Commercial Metals (NYSE:CMC) Shares Sold by Tidal Investments LLC

Tidal Investments LLC cut its holdings in shares of Commercial Metals (NYSE:CMC) by 45.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 28,905 shares of the basic materials company’s stock after selling 24,539 shares during the period. Tidal Investments LLC’s holdings in Commercial Metals were worth $1,589,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in CMC. Wealth Enhancement Advisory Services LLC lifted its position in shares of Commercial Metals by 0.7% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 26,778 shares of the basic materials company’s stock valued at $1,473,000 after acquiring an additional 187 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. purchased a new stake in shares of Commercial Metals in the 2nd quarter valued at approximately $1,140,000. Raymond James & Associates lifted its position in shares of Commercial Metals by 23.3% in the 2nd quarter. Raymond James & Associates now owns 214,716 shares of the basic materials company’s stock valued at $11,807,000 after acquiring an additional 40,621 shares in the last quarter. Fifth Third Wealth Advisors LLC purchased a new stake in shares of Commercial Metals in the 2nd quarter valued at approximately $305,000. Finally, SummerHaven Investment Management LLC lifted its position in shares of Commercial Metals by 2.1% in the 2nd quarter. SummerHaven Investment Management LLC now owns 13,615 shares of the basic materials company’s stock valued at $749,000 after acquiring an additional 276 shares in the last quarter. Hedge funds and other institutional investors own 86.90% of the company’s stock.

Analysts Set New Price Targets

CMC has been the subject of several research analyst reports. Wolfe Research downgraded shares of Commercial Metals from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, October 9th. The Goldman Sachs Group started coverage on shares of Commercial Metals in a research report on Monday, December 2nd. They issued a “buy” rating and a $75.00 target price for the company. 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 report on Friday, October 18th. Jefferies Financial Group started coverage on shares of Commercial Metals in a research report on Tuesday, September 3rd. They issued a “buy” rating and a $65.00 target price for the company. Finally, UBS Group reiterated a “sell” rating and issued a $56.00 target price (down previously from $62.00) on shares of Commercial Metals in a research report on Thursday, December 12th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $65.40.

Commercial Metals Stock Performance

Shares of CMC opened at $54.20 on Wednesday. The company’s fifty day moving average is $58.00 and its 200-day moving average is $55.21. Commercial Metals has a 12 month low of $47.42 and a 12 month high of $64.53. The firm has a market cap of $6.18 billion, a price-to-earnings ratio of 13.09, a price-to-earnings-growth ratio of 2.74 and a beta of 1.15. 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 announced its quarterly earnings results on Thursday, October 17th. The basic materials company reported $0.90 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 business had revenue of $2 billion for the quarter, compared to analyst estimates of $2.07 billion. Equities analysts expect that Commercial Metals will post 4.26 EPS for the current fiscal year.

Commercial Metals Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Stockholders 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 dividend yield of 1.33%. Commercial Metals’s dividend payout ratio (DPR) is 17.39%.

Commercial Metals 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.