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

Fifth Third Bancorp boosted its stake in shares of Commercial Metals Company (NYSE:CMC) by 3,893.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 55,784 shares of the basic materials company’s stock after acquiring an additional 54,387 shares during the quarter. Fifth Third Bancorp’s holdings in Commercial Metals were worth $3,427,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Global Retirement Partners LLC lifted its position in Commercial Metals by 110.7% in the fourth quarter. Global Retirement Partners LLC now owns 573 shares of the basic materials company’s stock valued at $40,000 after purchasing an additional 301 shares during the last quarter. V Square Quantitative Management LLC purchased a new stake in Commercial Metals during the 4th quarter valued at $54,000. Caitong International Asset Management Co. Ltd grew its holdings in Commercial Metals by 617.2% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 832 shares of the basic materials company’s stock worth $58,000 after acquiring an additional 716 shares during the last quarter. Los Angeles Capital Management LLC bought a new stake in Commercial Metals in the 4th quarter worth $59,000. Finally, Colonial Trust Co SC purchased a new position in shares of Commercial Metals in the fourth quarter valued at about $81,000. 86.90% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. BNP Paribas Exane raised shares of Commercial Metals from a “neutral” rating to an “outperform” rating and set a $75.00 price objective for the company in a research note on Wednesday, July 8th. Wall Street Zen lowered Commercial Metals from a “strong-buy” rating to a “buy” rating in a research report on Saturday, April 4th. Weiss Ratings upgraded Commercial Metals from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, June 30th. Morgan Stanley lifted their price objective on Commercial Metals from $83.00 to $88.00 and gave the stock an “overweight” rating in a research report on Monday, June 22nd. Finally, Citigroup reduced their target price on Commercial Metals from $85.00 to $75.00 and set a “buy” rating on the stock in a research note on Tuesday, July 7th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $79.45.

Insider Activity

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

Commercial Metals Price Performance

Shares of NYSE CMC opened at $66.44 on Monday. Commercial Metals Company has a 1 year low of $49.66 and a 1 year high of $84.87. The company has a debt-to-equity ratio of 0.73, a current ratio of 2.33 and a quick ratio of 1.54. The company’s 50-day moving average is $70.48 and its 200 day moving average is $70.58. The stock has a market capitalization of $7.35 billion, a P/E ratio of 12.51, a P/E/G ratio of 0.38 and a beta of 1.54.

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

Commercial Metals Dividend Announcement

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

Commercial Metals Profile

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.