Fifth Third Bancorp Purchases 54,387 Shares of Commercial Metals Company $CMC

Fifth Third Bancorp increased its position in Commercial Metals Company (NYSE:CMC) by 3,893.1% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 55,784 shares of the basic materials company’s stock after acquiring an additional 54,387 shares during the quarter. Fifth Third Bancorp owned about 0.05% of Commercial Metals worth $3,427,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Royal Bank of Canada grew its stake in Commercial Metals by 1.4% in the 1st quarter. Royal Bank of Canada now owns 90,989 shares of the basic materials company’s stock valued at $4,186,000 after buying an additional 1,219 shares in the last quarter. Amundi grew its holdings in Commercial Metals by 13.3% during the 1st quarter. Amundi now owns 2,480 shares of the basic materials company’s stock valued at $114,000 after buying an additional 291 shares in the last quarter. Jones Financial Companies Lllp grew its holdings in Commercial Metals by 614.9% during the 1st quarter. Jones Financial Companies Lllp now owns 11,767 shares of the basic materials company’s stock valued at $541,000 after buying an additional 10,121 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Commercial Metals by 5.8% in 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 buying an additional 56,875 shares in the last quarter. Finally, Empowered Funds LLC grew 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 valued at $2,453,000 after acquiring an additional 941 shares in the last quarter. 86.90% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have issued reports on CMC. BMO Capital Markets lowered their target price on shares of Commercial Metals from $80.00 to $77.00 and set a “market perform” rating on the stock in a research note on Monday, June 29th. Citigroup dropped their price objective on Commercial Metals from $85.00 to $75.00 and set a “buy” rating for the company in a research note on Tuesday, July 7th. JPMorgan Chase & Co. decreased their target price on Commercial Metals from $83.00 to $78.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 14th. UBS Group raised Commercial Metals from a “neutral” rating to a “buy” rating and raised their price target for the company from $79.00 to $89.00 in a report on Wednesday, May 13th. Finally, Barclays started coverage on Commercial Metals in a research report on Thursday, May 21st. They set an “equal weight” rating and a $75.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $79.45.

Insider Activity at Commercial Metals

In other Commercial Metals news, CEO Peter R. Matt acquired 8,230 shares of the stock in a transaction dated Friday, July 10th. The stock was purchased at an average cost of $61.30 per share, for a total transaction of $504,499.00. Following the acquisition, the chief executive officer owned 181,522 shares in the company, valued at $11,127,298.60. The trade was a 4.75% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.62% of the company’s stock.

Commercial Metals Stock Up 0.0%

Shares of NYSE:CMC opened at $66.44 on Monday. The firm has a market capitalization of $7.35 billion, a PE ratio of 12.51, a price-to-earnings-growth ratio of 0.38 and a beta of 1.54. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.54 and a current ratio of 2.33. Commercial Metals Company has a 52-week low of $49.66 and a 52-week high of $84.87. The firm has a fifty day moving average of $70.48 and a 200 day moving average of $70.58.

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. The firm had revenue of $2.48 billion during the quarter, compared to analyst estimates of $2.40 billion. Commercial Metals had a return on equity of 15.69% and a net margin of 6.72%.The company’s revenue was up 22.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.74 earnings per share. As a group, research analysts anticipate that Commercial Metals Company will post 6.63 EPS for the current fiscal year.

Commercial Metals Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Monday, July 6th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date was Monday, July 6th. Commercial Metals’s dividend payout ratio (DPR) is presently 15.07%.

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.