Corebridge Financial Inc. Lowers Holdings in Commercial Metals (NYSE:CMC)

Corebridge Financial Inc. trimmed its position in shares of Commercial Metals (NYSE:CMC) by 6.2% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 184,745 shares of the basic materials company’s stock after selling 12,264 shares during the quarter. Corebridge Financial Inc. owned about 0.16% of Commercial Metals worth $9,163,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Charles Schwab Investment Management Inc. increased its position in shares of Commercial Metals by 1.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,462,317 shares of the basic materials company’s stock valued at $80,369,000 after acquiring an additional 18,262 shares in the last quarter. Citigroup Inc. increased its holdings in shares of Commercial Metals by 99.0% in the 3rd quarter. Citigroup Inc. now owns 123,506 shares of the basic materials company’s stock worth $6,788,000 after purchasing an additional 61,447 shares in the last quarter. Cerity Partners LLC raised its stake in shares of Commercial Metals by 37.8% in the third quarter. Cerity Partners LLC now owns 38,990 shares of the basic materials company’s stock worth $2,143,000 after purchasing an additional 10,693 shares during the last quarter. Qsemble Capital Management LP boosted its position in shares of Commercial Metals by 20.9% during the third quarter. Qsemble Capital Management LP now owns 8,973 shares of the basic materials company’s stock valued at $493,000 after buying an additional 1,549 shares during the last quarter. Finally, Quantbot Technologies LP bought a new stake in Commercial Metals in the 3rd quarter worth about $342,000. 86.90% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on CMC shares. Jefferies Financial Group lowered their target price on shares of Commercial Metals from $65.00 to $62.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. BNP Paribas downgraded shares of Commercial Metals from an “outperform” rating to a “neutral” rating in a research report on Friday, January 3rd. BMO Capital Markets cut their target price on shares of Commercial Metals from $58.00 to $54.00 and set a “market perform” rating for the company in a research report on Friday, March 21st. Morgan Stanley lowered their price target on Commercial Metals from $56.00 to $53.00 and set an “equal weight” rating on the stock in a report on Friday, March 7th. Finally, The Goldman Sachs Group assumed coverage on Commercial Metals in a report on Monday, December 2nd. They issued a “buy” rating and a $75.00 price objective for the company. Six equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Commercial Metals has an average rating of “Hold” and a consensus target price of $60.33.

Commercial Metals Trading Down 0.9 %

Shares of CMC stock opened at $48.36 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.76 and a quick ratio of 1.94. The company has a market cap of $5.50 billion, a price-to-earnings ratio of 43.57, a PEG ratio of 2.62 and a beta of 1.17. Commercial Metals has a 1 year low of $42.62 and a 1 year high of $64.53. The firm has a fifty day moving average price of $48.75 and a 200-day moving average price of $52.68.

Commercial Metals (NYSE:CMC) last released its quarterly earnings results on Thursday, March 20th. The basic materials company reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.31 by ($0.05). Commercial Metals had a net margin of 1.70% and a return on equity of 9.88%. The company had revenue of $1.75 billion for the quarter, compared to the consensus estimate of $1.73 billion. During the same period in the prior year, the firm posted $0.88 EPS. The business’s revenue for the quarter was down 5.1% on a year-over-year basis. As a group, equities analysts predict that Commercial Metals will post 3.09 earnings per share for the current year.

Commercial Metals Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 9th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.49%. The ex-dividend date is Monday, March 31st. Commercial Metals’s payout ratio is 120.00%.

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.