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

Ontario Teachers Pension Plan Board decreased its stake in Commercial Metals (NYSE:CMC) by 83.6% during the third quarter, Holdings Channel reports. The institutional investor owned 6,928 shares of the basic materials company’s stock after selling 35,299 shares during the quarter. Ontario Teachers Pension Plan Board’s holdings in Commercial Metals were worth $381,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CMC. Boston Partners boosted its position in Commercial Metals by 23,390.7% in the 1st quarter. Boston Partners now owns 3,076,337 shares of the basic materials company’s stock worth $180,752,000 after purchasing an additional 3,063,241 shares in the last quarter. Thompson Siegel & Walmsley LLC purchased a new stake in Commercial Metals during the second quarter worth $50,132,000. Van ECK Associates Corp grew its position in Commercial Metals by 204.3% during the third quarter. Van ECK Associates Corp now owns 420,808 shares of the basic materials company’s stock valued at $21,570,000 after buying an additional 282,511 shares during the period. Jacobs Levy Equity Management Inc. increased its holdings in Commercial Metals by 388.4% in 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 buying an additional 237,477 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its position in shares of Commercial Metals by 163.5% in the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 219,770 shares of the basic materials company’s stock worth $11,756,000 after acquiring an additional 136,367 shares during the period. 86.90% of the stock is owned by institutional investors and hedge funds.

Commercial Metals Trading Up 1.3 %

Shares of Commercial Metals stock opened at $61.22 on Friday. The company has a current ratio of 3.94, a quick ratio of 2.78 and a debt-to-equity ratio of 0.27. Commercial Metals has a twelve month low of $43.52 and a twelve month high of $63.40. The firm has a market capitalization of $6.97 billion, a PE ratio of 14.79, a P/E/G ratio of 2.56 and a beta of 1.14. The firm’s 50-day moving average price is $55.52 and its 200 day moving average price is $54.74.

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

Commercial Metals Announces Dividend

The firm also recently announced 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. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $0.72 annualized dividend and a yield of 1.18%. Commercial Metals’s dividend payout ratio (DPR) is presently 17.39%.

Analyst Ratings Changes

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