Bank of New York Mellon Corp Grows Stake in Commercial Metals Company $CMC

Bank of New York Mellon Corp lifted its holdings in shares of Commercial Metals Company (NYSE:CMC) by 0.9% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor 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’s holdings in Commercial Metals were worth $60,019,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the business. Global Retirement Partners LLC lifted its position in shares of Commercial Metals by 110.7% during the 4th quarter. Global Retirement Partners LLC now owns 573 shares of the basic materials company’s stock worth $40,000 after buying an additional 301 shares during the last quarter. V Square Quantitative Management LLC purchased a new position in shares of Commercial Metals in the 4th quarter valued at $54,000. Caitong International Asset Management Co. Ltd grew its position in shares of 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 valued at $58,000 after buying an additional 716 shares during the last quarter. Los Angeles Capital Management LLC acquired a new stake in Commercial Metals during the 4th quarter worth $59,000. Finally, Colonial Trust Co SC acquired a new stake in Commercial Metals during the 4th quarter worth $81,000. Hedge funds and other institutional investors own 86.90% of the company’s stock.

Insider Activity at Commercial Metals

In other news, CEO Peter R. Matt bought 8,230 shares of Commercial Metals 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 owned 181,522 shares of the company’s stock, valued at approximately $11,127,298.60. The trade was a 4.75% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.62% of the company’s stock.

Analysts Set New Price Targets

CMC has been the subject of several research analyst reports. Wall Street Zen downgraded shares of Commercial Metals from a “strong-buy” rating to a “buy” rating in a research note on Saturday, April 4th. JPMorgan Chase & Co. cut their target price on Commercial Metals from $83.00 to $78.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 14th. BMO Capital Markets reduced their target price on Commercial Metals from $80.00 to $77.00 and set a “market perform” rating for the company in a report on Monday, June 29th. Weiss Ratings raised Commercial Metals from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, June 30th. Finally, Barclays initiated coverage on shares of Commercial Metals in a research report on Thursday, May 21st. They set an “equal weight” rating and a $75.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, Commercial Metals presently has a consensus rating of “Moderate Buy” and an average price target of $79.45.

Commercial Metals Trading Down 0.2%

Shares of CMC stock opened at $67.96 on Friday. The company has a market capitalization of $7.52 billion, a P/E ratio of 12.80, a price-to-earnings-growth 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. The business’s 50 day moving average is $70.18 and its two-hundred day moving average is $70.51. Commercial Metals Company has a twelve month low of $49.66 and a twelve month high of $84.87.

Commercial Metals (NYSE:CMC) last released its quarterly earnings results 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. Commercial Metals had a return on equity of 15.69% and a net margin of 6.72%.The business had revenue of $2.48 billion during the quarter, compared to analysts’ expectations of $2.40 billion. During the same quarter in the prior year, the business earned $0.74 earnings per share. The company’s quarterly revenue was up 22.9% compared to the same quarter last year. Equities analysts forecast that Commercial Metals Company will post 6.63 EPS for the current year.

Commercial Metals Dividend Announcement

The company also recently disclosed 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. The ex-dividend date was Monday, July 6th. This represents a $0.80 dividend on an annualized basis and a yield of 1.2%. Commercial Metals’s dividend payout ratio is presently 15.07%.

Commercial Metals Company 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.