Millennium Management LLC Has $42.64 Million Stake in Commercial Metals Company $CMC

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 lifted its position in shares of Commercial Metals Company (NYSE:CMC - Free Report) by 124.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor 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 about 0.82% of Commercial Metals worth $42,638,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. National Bank of Canada FI increased its position in Commercial Metals by 80.3% in the first quarter. National Bank of Canada FI now owns 548 shares of the basic materials company's stock worth $25,000 after buying an additional 244 shares during the period. Park Square Financial Group LLC acquired a new stake in Commercial Metals in the fourth quarter worth $33,000. Heck Capital Advisors LLC acquired a new stake in Commercial Metals in the fourth quarter worth $34,000. UMB Bank n.a. increased its position in Commercial Metals by 51.9% in the first quarter. UMB Bank n.a. now owns 784 shares of the basic materials company's stock worth $36,000 after buying an additional 268 shares during the period. Finally, Wayfinding Financial LLC acquired a new position in shares of Commercial Metals during the first quarter valued at $47,000. 86.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. JPMorgan Chase & Co. raised their price target on Commercial Metals from $52.00 to $54.00 and gave the company a "neutral" rating in a report on Monday, July 14th. Wolfe Research raised Commercial Metals from a "peer perform" rating to an "outperform" rating in a report on Friday, June 20th. Morgan Stanley set a $57.50 target price on Commercial Metals in a research note on Wednesday, June 25th. Wells Fargo & Company raised Commercial Metals to a "strong-buy" rating in a research note on Thursday, August 14th. Finally, BMO Capital Markets reaffirmed a "market perform" rating and set a $55.00 target price (down previously from $57.00) on shares of Commercial Metals in a research note on Tuesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $58.81.

Commercial Metals Trading Down 2.4%

Shares of NYSE:CMC traded down $1.41 during midday trading on Friday, reaching $57.86. The company had a trading volume of 624,623 shares, compared to its average volume of 849,103. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.00 and a current ratio of 2.86. Commercial Metals Company has a 1-year low of $37.92 and a 1-year high of $64.53. The firm has a market cap of $6.48 billion, a price-to-earnings ratio of 186.65, a price-to-earnings-growth ratio of 1.79 and a beta of 1.33. The company has a fifty day simple moving average of $54.88 and a two-hundred day simple moving average of $49.42.

Commercial Metals (NYSE:CMC - Get Free Report) last released 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). Commercial Metals had a net margin of 0.48% and a return on equity of 7.45%. The company had revenue of $2.02 billion during the quarter, compared to analyst estimates of $2.04 billion. During the same quarter last year, the business earned $1.02 EPS. The company's revenue for the quarter was down 2.8% compared to the same quarter last year. Research analysts predict that Commercial Metals Company will post 3.09 earnings per share for the current year.

Commercial Metals Dividend Announcement

The firm also recently disclosed 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. The ex-dividend date was Monday, June 30th. This represents a $0.72 dividend on an annualized basis and a yield of 1.2%. Commercial Metals's dividend payout ratio (DPR) is presently 232.26%.

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.