Vestcor Inc Acquires 10,391 Shares of Commercial Metals Company (NYSE:CMC)

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 grew its position in Commercial Metals Company (NYSE:CMC - Free Report) by 110.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 19,791 shares of the basic materials company's stock after purchasing an additional 10,391 shares during the quarter. Vestcor Inc's holdings in Commercial Metals were worth $911,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Norges Bank bought a new stake in shares of Commercial Metals during the fourth quarter valued at approximately $69,261,000. Pacer Advisors Inc. boosted its position in shares of Commercial Metals by 4,372.6% during the 1st quarter. Pacer Advisors Inc. now owns 759,484 shares of the basic materials company's stock valued at $34,944,000 after acquiring an additional 742,503 shares during the last quarter. Victory Capital Management Inc. boosted its position 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 acquiring an additional 666,886 shares during the last quarter. Balyasny Asset Management L.P. boosted its position 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 acquiring an additional 564,418 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its position in shares of Commercial Metals by 45.8% during the 4th quarter. JPMorgan Chase & Co. now owns 1,576,316 shares of the basic materials company's stock valued at $78,185,000 after acquiring an additional 495,163 shares during the last quarter. 86.90% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Commercial Metals Trading Up 0.3%

NYSE:CMC traded up $0.14 during midday trading on Wednesday, hitting $52.10. The stock had a trading volume of 309,844 shares, compared to its average volume of 1,108,684. Commercial Metals Company has a one year low of $37.92 and a one year high of $64.53. The company has a market capitalization of $5.83 billion, a price-to-earnings ratio of 168.02, a PEG ratio of 2.32 and a beta of 1.28. The stock has a 50-day moving average of $50.61 and a 200 day moving average of $48.10. 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 (NYSE:CMC - Get Free Report) last issued its 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 return on equity of 7.45% and a net margin of 0.48%. The business had revenue of $2.02 billion for the quarter, compared to the consensus estimate of $2.04 billion. During the same quarter in the previous year, the company earned $1.02 earnings per share. The firm's revenue was down 2.8% on a year-over-year basis. As a group, sell-side analysts forecast that Commercial Metals Company will post 3.09 EPS for the current year.

Commercial Metals Dividend Announcement

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

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.