Bank of New York Mellon Corp Increases Position in Commercial Metals Company $CMC

Bank of New York Mellon Corp raised its holdings in Commercial Metals Company (NYSE:CMC) by 0.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 977,024 shares of the basic materials company’s stock after acquiring an additional 8,911 shares during the period. Bank of New York Mellon Corp owned approximately 0.88% of Commercial Metals worth $60,019,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Royal Bank of Canada raised its holdings in shares of Commercial Metals by 1.4% during the 1st quarter. Royal Bank of Canada now owns 90,989 shares of the basic materials company’s stock worth $4,186,000 after acquiring an additional 1,219 shares during the period. Amundi increased its position in Commercial Metals by 13.3% during the first quarter. Amundi now owns 2,480 shares of the basic materials company’s stock worth $114,000 after purchasing an additional 291 shares during the last quarter. Jones Financial Companies Lllp increased its position in Commercial Metals by 614.9% during the first quarter. Jones Financial Companies Lllp now owns 11,767 shares of the basic materials company’s stock worth $541,000 after purchasing an additional 10,121 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in Commercial Metals by 5.8% during the first quarter. Goldman Sachs Group Inc. now owns 1,033,514 shares of the basic materials company’s stock worth $47,552,000 after purchasing an additional 56,875 shares during the period. Finally, Empowered Funds LLC raised its stake in Commercial Metals by 1.8% during the first quarter. Empowered Funds LLC now owns 53,305 shares of the basic materials company’s stock worth $2,453,000 after purchasing an additional 941 shares during the period. 86.90% of the stock is owned by hedge funds and other institutional investors.

Commercial Metals Price Performance

CMC opened at $67.96 on Friday. The stock’s 50-day moving average price is $70.18 and its 200 day moving average price is $70.51. Commercial Metals Company has a 12-month low of $49.66 and a 12-month high of $84.87. The firm has a market cap of $7.52 billion, a price-to-earnings ratio of 12.80, a PEG ratio of 0.39 and a beta of 1.54. The company has a current ratio of 2.33, a quick ratio of 1.54 and a debt-to-equity ratio of 0.73.

Commercial Metals (NYSE:CMC) last issued its quarterly earnings results on Thursday, June 25th. The basic materials company reported $1.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.70 by $0.03. Commercial Metals had a net margin of 6.72% and a return on equity of 15.69%. The business had revenue of $2.48 billion for the quarter, compared to analysts’ expectations of $2.40 billion. During the same quarter in the prior year, the company earned $0.74 earnings per share. The business’s quarterly revenue was up 22.9% on a year-over-year basis. As a group, sell-side analysts expect that Commercial Metals Company will post 6.63 earnings per share for the current year.

Commercial Metals Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Monday, July 6th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend was Monday, July 6th. Commercial Metals’s payout ratio is presently 15.07%.

Analyst Ratings Changes

CMC has been the topic of a number of recent analyst reports. BMO Capital Markets decreased their price objective on Commercial Metals from $80.00 to $77.00 and set a “market perform” rating on the stock in a report on Monday, June 29th. Morgan Stanley upped their price target on Commercial Metals from $83.00 to $88.00 and gave the company an “overweight” rating in a research note on Monday, June 22nd. Wells Fargo & Company increased their price target on Commercial Metals from $77.00 to $80.00 and gave the stock an “equal weight” rating in a report on Friday, June 26th. Deutsche Bank Aktiengesellschaft upgraded shares of Commercial Metals to a “buy” rating in a research report on Friday, May 22nd. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Commercial Metals from $83.00 to $78.00 and set an “overweight” rating on the stock in a report on Tuesday, April 14th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $79.45.

Insider Buying and Selling

In related news, CEO Peter R. Matt acquired 8,230 shares of the firm’s stock in a transaction dated Friday, July 10th. The stock was acquired at an average price of $61.30 per share, for a total transaction of $504,499.00. Following the purchase, the chief executive officer owned 181,522 shares of the company’s stock, valued at $11,127,298.60. This represents a 4.75% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.62% of the stock is owned by insiders.

About Commercial Metals

Commercial Metals Company (NYSE: CMC) is a leading global steel and metal recycler, manufacturer and fabricator based in Irving, Texas. The company operates an integrated network of scrap recycling facilities, electric arc furnace steel mills, metal fabrication plants and distribution centers. Through these operations, Commercial Metals collects and processes ferrous scrap to produce finished steel products and provides recycled metal to a variety of end markets.

In its steelmaking segment, CMC uses electric arc furnace technology to transform recycled scrap into reinforcing bar (rebar), merchant bar, coil and structural products.