William Blair Investment Management LLC Sells 34,512 Shares of Commercial Metals Company $CMC

William Blair Investment Management LLC cut its holdings in shares of Commercial Metals Company (NYSE:CMC) by 5.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 570,831 shares of the basic materials company’s stock after selling 34,512 shares during the quarter. William Blair Investment Management LLC’s holdings in Commercial Metals were worth $32,697,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in CMC. American Century Companies Inc. increased its stake in Commercial Metals by 6.6% during the 3rd quarter. American Century Companies Inc. now owns 1,823,923 shares of the basic materials company’s stock worth $104,474,000 after acquiring an additional 112,267 shares during the period. Quantbot Technologies LP acquired a new position in Commercial Metals in the third quarter valued at about $289,000. Aster Capital Management DIFC Ltd bought a new stake in Commercial Metals during the third quarter worth about $73,000. Handelsbanken Fonder AB grew its stake in Commercial Metals by 20.3% during the third quarter. Handelsbanken Fonder AB now owns 28,400 shares of the basic materials company’s stock worth $1,627,000 after buying an additional 4,800 shares in the last quarter. Finally, Xponance Inc. increased its holdings in Commercial Metals by 1.8% in the 3rd quarter. Xponance Inc. now owns 16,255 shares of the basic materials company’s stock valued at $931,000 after buying an additional 294 shares during the period. 86.90% of the stock is currently owned by institutional investors.

Insider Transactions at Commercial Metals

In related news, insider Jennifer J. Durbin sold 25,050 shares of Commercial Metals stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $79.97, for a total value of $2,003,248.50. Following the transaction, the insider directly owned 52,880 shares of the company’s stock, valued at $4,228,813.60. The trade was a 32.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Dennis V. Arriola bought 2,000 shares of Commercial Metals stock in a transaction that occurred on Tuesday, January 20th. The stock was bought at an average price of $74.69 per share, for a total transaction of $149,380.00. Following the completion of the acquisition, the director directly owned 9,238 shares of the company’s stock, valued at $689,986.22. The trade was a 27.63% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 0.62% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have commented on CMC. Jefferies Financial Group set a $85.00 price objective on shares of Commercial Metals and gave the company a “buy” rating in a research report on Thursday, January 8th. JPMorgan Chase & Co. upgraded Commercial Metals from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $64.00 to $78.00 in a research report on Friday, December 5th. Morgan Stanley lifted their target price on Commercial Metals from $68.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, January 9th. Wall Street Zen raised shares of Commercial Metals from a “buy” rating to a “strong-buy” rating in a report on Friday, November 28th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and set a $84.00 price target on shares of Commercial Metals in a report on Tuesday, December 30th. Eight investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, Commercial Metals has a consensus rating of “Moderate Buy” and an average target price of $72.70.

Commercial Metals Stock Down 2.3%

NYSE:CMC opened at $73.22 on Monday. Commercial Metals Company has a one year low of $37.92 and a one year high of $84.87. The company has a debt-to-equity ratio of 0.77, a current ratio of 4.47 and a quick ratio of 3.70. The company has a market cap of $8.12 billion, a PE ratio of 18.87, a P/E/G ratio of 0.39 and a beta of 1.47. The firm’s 50 day simple moving average is $75.73 and its 200 day simple moving average is $65.70.

Commercial Metals (NYSE:CMC) last issued its quarterly earnings results on Thursday, January 8th. The basic materials company reported $1.84 EPS for the quarter, topping analysts’ consensus estimates of $1.55 by $0.29. The company had revenue of $2.12 billion for the quarter, compared to analyst estimates of $2.06 billion. Commercial Metals had a net margin of 5.46% and a return on equity of 11.43%. Commercial Metals’s revenue was up 11.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.78 earnings per share. On average, research analysts anticipate that Commercial Metals Company will post 3.09 earnings per share for the current year.

Commercial Metals Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, February 2nd. Stockholders of record on Monday, January 19th were paid a $0.18 dividend. The ex-dividend date of this dividend was Friday, January 16th. This represents a $0.72 annualized dividend and a dividend yield of 1.0%. Commercial Metals’s dividend payout ratio is presently 18.56%.

Commercial Metals Profile

Commercial Metals Company (NYSE: CMC) is a leading global steel and metal recycler, manufacturer and fabricator based in Irving, Texas. The company operates an integrated network of scrap recycling facilities, electric arc furnace steel mills, metal fabrication plants and distribution centers. Through these operations, Commercial Metals collects and processes ferrous scrap to produce finished steel products and provides recycled metal to a variety of end markets.

In its steelmaking segment, CMC uses electric arc furnace technology to transform recycled scrap into reinforcing bar (rebar), merchant bar, coil and structural products.