Quadrature Capital Ltd Decreases Position in Commercial Metals (NYSE:CMC)

Quadrature Capital Ltd trimmed its stake in Commercial Metals (NYSE:CMC) by 49.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,186 shares of the basic materials company’s stock after selling 7,096 shares during the period. Quadrature Capital Ltd’s holdings in Commercial Metals were worth $395,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. nVerses Capital LLC purchased a new position in Commercial Metals during the 3rd quarter worth approximately $66,000. Archer Investment Corp acquired a new stake in shares of Commercial Metals in the second quarter valued at approximately $77,000. KBC Group NV grew its position in shares of Commercial Metals by 15.9% during the third quarter. KBC Group NV now owns 3,099 shares of the basic materials company’s stock worth $170,000 after acquiring an additional 425 shares during the last quarter. Innealta Capital LLC acquired a new position in Commercial Metals in the second quarter valued at $195,000. Finally, Highland Capital Management LLC purchased a new stake in shares of Commercial Metals in the third quarter valued at about $206,000. Institutional investors and hedge funds own 86.90% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on CMC shares. Wolfe Research cut Commercial Metals from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, October 9th. The Goldman Sachs Group assumed coverage on Commercial Metals in a report on Monday, December 2nd. They issued a “buy” rating and a $75.00 target price on the stock. BMO Capital Markets set a $62.00 price objective on shares of Commercial Metals and gave the company a “market perform” rating in a research report on Friday, October 18th. Finally, Jefferies Financial Group assumed coverage on shares of Commercial Metals in a research report on Tuesday, September 3rd. They set a “buy” rating and a $65.00 price objective for the company. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, Commercial Metals has a consensus rating of “Moderate Buy” and an average target price of $67.20.

Commercial Metals Stock Performance

NYSE:CMC opened at $62.24 on Tuesday. The firm’s fifty day simple moving average is $57.39 and its 200-day simple moving average is $55.10. The stock has a market cap of $7.10 billion, a PE ratio of 15.03, a price-to-earnings-growth ratio of 2.73 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 has a fifty-two week low of $45.55 and a fifty-two week high of $64.53.

Commercial Metals (NYSE:CMC) last posted 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). The firm had revenue of $2 billion during the quarter, compared to analyst estimates of $2.07 billion. Commercial Metals had a net margin of 6.13% and a return on equity of 12.20%. Analysts expect that Commercial Metals will post 4.26 earnings per share for the current fiscal year.

Commercial Metals Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st were issued a dividend of $0.18 per share. The ex-dividend date was Thursday, October 31st. This represents a $0.72 annualized dividend and a yield of 1.16%. Commercial Metals’s dividend payout ratio (DPR) is currently 17.39%.

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.