Easterly Investment Partners LLC Increases Stake in Commercial Metals Company $CMC

Key Points

• Easterly Investment Partners LLC has increased its stake in Commercial Metals Company (NYSE: CMC) by 5.7% in the second quarter, now owning approximately 448,642 shares valued at $21.9 million.
• Several large investors have also increased their holdings in CMC, with institutional ownership currently at 86.90% of the company's stock.
• Commercial Metals Company reported $1.37 EPS for the last quarter, exceeding analysts' expectations, with a revenue of $2.11 billion and a declared quarterly dividend of $0.18 per share.

Easterly Investment Partners LLC raised its holdings in shares of Commercial Metals Company (NYSE:CMC - Free Report) by 5.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 448,642 shares of the basic materials company's stock after purchasing an additional 24,362 shares during the period. Commercial Metals comprises about 1.6% of Easterly Investment Partners LLC's portfolio, making the stock its 8th largest holding. Easterly Investment Partners LLC owned approximately 0.40% of Commercial Metals worth $21,943,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of CMC. Nuveen LLC bought a new position in Commercial Metals in the first quarter worth about $44,345,000. Pacer Advisors Inc. grew its holdings in shares of Commercial Metals by 4,372.6% during the first quarter. Pacer Advisors Inc. now owns 759,484 shares of the basic materials company's stock valued at $34,944,000 after purchasing an additional 742,503 shares during the last quarter. American Century Companies Inc. raised its position in shares of Commercial Metals by 86.1% during the 1st quarter. American Century Companies Inc. now owns 1,587,259 shares of the basic materials company's stock worth $73,030,000 after purchasing an additional 734,265 shares during the period. Victory Capital Management Inc. lifted its holdings in shares of Commercial Metals by 27.5% in the 1st quarter. Victory Capital Management Inc. now owns 3,089,313 shares of the basic materials company's stock worth $142,139,000 after purchasing an additional 666,886 shares during the last quarter. Finally, Fuller & Thaler Asset Management Inc. lifted its holdings in shares of Commercial Metals by 14.9% in the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 4,161,292 shares of the basic materials company's stock worth $191,461,000 after purchasing an additional 539,309 shares during the last quarter. 86.90% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on CMC shares. Morgan Stanley set a $57.50 price objective on Commercial Metals in a research note on Wednesday, June 25th. Jefferies Financial Group reissued a "buy" rating on shares of Commercial Metals in a report on Friday, June 20th. Zacks Research raised shares of Commercial Metals from a "hold" rating to a "strong-buy" rating in a report on Tuesday. BMO Capital Markets reiterated a "market perform" rating and issued a $55.00 price objective (down from $57.00) on shares of Commercial Metals in a research report on Tuesday, June 24th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Commercial Metals in a research note on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $61.39.

Commercial Metals Stock Performance

Shares of CMC opened at $55.24 on Friday. The firm has a market capitalization of $6.18 billion, a PE ratio of 178.19, a P/E/G ratio of 2.01 and a beta of 1.32. The company has a quick ratio of 2.00, a current ratio of 2.86 and a debt-to-equity ratio of 0.32. The firm has a 50-day moving average price of $57.80 and a 200 day moving average price of $51.33. Commercial Metals Company has a 52-week low of $37.92 and a 52-week high of $64.53.

Commercial Metals (NYSE:CMC - Get Free Report) last released its quarterly earnings results on Thursday, October 16th. The basic materials company reported $1.37 EPS for the quarter, topping analysts' consensus estimates of $1.32 by $0.05. The company had revenue of $2.11 billion for the quarter, compared to the consensus estimate of $2.10 billion. Commercial Metals had a net margin of 0.48% and a return on equity of 7.45%. Commercial Metals's revenue was up 5.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.90 EPS. On average, sell-side analysts anticipate that Commercial Metals Company will post 3.09 earnings per share for the current fiscal year.

Commercial Metals Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 13th. Shareholders of record on Thursday, October 30th will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date of this dividend is Thursday, October 30th. Commercial Metals's dividend payout ratio (DPR) is presently 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.

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