Vestcor Inc Has $466,000 Stock Holdings in Commercial Metals (NYSE:CMC)

Vestcor Inc decreased its stake in Commercial Metals (NYSE:CMC) by 48.1% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 9,400 shares of the basic materials company’s stock after selling 8,703 shares during the period. Vestcor Inc’s holdings in Commercial Metals were worth $466,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Heck Capital Advisors LLC acquired a new position in Commercial Metals in the fourth quarter valued at about $34,000. V Square Quantitative Management LLC increased its holdings in shares of Commercial Metals by 60.7% in the fourth quarter. V Square Quantitative Management LLC now owns 707 shares of the basic materials company’s stock worth $35,000 after acquiring an additional 267 shares in the last quarter. Jones Financial Companies Lllp increased its holdings in shares of Commercial Metals by 22.0% in the fourth quarter. Jones Financial Companies Lllp now owns 1,646 shares of the basic materials company’s stock worth $82,000 after acquiring an additional 297 shares in the last quarter. Amundi increased its holdings in shares of Commercial Metals by 29.9% in the fourth quarter. Amundi now owns 2,189 shares of the basic materials company’s stock worth $108,000 after acquiring an additional 504 shares in the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of Commercial Metals by 56.6% in the fourth quarter. GAMMA Investing LLC now owns 2,611 shares of the basic materials company’s stock worth $130,000 after acquiring an additional 944 shares in the last quarter. Institutional investors and hedge funds own 86.90% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on CMC shares. BMO Capital Markets lowered their price target 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. Jefferies Financial Group lowered their price target on Commercial Metals from $65.00 to $62.00 and set a “buy” rating for the company in a report on Monday, January 6th. UBS Group upgraded Commercial Metals from a “sell” rating to a “neutral” rating and lowered their price target for the stock from $56.00 to $54.00 in a report on Friday, January 10th. The Goldman Sachs Group assumed coverage on Commercial Metals in a report on Monday, December 2nd. They set a “buy” rating and a $75.00 price objective for the company. Finally, BNP Paribas downgraded Commercial Metals from an “outperform” rating to a “neutral” rating in a report on Friday, January 3rd. Six equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, Commercial Metals has an average rating of “Hold” and a consensus target price of $61.83.

Commercial Metals Stock Performance

Shares of NYSE CMC opened at $46.33 on Monday. The stock has a 50 day moving average price of $49.03 and a 200 day moving average price of $52.95. Commercial Metals has a 52 week low of $42.62 and a 52 week high of $64.53. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.94 and a current ratio of 2.76. The stock has a market capitalization of $5.26 billion, a PE ratio of 41.73, a price-to-earnings-growth ratio of 2.62 and a beta of 1.17.

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

Commercial Metals Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 30th. Stockholders of record on Thursday, January 16th were given a $0.18 dividend. The ex-dividend date of this dividend was Thursday, January 16th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.55%. Commercial Metals’s payout ratio is 64.86%.

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.