Martingale Asset Management L P Sells 884 Shares of Commercial Metals (NYSE:CMC)

Martingale Asset Management L P trimmed its position in shares of Commercial Metals (NYSE:CMC) by 2.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 41,079 shares of the basic materials company’s stock after selling 884 shares during the period. Martingale Asset Management L P’s holdings in Commercial Metals were worth $2,258,000 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. nVerses Capital LLC purchased a new stake in shares of Commercial Metals in the third quarter worth approximately $66,000. Archer Investment Corp bought a new stake in shares of Commercial Metals during the second quarter worth $77,000. GAMMA Investing LLC boosted its stake in shares of Commercial Metals by 21.9% during the second quarter. GAMMA Investing LLC now owns 1,572 shares of the basic materials company’s stock valued at $86,000 after purchasing an additional 282 shares during the period. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Commercial Metals during the second quarter valued at $129,000. Finally, KBC Group NV grew its holdings in shares of Commercial Metals by 15.9% in the third quarter. KBC Group NV now owns 3,099 shares of the basic materials company’s stock worth $170,000 after purchasing an additional 425 shares during the last quarter. 86.90% of the stock is owned by hedge funds and other institutional investors.

Commercial Metals Trading Up 0.5 %

CMC opened at $61.69 on Friday. The stock has a fifty day moving average price of $56.45 and a 200-day moving average price of $54.91. Commercial Metals has a 12 month low of $44.78 and a 12 month high of $63.40. The company has a current ratio of 3.94, a quick ratio of 2.78 and a debt-to-equity ratio of 0.27. The firm has a market cap of $7.03 billion, a price-to-earnings ratio of 14.90, a PEG ratio of 2.73 and a beta of 1.14.

Commercial Metals (NYSE:CMC) last released its quarterly earnings results 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). Commercial Metals had a return on equity of 12.20% and a net margin of 6.13%. The firm had revenue of $2 billion during the quarter, compared to analysts’ expectations of $2.07 billion. As a group, equities research analysts anticipate that Commercial Metals will post 4.26 earnings per share for the current fiscal year.

Commercial Metals Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, October 31st were given a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 1.17%. The ex-dividend date was Thursday, October 31st. Commercial Metals’s payout ratio is currently 17.39%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Jefferies Financial Group assumed coverage on shares of 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 target on Commercial Metals and gave the stock a “market perform” rating in a research report on Friday, October 18th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Commercial Metals currently has an average rating of “Moderate Buy” and a consensus target price of $65.25.

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.