Commercial Metals (NYSE:CMC) Shares Sold by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D reduced its stake in shares of Commercial Metals (NYSE:CMC) by 14.1% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 40,239 shares of the basic materials company’s stock after selling 6,627 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Commercial Metals were worth $2,212,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in CMC. nVerses Capital LLC acquired a new stake in Commercial Metals in the 3rd quarter worth about $66,000. Archer Investment Corp acquired a new position in Commercial Metals during the second quarter worth approximately $77,000. GAMMA Investing LLC grew its position in Commercial Metals by 21.9% during the 2nd quarter. GAMMA Investing LLC now owns 1,572 shares of the basic materials company’s stock worth $86,000 after purchasing an additional 282 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Commercial Metals in the 2nd quarter valued at about $129,000. Finally, BOKF NA increased its stake in shares of Commercial Metals by 45.7% during the first quarter. BOKF NA now owns 3,353 shares of the basic materials company’s stock worth $197,000 after acquiring an additional 1,051 shares during the period. 86.90% of the stock is owned by hedge funds and other institutional investors.

Commercial Metals Stock Performance

Commercial Metals stock opened at $59.44 on Friday. The firm’s 50 day simple moving average is $54.28 and its 200-day simple moving average is $54.54. The company has a market cap of $6.77 billion, a P/E ratio of 14.36, a price-to-earnings-growth ratio of 2.64 and a beta of 1.14. The company has a debt-to-equity ratio of 0.27, a current ratio of 3.94 and a quick ratio of 2.78. Commercial Metals has a fifty-two week low of $43.52 and a fifty-two week high of $63.40.

Commercial Metals (NYSE:CMC) last posted its earnings results on Thursday, October 17th. The basic materials company reported $0.90 EPS for the quarter, missing the consensus estimate of $0.91 by ($0.01). Commercial Metals had a return on equity of 12.20% and a net margin of 6.13%. The business had revenue of $2 billion during the quarter, compared to the consensus estimate of $2.07 billion. As a group, equities research analysts predict that Commercial Metals will post 4.35 EPS for the current year.

Commercial Metals Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st were issued a $0.18 dividend. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $0.72 annualized dividend and a yield of 1.21%. Commercial Metals’s dividend payout ratio (DPR) is 17.39%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Jefferies Financial Group started coverage on Commercial Metals in a report on Tuesday, September 3rd. They issued a “buy” rating and a $65.00 price target for the company. BMO Capital Markets set a $62.00 price target on Commercial Metals and gave the stock a “market perform” rating in a research note on Friday, October 18th. Finally, Wolfe Research lowered shares of Commercial Metals from an “outperform” rating to a “peer perform” rating in a report on Wednesday, October 9th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $65.25.

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.