Corebridge Financial Inc. Sells 12,264 Shares of Commercial Metals (NYSE:CMC)

Corebridge Financial Inc. trimmed its holdings in Commercial Metals (NYSE:CMC) by 6.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 184,745 shares of the basic materials company’s stock after selling 12,264 shares during the period. Corebridge Financial Inc.’s holdings in Commercial Metals were worth $9,163,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the business. Heck Capital Advisors LLC purchased a new position in Commercial Metals in the 4th quarter worth approximately $34,000. V Square Quantitative Management LLC lifted 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 buying an additional 267 shares in the last quarter. Jones Financial Companies Lllp lifted 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 buying an additional 297 shares in the last quarter. Amundi boosted its position in shares of Commercial Metals by 29.9% during 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 during the last quarter. Finally, GAMMA Investing LLC grew its stake 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 acquiring an additional 944 shares in the last quarter. Institutional investors own 86.90% of the company’s stock.

Commercial Metals Stock Performance

NYSE:CMC opened at $48.36 on Friday. The firm has a market capitalization of $5.50 billion, a PE ratio of 43.57, a PEG ratio of 2.62 and a beta of 1.17. The stock’s fifty day moving average is $48.75 and its 200 day moving average is $52.68. Commercial Metals has a fifty-two week low of $42.62 and a fifty-two 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.

Commercial Metals (NYSE:CMC) last announced its earnings results on Thursday, March 20th. The basic materials company reported $0.26 earnings per share 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 firm had revenue of $1.75 billion during the quarter, compared to analysts’ expectations of $1.73 billion. During the same period in the prior year, the company posted $0.88 EPS. The company’s revenue was down 5.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Commercial Metals will post 3.09 earnings per share for the current year.

Commercial Metals Dividend Announcement

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

Wall Street Analyst Weigh In

Several analysts have commented on the stock. BNP Paribas downgraded shares of Commercial Metals from an “outperform” rating to a “neutral” rating in a report on Friday, January 3rd. Jefferies Financial Group dropped their price target on Commercial Metals from $65.00 to $62.00 and set a “buy” rating for the company in a research note on Monday, January 6th. The Goldman Sachs Group initiated coverage on Commercial Metals in a report on Monday, December 2nd. They set a “buy” rating and a $75.00 price objective on the stock. UBS Group cut their target price on shares of Commercial Metals from $54.00 to $49.00 and set a “neutral” rating for the company in a report on Monday. Finally, Morgan Stanley decreased their price target on shares of Commercial Metals from $56.00 to $53.00 and set an “equal weight” rating on the stock in a research note on Friday, March 7th. Six investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, Commercial Metals has a consensus rating of “Hold” and a consensus price target of $60.33.

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.