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

Key Points

• Bank of New York Mellon cut its stake in Commercial Metals by 12.8% in the fourth quarter, selling 141,681 shares and leaving it with 968,113 shares worth about $67.0 million.
• Analyst sentiment remains generally positive, with a Moderate Buy consensus and an average price target of $77.10; Morgan Stanley recently lifted its target to $83 and rated the stock overweight.
• Commercial Metals reported quarterly EPS of $1.16, missing estimates, while revenue of $2.13 billion topped expectations and rose 21.5% year over year. The company also raised its quarterly dividend to $0.20 per share.

Bank of New York Mellon Corp decreased its holdings in Commercial Metals Company (NYSE:CMC - Free Report) by 12.8% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 968,113 shares of the basic materials company's stock after selling 141,681 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.87% of Commercial Metals worth $67,013,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Merit Financial Group LLC acquired a new position in shares of Commercial Metals in the third quarter worth about $821,000. American Century Companies Inc. lifted its stake in shares of Commercial Metals by 6.6% in the third quarter. American Century Companies Inc. now owns 1,823,923 shares of the basic materials company's stock worth $104,474,000 after acquiring an additional 112,267 shares in the last quarter. Qsemble Capital Management LP increased its holdings in Commercial Metals by 118.6% in the fourth quarter. Qsemble Capital Management LP now owns 49,885 shares of the basic materials company's stock valued at $3,453,000 after buying an additional 27,062 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in Commercial Metals by 7.9% in the third quarter. JPMorgan Chase & Co. now owns 884,604 shares of the basic materials company's stock valued at $50,670,000 after buying an additional 64,491 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its holdings in Commercial Metals by 14.1% in the third quarter. Russell Investments Group Ltd. now owns 459,657 shares of the basic materials company's stock valued at $26,329,000 after buying an additional 56,705 shares during the last quarter. Institutional investors and hedge funds own 86.90% of the company's stock.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Jefferies Financial Group raised Commercial Metals from a "buy" rating to a "buy" rating in a report on Friday, June 5th. Wall Street Zen lowered Commercial Metals from a "strong-buy" rating to a "buy" rating in a report on Saturday, April 4th. Deutsche Bank Aktiengesellschaft raised Commercial Metals to a "buy" rating in a report on Friday, May 22nd. Barclays began coverage on Commercial Metals in a report on Thursday, May 21st. They issued an "equal weight" rating and a $75.00 price objective for the company. Finally, Morgan Stanley upped their target price on Commercial Metals from $75.00 to $83.00 and gave the company an "overweight" rating in a report on Friday, May 29th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $77.10.

Commercial Metals Stock Performance

Shares of 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 stock has a 50 day simple moving average of $69.31 and a 200-day simple moving average of $70.33. The company has a market cap of $8.42 billion, a PE ratio of 16.92, a P/E/G ratio of 0.44 and a beta of 1.50. Commercial Metals Company has a 12-month low of $47.06 and a 12-month high of $84.87.

Commercial Metals (NYSE:CMC - Get Free Report) last issued its quarterly earnings data on Thursday, March 26th. The basic materials company reported $1.16 earnings per share (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 business's quarterly revenue was up 21.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.26 earnings per share. On average, equities research analysts forecast that Commercial Metals Company will post 6.45 EPS for the current year.

Commercial Metals Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Monday, April 6th were given a dividend of $0.20 per share. This is a boost from Commercial Metals's previous quarterly dividend of $0.18. This represents a $0.80 annualized dividend and a dividend yield of 1.1%. The ex-dividend date was Monday, April 6th. Commercial Metals's payout ratio is presently 16.04%.

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.

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