Commercial Metals Company (CMC) Stake Lowered by Convergence Investment Partners LLC
Convergence Investment Partners LLC reduced its position in Commercial Metals Company (NYSE:CMC) by 41.1% during the third quarter, Holdings Channel reports. The firm owned 75,130 shares of the company’s stock after selling 52,324 shares during the period. Convergence Investment Partners LLC owned 0.07% of Commercial Metals Company worth $1,216,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. Principal Financial Group Inc. increased its stake in Commercial Metals Company by 11.3% in the second quarter. Principal Financial Group Inc. now owns 438,037 shares of the company’s stock worth $7,403,000 after buying an additional 44,445 shares during the last quarter. Teacher Retirement System of Texas increased its stake in Commercial Metals Company by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 16,252 shares of the company’s stock worth $275,000 after buying an additional 1,973 shares during the last quarter. UBS Asset Management Americas Inc. increased its stake in Commercial Metals Company by 0.8% in the second quarter. UBS Asset Management Americas Inc. now owns 105,423 shares of the company’s stock worth $1,782,000 after buying an additional 797 shares during the last quarter. Mesirow Financial Investment Management Equity Management purchased a new stake in Commercial Metals Company during the second quarter worth $18,396,000. Finally, Neuberger Berman Group LLC purchased a new stake in Commercial Metals Company during the second quarter worth $286,000. Institutional investors own 88.35% of the company’s stock.
Shares of Commercial Metals Company (NYSE:CMC) traded up 0.44% on Friday, hitting $20.38. The stock had a trading volume of 1,636,485 shares. The stock has a market cap of $2.36 billion, a PE ratio of 67.04 and a beta of 1.38. The company has a 50 day moving average price of $22.54 and a 200-day moving average price of $18.09. Commercial Metals Company has a 12 month low of $12.44 and a 12 month high of $24.64.
Commercial Metals Company (NYSE:CMC) last issued its earnings results on Monday, January 9th. The company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.16 by $0.06. The firm earned $1.08 billion during the quarter. Commercial Metals Company had a return on equity of 6.77% and a net margin of 0.79%. The business’s revenue for the quarter was down 6.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.22 earnings per share. On average, equities research analysts anticipate that Commercial Metals Company will post $1.06 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, February 1st. Investors of record on Tuesday, January 17th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 2.36%. The ex-dividend date is Thursday, January 12th. Commercial Metals Company’s dividend payout ratio is currently 154.84%.
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A number of equities research analysts have weighed in on CMC shares. Jefferies Group lowered their price target on Commercial Metals Company from $24.00 to $22.00 and set a “hold” rating on the stock in a research report on Tuesday. Macquarie downgraded Commercial Metals Company from an “outperform” rating to a “neutral” rating in a research report on Monday, October 31st. Zacks Investment Research downgraded Commercial Metals Company from a “buy” rating to a “hold” rating in a research report on Thursday. Clarkson Capital upgraded Commercial Metals Company from a “sell” rating to a “neutral” rating in a research report on Friday, November 4th. Finally, Bank of America upgraded Commercial Metals Company from a “neutral” rating to a “buy” rating in a research report on Wednesday, November 9th. Two analysts have rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $20.38.
In related news, VP Adam B. Batchelor sold 5,372 shares of the company’s stock in a transaction on Friday, November 11th. The shares were sold at an average price of $20.37, for a total value of $109,427.64. Following the completion of the transaction, the vice president now owns 21,852 shares of the company’s stock, valued at approximately $445,125.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Anthony A. Massaro sold 2,421 shares of the company’s stock in a transaction on Friday, November 11th. The stock was sold at an average price of $20.52, for a total transaction of $49,678.92. Following the completion of the transaction, the director now directly owns 69,398 shares of the company’s stock, valued at approximately $1,424,046.96. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by corporate insiders.
About Commercial Metals Company
Commercial Metals Company, together with its subsidiaries, manufactures, recycles and markets steel and metal products, related materials and services through a network. The Company’s Americas Recycling segment processes scrap metals for use as a raw material by manufacturers of new metal products. The Americas Mills segment consists of steel mills, commonly referred to as minimills that produce reinforcing bar (rebar), angles, flats and rounds.
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