Commercial Metals Company $CMC Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp trimmed its position in Commercial Metals Company (NYSE:CMC) by 12.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 968,113 shares of the basic materials company’s stock after selling 141,681 shares during the period. Bank of New York Mellon Corp’s holdings in Commercial Metals were worth $67,013,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Rothschild Investment LLC lifted its position in shares of Commercial Metals by 169.6% during the 3rd quarter. Rothschild Investment LLC now owns 515 shares of the basic materials company’s stock valued at $29,000 after acquiring an additional 324 shares during the last quarter. 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 valued at $40,000 after acquiring an additional 301 shares during the last quarter. V Square Quantitative Management LLC acquired a new stake in shares of Commercial Metals during the 4th quarter valued at $54,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Commercial Metals during the 3rd quarter valued at $73,000. Finally, Exchange Traded Concepts LLC acquired a new stake in shares of Commercial Metals during the 4th quarter valued at $93,000. Institutional investors and hedge funds own 86.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CMC. JPMorgan Chase & Co. cut their price objective on Commercial Metals from $83.00 to $78.00 and set an “overweight” rating for the company in a research report on Tuesday, April 14th. KeyCorp initiated coverage on shares of Commercial Metals in a research note on Wednesday, March 25th. They set a “sector weight” rating on the stock. The Goldman Sachs Group initiated coverage on shares of Commercial Metals in a research note on Wednesday, April 1st. They set a “neutral” rating and a $74.00 target price on the stock. Jefferies Financial Group raised shares of Commercial Metals from a “buy” rating to a “buy” rating in a research note on Friday, June 5th. Finally, Wells Fargo & Company reissued an “equal weight” rating and set a $77.00 target price on shares of Commercial Metals in a research note on Thursday, June 4th. One investment 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’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $77.10.

Commercial Metals Trading Up 3.3%

NYSE CMC opened at $75.95 on Wednesday. The company has a current ratio of 2.38, a quick ratio of 1.55 and a debt-to-equity ratio of 0.75. The company has a market capitalization of $8.42 billion, a PE ratio of 16.92, a price-to-earnings-growth ratio of 0.44 and a beta of 1.50. Commercial Metals Company has a 1-year low of $47.06 and a 1-year high of $84.87. The firm’s fifty day simple moving average is $69.31 and its 200-day simple moving average is $70.33.

Commercial Metals (NYSE:CMC) last posted its earnings results on Thursday, March 26th. The basic materials company reported $1.16 EPS for the quarter, missing the consensus estimate of $1.28 by ($0.12). The business had revenue of $2.13 billion for the quarter, compared to analyst estimates of $2.10 billion. Commercial Metals had a return on equity of 13.54% and a net margin of 6.02%.The company’s quarterly revenue was up 21.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.26 earnings per share. As a group, sell-side analysts anticipate that Commercial Metals Company will post 6.45 earnings per share for the current fiscal year.

Commercial Metals Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Monday, April 6th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, April 6th. This is a positive change from Commercial Metals’s previous quarterly dividend of $0.18. This represents a $0.80 annualized dividend and a yield of 1.1%. Commercial Metals’s dividend payout ratio (DPR) is currently 16.04%.

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.