Raymond James Financial Services Advisors Inc. Sells 5,462 Shares of Commercial Metals (NYSE:CMC)

Posted by Defense World Staff on May 20th, 2023

Raymond James Financial Services Advisors Inc. lowered its position in Commercial Metals (NYSE:CMC – Get Rating) by 5.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 92,120 shares of the basic materials company’s stock after selling 5,462 shares during the quarter. Raymond James Financial Services Advisors Inc. owned approximately 0.08% of Commercial Metals worth $4,449,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in Commercial Metals by 1.1% in the first quarter. Vanguard Group Inc. now owns 13,226,374 shares of the basic materials company’s stock worth $550,481,000 after purchasing an additional 142,062 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Commercial Metals by 1.9% during the third quarter. Dimensional Fund Advisors LP now owns 7,645,358 shares of the basic materials company’s stock worth $271,260,000 after buying an additional 140,355 shares during the period. State Street Corp lifted its holdings in Commercial Metals by 22.3% during the first quarter. State Street Corp now owns 7,494,116 shares of the basic materials company’s stock worth $312,971,000 after buying an additional 1,367,997 shares during the period. Fairholme Capital Management LLC lifted its holdings in Commercial Metals by 3.8% during the third quarter. Fairholme Capital Management LLC now owns 2,377,800 shares of the basic materials company’s stock worth $84,364,000 after buying an additional 86,800 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in Commercial Metals by 1.1% during the third quarter. Bank of New York Mellon Corp now owns 1,729,892 shares of the basic materials company’s stock worth $61,378,000 after buying an additional 19,628 shares during the period. Institutional investors own 84.30% of the company’s stock.

Commercial Metals Stock Performance

Shares of CMC opened at $45.06 on Friday. Commercial Metals has a 12 month low of $31.47 and a 12 month high of $58.09. The stock has a fifty day moving average price of $46.06 and a 200-day moving average price of $49.25. 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 firm has a market cap of $5.28 billion, a PE ratio of 5.21 and a beta of 1.26.

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

Commercial Metals Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 12th. Investors of record on Monday, April 3rd were given a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 1.42%. The ex-dividend date was Friday, March 31st. Commercial Metals’s payout ratio is 7.40%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Bank of America upgraded Commercial Metals from a “neutral” rating to a “buy” rating and upped their target price for the stock from $56.00 to $60.00 in a report on Wednesday, April 5th. Citigroup upped their target price on Commercial Metals from $54.00 to $56.00 and gave the stock a “neutral” rating in a report on Wednesday, February 15th. Finally, StockNews.com assumed coverage on Commercial Metals in a report on Thursday. They set a “hold” rating for the company. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target 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.