Bank of New York Mellon Corp Reduces Stock Position in Commercial Metals Company (NYSE:CMC)

Bank of New York Mellon Corp lowered its position in shares of Commercial Metals Company (NYSE:CMC - Free Report) by 4.2% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,115,487 shares of the basic materials company's stock after selling 48,433 shares during the period. Bank of New York Mellon Corp owned about 0.99% of Commercial Metals worth $51,324,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of CMC. Norges Bank purchased a new stake in shares of Commercial Metals in the 4th quarter worth about $69,261,000. Franklin Resources Inc. lifted its position in shares of Commercial Metals by 87.0% in the 4th quarter. Franklin Resources Inc. now owns 1,919,445 shares of the basic materials company's stock worth $95,204,000 after purchasing an additional 893,094 shares during the period. Balyasny Asset Management L.P. lifted its position in shares of Commercial Metals by 15,350.0% in the 4th quarter. Balyasny Asset Management L.P. now owns 568,095 shares of the basic materials company's stock worth $28,178,000 after purchasing an additional 564,418 shares during the period. JPMorgan Chase & Co. lifted its position in shares of Commercial Metals by 45.8% in the 4th quarter. JPMorgan Chase & Co. now owns 1,576,316 shares of the basic materials company's stock worth $78,185,000 after purchasing an additional 495,163 shares during the period. Finally, First Trust Advisors LP lifted its position in shares of Commercial Metals by 34.1% in the 4th quarter. First Trust Advisors LP now owns 1,754,840 shares of the basic materials company's stock worth $87,040,000 after purchasing an additional 446,317 shares during the period. 86.90% of the stock is owned by hedge funds and other institutional investors.

Commercial Metals Stock Down 1.2%

Shares of Commercial Metals stock opened at $52.17 on Friday. The firm has a market cap of $5.84 billion, a price-to-earnings ratio of 168.29, a PEG ratio of 2.11 and a beta of 1.26. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.86 and a quick ratio of 2.00. Commercial Metals Company has a 1 year low of $37.92 and a 1 year high of $64.53. The company has a 50-day moving average of $48.84 and a 200 day moving average of $47.78.

Commercial Metals (NYSE:CMC - Get Free Report) last issued its earnings results on Monday, June 23rd. The basic materials company reported $0.74 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.85 by ($0.11). The firm had revenue of $2.02 billion during the quarter, compared to analysts' expectations of $2.04 billion. Commercial Metals had a return on equity of 7.45% and a net margin of 0.48%. The firm's quarterly revenue was down 2.8% on a year-over-year basis. During the same period last year, the firm posted $1.02 earnings per share. As a group, sell-side analysts anticipate that Commercial Metals Company will post 3.09 earnings per share for the current fiscal year.

Commercial Metals Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 9th. Shareholders of record on Monday, June 30th were issued a $0.18 dividend. The ex-dividend date was Monday, June 30th. This represents a $0.72 annualized dividend and a yield of 1.38%. Commercial Metals's dividend payout ratio (DPR) is presently 232.26%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. BMO Capital Markets reaffirmed a "market perform" rating and issued a $55.00 target price (down from $57.00) on shares of Commercial Metals in a research report on Tuesday, June 24th. JPMorgan Chase & Co. assumed coverage on shares of Commercial Metals in a research report on Friday, May 30th. They issued a "neutral" rating and a $52.00 target price for the company. Jefferies Financial Group reiterated a "buy" rating on shares of Commercial Metals in a research note on Friday, June 20th. UBS Group reiterated a "neutral" rating on shares of Commercial Metals in a research note on Friday, June 20th. Finally, Morgan Stanley set a $57.50 price target on shares of Commercial Metals in a research note on Wednesday, June 25th. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $57.21.

About Commercial Metals

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.

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