Commercial Metals (NYSE:CMC) Shares Sold by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. reduced its stake in Commercial Metals (NYSE:CMCFree Report) by 74.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 39,056 shares of the basic materials company’s stock after selling 116,237 shares during the period. Assenagon Asset Management S.A.’s holdings in Commercial Metals were worth $2,295,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in CMC. HM Payson & Co. acquired a new position in Commercial Metals in the 3rd quarter worth $25,000. Rise Advisors LLC acquired a new position in Commercial Metals during the 1st quarter worth $28,000. Daiwa Securities Group Inc. acquired a new stake in shares of Commercial Metals in the 4th quarter valued at about $30,000. Headlands Technologies LLC acquired a new stake in shares of Commercial Metals in the 3rd quarter valued at about $51,000. Finally, Planned Solutions Inc. bought a new position in shares of Commercial Metals during the fourth quarter worth about $73,000. 86.90% of the stock is owned by hedge funds and other institutional investors.

Commercial Metals Stock Performance

Shares of NYSE CMC traded down $0.39 during mid-day trading on Tuesday, hitting $56.38. The company had a trading volume of 732,407 shares, compared to its average volume of 925,324. The stock has a market cap of $6.52 billion, a price-to-earnings ratio of 9.79 and a beta of 1.35. The firm’s 50 day simple moving average is $56.32 and its two-hundred day simple moving average is $52.04. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.19 and a quick ratio of 2.69. Commercial Metals has a 12 month low of $39.85 and a 12 month high of $59.81.

Commercial Metals (NYSE:CMCGet Free Report) last announced its quarterly earnings results on Thursday, March 21st. The basic materials company reported $0.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.93 by ($0.05). The firm had revenue of $1.85 billion for the quarter, compared to analyst estimates of $1.80 billion. Commercial Metals had a net margin of 8.09% and a return on equity of 17.72%. The business’s revenue was down 8.4% compared to the same quarter last year. During the same period last year, the firm posted $1.44 EPS. As a group, equities research analysts forecast that Commercial Metals will post 5.34 earnings per share for the current year.

Commercial Metals Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 10th. Stockholders of record on Monday, April 1st were issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.28%. The ex-dividend date of this dividend was Thursday, March 28th. This is a boost from Commercial Metals’s previous quarterly dividend of $0.16. Commercial Metals’s payout ratio is 12.50%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. raised Commercial Metals from a “hold” rating to a “buy” rating in a report on Wednesday, May 15th. BMO Capital Markets lifted their price objective on shares of Commercial Metals from $52.00 to $60.00 and gave the stock a “market perform” rating in a report on Friday, March 22nd.

Read Our Latest Stock Analysis on CMC

Insider Transactions at Commercial Metals

In other Commercial Metals news, Chairman Barbara Smith sold 35,704 shares of Commercial Metals stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $57.88, for a total transaction of $2,066,547.52. Following the sale, the chairman now owns 36,196 shares of the company’s stock, valued at approximately $2,095,024.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.00% of the company’s stock.

Commercial Metals Company Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Commercial Metals (NYSE:CMC)

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