Commercial Metals (NYSE:CMC) Holdings Decreased by Boston Partners

Posted by on May 10th, 2023

Boston Partners reduced its stake in shares of Commercial Metals (NYSE:CMC – Get Rating) by 29.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,665 shares of the basic materials company’s stock after selling 4,853 shares during the quarter. Boston Partners’ holdings in Commercial Metals were worth $563,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Lindbrook Capital LLC raised its stake in shares of Commercial Metals by 41.2% during the fourth quarter. Lindbrook Capital LLC now owns 689 shares of the basic materials company’s stock valued at $33,000 after purchasing an additional 201 shares in the last quarter. SummerHaven Investment Management LLC grew its holdings in Commercial Metals by 1.0% during the fourth quarter. SummerHaven Investment Management LLC now owns 22,891 shares of the basic materials company’s stock worth $1,106,000 after acquiring an additional 237 shares during the period. Meritage Portfolio Management grew its holdings in Commercial Metals by 3.6% during the fourth quarter. Meritage Portfolio Management now owns 7,021 shares of the basic materials company’s stock worth $339,000 after acquiring an additional 244 shares during the period. Assetmark Inc. grew its holdings in Commercial Metals by 18.8% during the third quarter. Assetmark Inc. now owns 1,653 shares of the basic materials company’s stock worth $59,000 after acquiring an additional 262 shares during the period. Finally, Paradiem LLC grew its holdings in Commercial Metals by 0.5% during the fourth quarter. Paradiem LLC now owns 72,207 shares of the basic materials company’s stock worth $3,488,000 after acquiring an additional 325 shares during the period. 84.30% of the stock is currently owned by institutional investors.

Commercial Metals Stock Performance

CMC opened at $44.35 on Wednesday. The company has a current ratio of 3.07, a quick ratio of 2.00 and a debt-to-equity ratio of 0.29. The stock’s 50 day simple moving average is $47.22 and its 200-day simple moving average is $49.33. Commercial Metals has a 1 year low of $31.47 and a 1 year high of $58.09. The stock has a market cap of $5.19 billion, a PE ratio of 5.13 and a beta of 1.27.

Commercial Metals (NYSE:CMC – Get Rating) last posted its quarterly earnings data on Thursday, March 23rd. The basic materials company reported $1.44 earnings per share for the quarter, missing the consensus estimate of $1.53 by ($0.09). The firm had revenue of $2.02 billion for the quarter, compared to analyst estimates of $1.94 billion. Commercial Metals had a return on equity of 30.52% and a net margin of 11.37%. The business’s quarterly revenue was up .5% on a year-over-year basis. During the same period in the previous year, the business posted $1.53 EPS. Sell-side analysts forecast that Commercial Metals will post 7.77 EPS for the current year.

Commercial Metals Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 12th. Stockholders of record on Monday, April 3rd were paid a $0.16 dividend. The ex-dividend date was Friday, March 31st. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.44%. Commercial Metals’s dividend payout ratio (DPR) is presently 7.40%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. The Goldman Sachs Group lifted their target price on Commercial Metals from $48.00 to $53.00 and gave the stock a “neutral” rating in a report on Tuesday, January 10th. Citigroup lifted their price target on Commercial Metals from $54.00 to $56.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 15th. BMO Capital Markets lifted their price target on Commercial Metals from $49.00 to $56.00 and gave the stock a “market perform” rating in a research note on Tuesday, January 10th. Bank of America raised Commercial Metals from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $56.00 to $60.00 in a research note on Wednesday, April 5th. Finally, StockNews.com assumed coverage on Commercial Metals in a research report on Thursday, March 16th. They set a “hold” rating for the company. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Commercial Metals currently has a consensus rating of “Hold” and a consensus target price of $53.57.

Commercial Metals Profile

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Commercial Metals Co engages in the manufacture, recycling, and marketing of steel and metal products. It operates through the following segments: North America and Europe. The North America segment is a vertically integrated network of recycling facilities, steel mills and fabrication operations. The Europe segment is a vertically integrated network of recycling facilities, an EAF mini mill and fabrication operations located in Poland.

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Institutional Ownership by Quarter for Commercial Metals (NYSE:CMC)

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