Panagora Asset Management Inc. Has $2.99 Million Stock Holdings in Commercial Metals Company $CMC

Key Points

• Panagora Asset Management Inc. reduced its holdings in Commercial Metals Company by 14.6%, selling 11,128 shares in the first quarter, resulting in ownership of approximately 0.06% of the company's stock, valued at $2,989,000.
• Commercial Metals reported $0.74 earnings per share for the quarter, missing analysts' expectations of $0.85, and had a revenue decline of 2.8% year-over-year with total revenue of $2.02 billion.
• The company declared a quarterly dividend of $0.18 per share, with a high dividend payout ratio of 232.26%, indicating a substantial return to shareholders despite financial pressures.

Panagora Asset Management Inc. reduced its stake in shares of Commercial Metals Company (NYSE:CMC - Free Report) by 14.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 64,968 shares of the basic materials company's stock after selling 11,128 shares during the quarter. Panagora Asset Management Inc. owned approximately 0.06% of Commercial Metals worth $2,989,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in the stock. Comerica Bank boosted its holdings in shares of Commercial Metals by 1.2% during the first quarter. Comerica Bank now owns 57,111 shares of the basic materials company's stock worth $2,628,000 after purchasing an additional 657 shares during the period. Campbell & CO Investment Adviser LLC bought a new stake in Commercial Metals in the first quarter worth approximately $1,371,000. Penn Capital Management Company LLC increased its stake in shares of Commercial Metals by 1,243.6% during the 1st quarter. Penn Capital Management Company LLC now owns 186,448 shares of the basic materials company's stock worth $8,611,000 after purchasing an additional 172,571 shares during the last quarter. Systematic Financial Management LP increased its stake in shares of Commercial Metals by 2.0% during the 1st quarter. Systematic Financial Management LP now owns 568,688 shares of the basic materials company's stock worth $26,165,000 after purchasing an additional 11,322 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. acquired a new position in shares of Commercial Metals during the 1st quarter worth $6,253,000. 86.90% of the stock is currently owned by institutional investors and hedge funds.

Commercial Metals Price Performance

Shares of NYSE CMC traded up $0.33 during midday trading on Monday, reaching $59.54. 250,419 shares of the company traded hands, compared to its average volume of 1,081,819. The stock's 50-day simple moving average is $54.13 and its 200-day simple moving average is $49.11. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.00 and a current ratio of 2.86. The firm has a market cap of $6.66 billion, a PE ratio of 192.11, a PEG ratio of 1.79 and a beta of 1.33. Commercial Metals Company has a 12 month low of $37.92 and a 12 month high of $64.53.

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

Commercial Metals Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 9th. Shareholders of record on Monday, June 30th were paid a $0.18 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $0.72 annualized dividend and a yield of 1.2%. Commercial Metals's dividend payout ratio is presently 232.26%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on CMC shares. Wolfe Research upgraded shares of Commercial Metals from a "peer perform" rating to an "outperform" rating in a research note on Friday, June 20th. BMO Capital Markets restated a "market perform" rating and issued a $55.00 price objective (down from $57.00) on shares of Commercial Metals in a research note on Tuesday, June 24th. UBS Group boosted their target price on shares of Commercial Metals from $48.00 to $56.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 13th. Wells Fargo & Company raised shares of Commercial Metals to a "strong-buy" rating in a research report on Thursday, August 14th. Finally, Morgan Stanley set a $57.50 target price on shares of Commercial Metals in a research report on Wednesday, June 25th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $58.81.

Commercial Metals Company Profile

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.