ING Groep NV lifted its stake in Commercial Metals (NYSE:CMC) by 23.3% in the fourth quarter, HoldingsChannel reports. The firm owned 17,479 shares of the basic materials company’s stock after acquiring an additional 3,299 shares during the quarter. ING Groep NV’s holdings in Commercial Metals were worth $373,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Strs Ohio increased its holdings in Commercial Metals by 176.5% in the fourth quarter. Strs Ohio now owns 4,700 shares of the basic materials company’s stock worth $100,000 after buying an additional 3,000 shares during the last quarter. Canada Pension Plan Investment Board acquired a new position in Commercial Metals in the third quarter worth approximately $101,000. Cerebellum GP LLC acquired a new position in Commercial Metals in the fourth quarter worth approximately $129,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Commercial Metals by 38.3% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,092 shares of the basic materials company’s stock worth $173,000 after buying an additional 2,239 shares during the last quarter. Finally, Crossmark Global Holdings Inc. acquired a new position in Commercial Metals in the third quarter worth approximately $282,000. 89.29% of the stock is owned by institutional investors and hedge funds.
In other Commercial Metals news, EVP Tracy L. Porter sold 6,935 shares of the stock in a transaction that occurred on Tuesday, January 16th. The stock was sold at an average price of $25.14, for a total transaction of $174,345.90. Following the transaction, the executive vice president now owns 10 shares in the company, valued at $251.40. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Tracy L. Porter sold 13,601 shares of the stock in a transaction that occurred on Thursday, January 18th. The shares were sold at an average price of $25.04, for a total value of $340,569.04. Following the transaction, the executive vice president now owns 10 shares in the company, valued at approximately $250.40. The disclosure for this sale can be found here. Company insiders own 1.50% of the company’s stock.
Commercial Metals (NYSE:CMC) last announced its quarterly earnings results on Wednesday, January 3rd. The basic materials company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.17 by $0.14. Commercial Metals had a return on equity of 8.08% and a net margin of 1.53%. The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter last year, the company posted $0.06 earnings per share. The company’s revenue for the quarter was up 24.6% compared to the same quarter last year. equities research analysts forecast that Commercial Metals will post 1.41 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, January 31st. Shareholders of record on Tuesday, January 16th were issued a dividend of $0.12 per share. The ex-dividend date was Friday, January 12th. This represents a $0.48 annualized dividend and a yield of 1.85%. Commercial Metals’s dividend payout ratio (DPR) is presently 72.73%.
CMC has been the topic of a number of research reports. Bank of America upgraded Commercial Metals from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $21.00 to $24.00 in a report on Thursday, December 7th. Jefferies Group dropped their price objective on Commercial Metals from $26.00 to $24.00 and set a “buy” rating on the stock in a report on Monday, October 30th. Finally, Zacks Investment Research downgraded Commercial Metals from a “buy” rating to a “hold” rating in a report on Friday, October 27th. Four analysts have rated the stock with a sell rating and five have assigned a buy rating to the company. Commercial Metals presently has an average rating of “Hold” and an average price target of $21.88.
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About Commercial Metals
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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