Commercial Metals Company (NYSE:CMC) Shares Purchased by Vestcor Inc

Key Points

• Vestcor Inc significantly increased its stake in Commercial Metals Company by 110.5%, now holding 19,791 shares valued at approximately $911,000.
• Recent earnings results showed Commercial Metals missed revenue expectations, reporting $2.02 billion in revenue for the quarter, down 2.8% year-over-year, and an EPS of $0.74 against the consensus estimate of $0.85.
• An average rating of "Hold" has been assigned to Commercial Metals by analysts, with a consensus price target of $57.50, reflecting a mix of ratings from various brokerages.

Vestcor Inc increased its stake in Commercial Metals Company (NYSE:CMC - Free Report) by 110.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 19,791 shares of the basic materials company's stock after buying an additional 10,391 shares during the period. Vestcor Inc's holdings in Commercial Metals were worth $911,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in CMC. Park Square Financial Group LLC bought a new position in Commercial Metals during the 4th quarter valued at $33,000. Heck Capital Advisors LLC acquired a new stake in shares of Commercial Metals in the 4th quarter valued at about $34,000. UMB Bank n.a. raised its stake in shares of Commercial Metals by 51.9% in the 1st quarter. UMB Bank n.a. now owns 784 shares of the basic materials company's stock valued at $36,000 after purchasing an additional 268 shares in the last quarter. Wayfinding Financial LLC bought a new position in shares of Commercial Metals during the first quarter worth about $47,000. Finally, South Plains Financial Inc. acquired a new position in Commercial Metals in the fourth quarter worth about $73,000. Institutional investors own 86.90% of the company's stock.

Commercial Metals Stock Performance

Shares of NYSE CMC traded down $1.64 during mid-day trading on Friday, hitting $50.22. The company had a trading volume of 904,292 shares, compared to its average volume of 852,028. Commercial Metals Company has a 12 month low of $37.92 and a 12 month high of $64.53. The stock has a market cap of $5.62 billion, a price-to-earnings ratio of 162.00, a PEG ratio of 2.32 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 firm's 50 day simple moving average is $50.46 and its two-hundred day simple moving average is $48.08.

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

Commercial Metals Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 9th. Shareholders of record on Monday, June 30th were paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend was Monday, June 30th. Commercial Metals's payout ratio is presently 232.26%.

Analyst Ratings Changes

Several brokerages have issued reports on CMC. UBS Group restated a "neutral" rating on shares of Commercial Metals in a research note on Friday, June 20th. Morgan Stanley set a $57.50 price target on Commercial Metals in a report on Wednesday, June 25th. BMO Capital Markets reissued a "market perform" rating and set a $55.00 price target (down from $57.00) on shares of Commercial Metals in a research report on Tuesday, June 24th. Wolfe Research raised shares of Commercial Metals from a "peer perform" rating to an "outperform" rating in a report on Friday, June 20th. Finally, Jefferies Financial Group reiterated a "buy" rating on shares of Commercial Metals in a research note on Friday, June 20th. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, Commercial Metals currently has a consensus rating of "Hold" and a consensus target price of $57.50.

Commercial Metals 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.