Ontario Teachers Pension Plan Board Raises Stock Holdings in Commercial Metals Company (NYSE:CMC)

Key Points

• The Ontario Teachers Pension Plan Board increased its stake in Commercial Metals Company by 184.8%, acquiring a total of 65,013 shares valued at approximately $2.99 million.
• Commercial Metals reported earnings of $0.74 per share for the last quarter, missing estimates by ($0.11), and its revenue fell 2.8% year-over-year.
• The company recently announced a quarterly dividend of $0.18 per share, which reflects an annualized yield of 1.4% and a payout ratio of 232.26%.

Ontario Teachers Pension Plan Board increased its holdings in Commercial Metals Company (NYSE:CMC - Free Report) by 184.8% in the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 65,013 shares of the basic materials company's stock after buying an additional 42,184 shares during the quarter. Ontario Teachers Pension Plan Board owned about 0.06% of Commercial Metals worth $2,991,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of CMC. Pacer Advisors Inc. increased its holdings in Commercial Metals by 4,372.6% in the 1st quarter. Pacer Advisors Inc. now owns 759,484 shares of the basic materials company's stock worth $34,944,000 after buying an additional 742,503 shares in the last quarter. Victory Capital Management Inc. grew its stake in shares of Commercial Metals by 27.5% during the 1st quarter. Victory Capital Management Inc. now owns 3,089,313 shares of the basic materials company's stock valued at $142,139,000 after purchasing an additional 666,886 shares during the period. Balyasny Asset Management L.P. grew its stake in shares of Commercial Metals by 15,350.0% during the 4th quarter. Balyasny Asset Management L.P. now owns 568,095 shares of the basic materials company's stock valued at $28,178,000 after purchasing an additional 564,418 shares during the period. Deutsche Bank AG grew its stake in shares of Commercial Metals by 440.3% during the 1st quarter. Deutsche Bank AG now owns 572,748 shares of the basic materials company's stock valued at $26,352,000 after purchasing an additional 466,743 shares during the period. Finally, First Trust Advisors LP grew its stake in shares of Commercial Metals by 34.1% during the 4th quarter. First Trust Advisors LP now owns 1,754,840 shares of the basic materials company's stock valued at $87,040,000 after purchasing an additional 446,317 shares during the period. 86.90% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Morgan Stanley set a $57.50 price target on Commercial Metals in a research note on Wednesday, June 25th. JPMorgan Chase & Co. lifted their price objective on Commercial Metals from $52.00 to $54.00 and gave the company a "neutral" rating in a research report on Monday, July 14th. UBS Group reaffirmed a "neutral" rating on shares of Commercial Metals in a research report on Friday, June 20th. Wolfe Research raised Commercial Metals from a "peer perform" rating to an "outperform" rating in a research report on Friday, June 20th. Finally, Jefferies Financial Group reaffirmed a "buy" rating on shares of Commercial Metals in a research report on Friday, June 20th. Five analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $57.50.

Commercial Metals Price Performance

NYSE CMC traded up $0.93 during trading hours on Friday, reaching $54.03. The company's stock had a trading volume of 852,043 shares, compared to its average volume of 854,428. The firm's 50-day moving average price is $50.97 and its 200-day moving average price is $48.16. 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 company has a market capitalization of $6.05 billion, a price-to-earnings ratio of 174.29, a PEG ratio of 2.45 and a beta of 1.28.

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

Commercial Metals Dividend Announcement

The company also recently disclosed 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 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend was Monday, June 30th. Commercial Metals's dividend 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.