Invesco Ltd. Acquires 424,313 Shares of Commercial Metals Company $CMC

Key Points

• Invesco Ltd. increased its stake in Commercial Metals Company (CMC) by 37.1%, owning approximately 1.39% worth $72 million after acquiring 424,313 additional shares.
• Commercial Metals reported earnings per share of $0.74, missing expectations of $0.85, and a revenue of $2.02 billion, slightly below the anticipated $2.04 billion.
• The company announced a quarterly dividend of $0.18 per share, leading to an annualized payout of $0.72 and a yield of 1.3%.

Invesco Ltd. grew its holdings in Commercial Metals Company (NYSE:CMC - Free Report) by 37.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,568,021 shares of the basic materials company's stock after buying an additional 424,313 shares during the period. Invesco Ltd. owned 1.39% of Commercial Metals worth $72,145,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in CMC. National Bank of Canada FI increased its stake in shares of Commercial Metals by 80.3% during the first quarter. National Bank of Canada FI now owns 548 shares of the basic materials company's stock worth $25,000 after purchasing an additional 244 shares during the period. Park Square Financial Group LLC bought a new position in shares of Commercial Metals during the fourth quarter worth approximately $33,000. Heck Capital Advisors LLC bought a new position in shares of Commercial Metals during the fourth quarter worth approximately $34,000. UMB Bank n.a. increased its stake in shares of Commercial Metals by 51.9% during the first quarter. UMB Bank n.a. now owns 784 shares of the basic materials company's stock worth $36,000 after purchasing an additional 268 shares during the period. Finally, Wayfinding Financial LLC bought a new position in shares of Commercial Metals during the first quarter worth approximately $47,000. Institutional investors own 86.90% of the company's stock.

Commercial Metals Price Performance

Commercial Metals stock traded down $0.1980 during mid-day trading on Thursday, reaching $56.2220. 528,006 shares of the company were exchanged, compared to its average volume of 895,221. Commercial Metals Company has a 12 month low of $37.92 and a 12 month high of $64.53. The company has a fifty day simple moving average of $52.23 and a 200-day simple moving average of $48.59. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.86 and a quick ratio of 2.00. The firm has a market cap of $6.29 billion, a PE ratio of 181.36, a PEG ratio of 2.60 and a beta of 1.28.

Commercial Metals (NYSE:CMC - Get Free Report) last issued its quarterly 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). Commercial Metals had a net margin of 0.48% and a return on equity of 7.45%. The business had revenue of $2.02 billion during the quarter, compared to the consensus estimate of $2.04 billion. During the same quarter in the previous year, the business posted $1.02 EPS. The company's revenue for the quarter was down 2.8% on a year-over-year basis. As a group, equities research analysts expect that Commercial Metals Company will post 3.09 earnings per share for the current fiscal year.

Commercial Metals Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 9th. Stockholders of record on Monday, June 30th were paid a $0.18 dividend. The ex-dividend date was Monday, June 30th. This represents a $0.72 annualized dividend and a dividend yield of 1.3%. Commercial Metals's dividend payout ratio (DPR) is presently 232.26%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Jefferies Financial Group reiterated a "buy" rating on shares of Commercial Metals in a research note on Friday, June 20th. BMO Capital Markets restated a "market perform" rating and set a $55.00 price objective (down previously from $57.00) on shares of Commercial Metals in a research note on Tuesday, June 24th. Morgan Stanley set a $57.50 price objective on Commercial Metals in a research note on Wednesday, June 25th. UBS Group raised their price objective on Commercial Metals from $48.00 to $56.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 13th. Finally, JPMorgan Chase & Co. raised their price objective on Commercial Metals from $52.00 to $54.00 and gave the stock a "neutral" rating in a research note on Monday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock 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.