Commercial Metals Company $CMC Shares Purchased by Millennium Management LLC

Key Points

• Millennium Management LLC significantly increased its stake in Commercial Metals Company by 124.3%, now holding 926,718 shares valued at approximately $42.6 million.
• Research firms have set a consensus rating of "Moderate Buy" for Commercial Metals, with an average price target of $58.81 and several upgrades in ratings over recent months.
• Commercial Metals Company reported a quarterly EPS of $0.74, missing expectations, and a revenue decline of 2.8% year-over-year, reflecting ongoing challenges in the market.

Millennium Management LLC raised its position in Commercial Metals Company (NYSE:CMC - Free Report) by 124.3% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 926,718 shares of the basic materials company's stock after acquiring an additional 513,630 shares during the period. Millennium Management LLC owned approximately 0.82% of Commercial Metals worth $42,638,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in CMC. BNP Paribas Financial Markets increased its holdings in shares of Commercial Metals by 11.5% in the 4th quarter. BNP Paribas Financial Markets now owns 33,198 shares of the basic materials company's stock valued at $1,647,000 after purchasing an additional 3,426 shares in the last quarter. Cetera Investment Advisers increased its holdings in shares of Commercial Metals by 36.0% in the 4th quarter. Cetera Investment Advisers now owns 6,567 shares of the basic materials company's stock valued at $326,000 after purchasing an additional 1,738 shares in the last quarter. Deutsche Bank AG increased its holdings in shares of Commercial Metals by 44.2% in the 4th quarter. Deutsche Bank AG now owns 106,005 shares of the basic materials company's stock valued at $5,258,000 after purchasing an additional 32,473 shares in the last quarter. Ethic Inc. increased its holdings in shares of Commercial Metals by 89.3% in the 4th quarter. Ethic Inc. now owns 7,292 shares of the basic materials company's stock valued at $362,000 after purchasing an additional 3,440 shares in the last quarter. Finally, Focus Partners Wealth increased its holdings in shares of Commercial Metals by 124.5% in the 4th quarter. Focus Partners Wealth now owns 17,742 shares of the basic materials company's stock valued at $880,000 after purchasing an additional 9,838 shares in the last quarter. Hedge funds and other institutional investors own 86.90% of the company's stock.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. Wolfe Research upgraded shares of Commercial Metals from a "peer perform" rating to an "outperform" rating in a report on Friday, June 20th. JPMorgan Chase & Co. raised their target price on shares of Commercial Metals from $52.00 to $54.00 and gave the company a "neutral" rating in a report on Monday, July 14th. Wall Street Zen downgraded shares of Commercial Metals from a "buy" rating to a "hold" rating in a report on Saturday. Morgan Stanley set a $57.50 target price on shares of Commercial Metals in a report on Wednesday, June 25th. Finally, Wells Fargo & Company upgraded shares of Commercial Metals to a "strong-buy" rating in a report on Thursday, August 14th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $58.81.

Commercial Metals Trading Up 0.9%

Shares of CMC traded up $0.54 during mid-day trading on Monday, hitting $58.38. The company had a trading volume of 112,912 shares, compared to its average volume of 1,076,615. The business's 50-day simple moving average is $54.88 and its 200-day simple moving average is $49.43. The company has a quick ratio of 2.00, a current ratio of 2.86 and a debt-to-equity ratio of 0.32. Commercial Metals Company has a 1-year low of $37.92 and a 1-year high of $64.53. The stock has a market cap of $6.53 billion, a PE ratio of 188.52, a P/E/G ratio of 1.75 and a beta of 1.33.

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

Commercial Metals Announces Dividend

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

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.