Invesco Ltd. Buys 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. increased its position in shares of Commercial Metals Company (NYSE:CMC - Free Report) by 37.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,568,021 shares of the basic materials company's stock after purchasing 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.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Bank of Montreal Can grew its position in Commercial Metals by 9.5% in the fourth quarter. Bank of Montreal Can now owns 15,801 shares of the basic materials company's stock worth $784,000 after buying an additional 1,369 shares during the last quarter. Renaissance Technologies LLC grew its position in Commercial Metals by 395.3% in the fourth quarter. Renaissance Technologies LLC now owns 149,100 shares of the basic materials company's stock worth $7,395,000 after buying an additional 119,000 shares during the last quarter. Sterling Capital Management LLC grew its position in Commercial Metals by 811.2% in the fourth quarter. Sterling Capital Management LLC now owns 3,654 shares of the basic materials company's stock worth $181,000 after buying an additional 3,253 shares during the last quarter. Townsquare Capital LLC acquired a new position in Commercial Metals in the fourth quarter worth approximately $233,000. Finally, Barclays PLC grew its position in Commercial Metals by 24.5% in the fourth quarter. Barclays PLC now owns 262,511 shares of the basic materials company's stock worth $13,020,000 after buying an additional 51,742 shares during the last quarter. Institutional investors own 86.90% of the company's stock.

Analyst Ratings Changes

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

Commercial Metals Price Performance

CMC traded down $0.73 during trading on Wednesday, hitting $56.82. 205,886 shares of the stock traded hands, compared to its average volume of 1,098,793. Commercial Metals Company has a twelve month low of $37.92 and a twelve month high of $64.53. The company has a market cap of $6.36 billion, a price-to-earnings ratio of 183.27, a PEG ratio of 2.63 and a beta of 1.28. 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 business has a 50 day moving average price of $51.92 and a 200 day moving average price of $48.48.

Commercial Metals (NYSE:CMC - Get Free Report) last announced its quarterly earnings data 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). Commercial Metals had a net margin of 0.48% and a return on equity of 7.45%. The firm had revenue of $2.02 billion for the quarter, compared to analyst estimates of $2.04 billion. During the same quarter in the prior year, the firm earned $1.02 earnings per share. The firm's revenue for the quarter was down 2.8% on a year-over-year basis. Equities research analysts forecast 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 issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date was Monday, June 30th. Commercial Metals's payout ratio is 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.