First Trust Advisors LP Cuts Position in Commercial Metals Company $CMC

First Trust Advisors LP trimmed its stake in Commercial Metals Company (NYSE:CMC) by 36.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 660,232 shares of the basic materials company’s stock after selling 370,928 shares during the period. First Trust Advisors LP’s holdings in Commercial Metals were worth $32,292,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Paulson Wealth Management Inc. lifted its position in shares of Commercial Metals by 5.2% during the second quarter. Paulson Wealth Management Inc. now owns 4,674 shares of the basic materials company’s stock valued at $229,000 after buying an additional 229 shares during the last quarter. National Bank of Canada FI grew its position in shares of Commercial Metals by 80.3% in the 1st quarter. National Bank of Canada FI now owns 548 shares of the basic materials company’s stock worth $25,000 after buying an additional 244 shares during the last quarter. Atlas Private Wealth Advisors lifted its position in Commercial Metals by 1.6% during the second quarter. Atlas Private Wealth Advisors now owns 16,299 shares of the basic materials company’s stock valued at $797,000 after acquiring an additional 249 shares during the last quarter. Fulton Bank N.A. lifted its position in Commercial Metals by 3.2% during the second quarter. Fulton Bank N.A. now owns 8,309 shares of the basic materials company’s stock valued at $406,000 after acquiring an additional 261 shares during the last quarter. Finally, Harbour Investments Inc. boosted its stake in Commercial Metals by 17.5% in the second quarter. Harbour Investments Inc. now owns 1,830 shares of the basic materials company’s stock valued at $90,000 after acquiring an additional 273 shares in the last quarter. Institutional investors own 86.90% of the company’s stock.

Insider Buying and Selling

In other Commercial Metals news, Director John R. Mcpherson purchased 1,722 shares of the stock in a transaction on Monday, October 20th. The shares were bought at an average cost of $58.09 per share, with a total value of $100,030.98. Following the completion of the acquisition, the director owned 6,722 shares in the company, valued at $390,480.98. This trade represents a 34.44% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.62% of the company’s stock.

Commercial Metals Trading Up 5.1%

Shares of NYSE:CMC opened at $69.53 on Thursday. The company has a quick ratio of 2.03, a current ratio of 2.78 and a debt-to-equity ratio of 0.31. Commercial Metals Company has a 52-week low of $37.92 and a 52-week high of $69.83. The stock has a market cap of $7.72 billion, a price-to-earnings ratio of 91.48, a PEG ratio of 0.42 and a beta of 1.49. The business has a 50-day moving average price of $60.49 and a 200-day moving average price of $55.95.

Commercial Metals (NYSE:CMC) last issued its quarterly earnings results on Thursday, October 16th. The basic materials company reported $1.37 earnings per share for the quarter, topping the consensus estimate of $1.32 by $0.05. Commercial Metals had a net margin of 1.09% and a return on equity of 8.76%. The company had revenue of $2.11 billion for the quarter, compared to the consensus estimate of $2.10 billion. During the same quarter in the prior year, the company earned $0.90 EPS. Commercial Metals’s quarterly revenue was up 5.9% on a year-over-year basis. Equities analysts predict that Commercial Metals Company will post 3.09 EPS for the current year.

Commercial Metals Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 13th. Investors of record on Thursday, October 30th were given a dividend of $0.18 per share. The ex-dividend date was Thursday, October 30th. This represents a $0.72 dividend on an annualized basis and a yield of 1.0%. Commercial Metals’s payout ratio is currently 94.74%.

Analyst Ratings Changes

Several analysts have recently commented on CMC shares. Morgan Stanley upgraded Commercial Metals from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $57.50 to $68.00 in a report on Friday, October 24th. Weiss Ratings reiterated a “hold (c)” rating on shares of Commercial Metals in a research note on Wednesday, October 8th. Bank of America boosted their price target on Commercial Metals from $60.00 to $70.00 and gave the stock a “buy” rating in a research note on Monday, September 15th. Citigroup upgraded shares of Commercial Metals from a “neutral” rating to a “buy” rating and upped their price objective for the company from $60.00 to $65.00 in a report on Friday, October 17th. Finally, The Goldman Sachs Group lifted their target price on shares of Commercial Metals from $69.00 to $76.00 and gave the stock a “buy” rating in a research note on Thursday, October 23rd. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $66.40.

Commercial Metals Company Profile

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.