MetLife Investment Management LLC Trims Stake in Commercial Metals (NYSE:CMC)

MetLife Investment Management LLC lessened its stake in shares of Commercial Metals (NYSE:CMC) by 1.8% during the third quarter, Holdings Channel.com reports. The institutional investor owned 123,358 shares of the basic materials company’s stock after selling 2,231 shares during the period. MetLife Investment Management LLC’s holdings in Commercial Metals were worth $6,780,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. Thompson Siegel & Walmsley LLC acquired a new position in Commercial Metals in the 2nd quarter valued at about $50,132,000. Van ECK Associates Corp boosted its stake in shares of Commercial Metals by 204.3% during the 3rd quarter. Van ECK Associates Corp now owns 420,808 shares of the basic materials company’s stock worth $21,570,000 after purchasing an additional 282,511 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its holdings in shares of Commercial Metals by 163.5% during 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 buying an additional 136,367 shares in the last quarter. AQR Capital Management LLC raised its position in shares of Commercial Metals by 17.5% in the second quarter. AQR Capital Management LLC now owns 774,218 shares of the basic materials company’s stock valued at $42,203,000 after buying an additional 115,326 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Commercial Metals during the third quarter valued at approximately $5,662,000. Hedge funds and other institutional investors own 86.90% of the company’s stock.

Commercial Metals Stock Performance

NYSE:CMC opened at $61.78 on Friday. Commercial Metals has a fifty-two week low of $44.78 and a fifty-two week high of $63.40. The firm’s 50 day moving average is $56.28 and its two-hundred day moving average is $54.87. The company has a market cap of $7.04 billion, a P/E ratio of 14.92, a P/E/G ratio of 2.73 and a beta of 1.14. The company has a quick ratio of 2.78, a current ratio of 3.94 and a debt-to-equity ratio of 0.27.

Commercial Metals (NYSE:CMC) last issued 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 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. Analysts expect that Commercial Metals will post 4.26 EPS for the current year.

Commercial Metals Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st were issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.17%. The ex-dividend date of this dividend was Thursday, October 31st. Commercial Metals’s payout ratio is currently 17.39%.

Wall Street Analyst Weigh In

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

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.