Fmr LLC Sells Shares in Commercial Metals (NYSE:CMC)

December 02, 2024 08:05 AM PST | By Team Kalkine Media

Fmr LLC Sells Shares in Commercial Metals (NYSE:CMC) — Image source: shutterstock

Institutional Investors Adjust Positions

Along with Fmr LLC, other institutional investors made significant moves in the third quarter. Notably, nVerses Capital LLC and Archer Investment Corp. both acquired new positions in the company. KBC Group NV also increased its stake by 15.9%, reinforcing the growing involvement of institutional players in the stock. As of now, hedge funds and institutional investors collectively own 86.90% of Commercial Metals, indicating a strong institutional presence.

Stock Performance and Financial Health

Commercial Metals opened at $61.69 on Monday, with a market capitalization of $7.03 billion. The stock has shown stability, with a price-to-earnings ratio of 14.90 and a price-to-earnings growth ratio of 2.74. Over the last year, the stock has fluctuated between $44.78 and $63.40. The company’s financial standing is solid, with a low debt-to-equity ratio of 0.27, showcasing a conservative approach to debt. The strong liquidity is further evident from the current ratio of 3.94 and the quick ratio of 2.78, underscoring the company’s ability to meet short-term obligations.

Earnings Report and Dividend Declaration

Commercial Metals reported a slight miss on earnings for the third quarter, posting earnings per share of $0.90, just below the consensus estimate of $0.91. The company’s revenue totaled $2 billion for the quarter, which was slightly below analysts’ expectations of $2.07 billion. On a positive note, the company declared a quarterly dividend of $0.18 per share, translating to an annual dividend yield of 1.17%. With a payout ratio of 17.39%, this move highlights Commercial Metals' approach to rewarding shareholders while maintaining a healthy balance sheet.

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