Commercial Metals Company (NYSE:CMC) Shares Bought by Fifth Third Bancorp

Fifth Third Bancorp boosted its holdings in shares of Commercial Metals Company (NYSE:CMC) by 21.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,595 shares of the basic materials company’s stock after buying an additional 279 shares during the period. Fifth Third Bancorp’s holdings in Commercial Metals were worth $73,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Bank of Montreal Can increased its position in Commercial Metals by 9.5% during the 4th quarter. Bank of Montreal Can now owns 15,801 shares of the basic materials company’s stock valued at $784,000 after buying an additional 1,369 shares in the last quarter. GAMMA Investing LLC increased its position in Commercial Metals by 5,679.9% during the 1st quarter. GAMMA Investing LLC now owns 150,913 shares of the basic materials company’s stock valued at $6,944,000 after buying an additional 148,302 shares in the last quarter. Bank of New York Mellon Corp increased its position in Commercial Metals by 6.7% during the 4th quarter. Bank of New York Mellon Corp now owns 1,163,920 shares of the basic materials company’s stock valued at $57,730,000 after buying an additional 73,368 shares in the last quarter. Rhumbline Advisers increased its position in Commercial Metals by 0.4% during the 4th quarter. Rhumbline Advisers now owns 390,615 shares of the basic materials company’s stock valued at $19,374,000 after buying an additional 1,670 shares in the last quarter. Finally, Truist Financial Corp increased its position in Commercial Metals by 3.5% during the 4th quarter. Truist Financial Corp now owns 7,150 shares of the basic materials company’s stock valued at $355,000 after buying an additional 242 shares in the last quarter. 86.90% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have weighed in on CMC. Wolfe Research upgraded Commercial Metals from a “peer perform” rating to an “outperform” rating in a research note on Friday. JPMorgan Chase & Co. began coverage on Commercial Metals in a research note on Friday, May 30th. They set a “neutral” rating and a $52.00 price target on the stock. UBS Group reiterated a “neutral” rating on shares of Commercial Metals in a research note on Friday. BMO Capital Markets dropped their price target on Commercial Metals from $58.00 to $54.00 and set a “market perform” rating on the stock in a research note on Friday, March 21st. Finally, Jefferies Financial Group reiterated a “buy” rating on shares of Commercial Metals in a research note on Friday. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $58.00.

Commercial Metals Stock Down 0.9%

Shares of CMC opened at $48.62 on Friday. Commercial Metals Company has a 52 week low of $37.92 and a 52 week high of $64.53. The company has a quick ratio of 1.94, a current ratio of 2.82 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $5.49 billion, a price-to-earnings ratio of 81.03, a PEG ratio of 2.77 and a beta of 1.27. The stock’s 50-day moving average price is $46.57 and its 200-day moving average price is $48.37.

Commercial Metals (NYSE:CMC) last issued its earnings results on Thursday, March 20th. The basic materials company reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.05). Commercial Metals had a return on equity of 8.23% and a net margin of 0.94%. The company had revenue of $1.75 billion during the quarter, compared to analysts’ expectations of $1.73 billion. During the same quarter in the previous year, the company earned $0.88 EPS. The firm’s quarterly revenue was down 5.1% compared to the same quarter last year. On average, sell-side analysts predict that Commercial Metals Company will post 3.09 EPS for the current year.

Commercial Metals Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 9th. Stockholders of record on Monday, June 30th will be paid a $0.18 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.48%. Commercial Metals’s payout ratio is 120.00%.

Insider Transactions at Commercial Metals

In related news, Director John R. Mcpherson bought 2,475 shares of the stock in a transaction dated Friday, April 4th. The shares were purchased at an average price of $40.42 per share, for a total transaction of $100,039.50. Following the completion of the purchase, the director now directly owns 15,141 shares of the company’s stock, valued at $611,999.22. This represents a 19.54% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.46% of the company’s stock.

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.