net margin of 6.13%. As a group, research analysts expect that Commercial Metals will post 4.35 earnings per share for the current year.

Commercial Metals Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st were paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.18%. The ex-dividend date of this dividend was Thursday, October 31st. Commercial Metals’s payout ratio is 17.39%.

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.