Principal Financial Group Inc. Cuts Position in Commercial Metals (NYSE:CMC)

Principal Financial Group Inc. cut its holdings in Commercial Metals (NYSE:CMC) by 5.4% in the 4th quarter, HoldingsChannel.com reports. The fund owned 1,621,149 shares of the basic materials company’s stock after selling 92,967 shares during the period. Principal Financial Group Inc.’s holdings in Commercial Metals were worth $80,409,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Heck Capital Advisors LLC bought a new position in Commercial Metals in the 4th quarter valued at $34,000. V Square Quantitative Management LLC boosted its holdings in shares of Commercial Metals by 60.7% in the 4th quarter. V Square Quantitative Management LLC now owns 707 shares of the basic materials company’s stock worth $35,000 after buying an additional 267 shares during the last quarter. GAMMA Investing LLC grew its position in Commercial Metals by 56.6% during the fourth quarter. GAMMA Investing LLC now owns 2,611 shares of the basic materials company’s stock valued at $130,000 after buying an additional 944 shares during the period. Thurston Springer Miller Herd & Titak Inc. increased its holdings in Commercial Metals by 10.0% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,784 shares of the basic materials company’s stock worth $138,000 after buying an additional 254 shares during the last quarter. Finally, Union Bancaire Privee UBP SA bought a new stake in Commercial Metals in the fourth quarter worth about $134,000. 86.90% of the stock is owned by hedge funds and other institutional investors.

Commercial Metals Stock Down 2.5 %

Shares of NYSE CMC opened at $51.71 on Thursday. The company has a quick ratio of 1.94, a current ratio of 2.76 and a debt-to-equity ratio of 0.29. The company has a market cap of $5.88 billion, a P/E ratio of 46.59, a P/E/G ratio of 2.70 and a beta of 1.18. Commercial Metals has a 52 week low of $45.50 and a 52 week high of $64.53. The business has a 50-day simple moving average of $50.48 and a two-hundred day simple moving average of $53.70.

Commercial Metals (NYSE:CMC) last released its quarterly earnings data on Monday, January 6th. The basic materials company reported $0.78 EPS for the quarter, meeting analysts’ consensus estimates of $0.78. The company had revenue of $1.91 billion during the quarter, compared to analyst estimates of $1.85 billion. Commercial Metals had a net margin of 1.70% and a return on equity of 9.88%. Commercial Metals’s revenue was down 4.7% compared to the same quarter last year. During the same period last year, the business earned $1.49 earnings per share. Research analysts anticipate that Commercial Metals will post 3.09 earnings per share for the current fiscal year.

Commercial Metals Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, January 30th. Stockholders of record on Thursday, January 16th were given a dividend of $0.18 per share. The ex-dividend date was Thursday, January 16th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.39%. Commercial Metals’s dividend payout ratio (DPR) is currently 64.86%.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on CMC shares. Morgan Stanley reduced their target price on shares of Commercial Metals from $65.00 to $56.00 and set an “equal weight” rating for the company in a research report on Monday, February 3rd. BNP Paribas downgraded Commercial Metals from an “outperform” rating to a “neutral” rating in a research report on Friday, January 3rd. The Goldman Sachs Group began coverage on Commercial Metals in a research report on Monday, December 2nd. They set a “buy” rating and a $75.00 price target on the stock. BMO Capital Markets decreased their price objective on Commercial Metals from $62.00 to $58.00 and set a “market perform” rating for the company in a report on Friday, January 3rd. Finally, UBS Group upgraded Commercial Metals from a “sell” rating to a “neutral” rating and lowered their price objective for the company from $56.00 to $54.00 in a research note on Friday, January 10th. Six research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Commercial Metals currently has a consensus rating of “Hold” and a consensus price target of $62.33.

Commercial Metals Company Profile

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.