Commercial Metals Company (NYSE:CMC) Shares Sold by Federated Hermes Inc.

Key Points

• Federated Hermes Inc. reduced its stake in Commercial Metals Company by 12.9%, retaining 143,590 shares after selling 21,257 shares in the first quarter.
• Despite the sell-off, large investors have shown increased interest, with Pacer Advisors and Victory Capital Management reporting significant increases in their holdings in the same period.
• Commercial Metals' recent earnings report showed lower-than-expected earnings per share of $0.74, missing the consensus estimate by $0.11, along with a revenue decline of 2.8% compared to the previous year.

Federated Hermes Inc. lessened its holdings in shares of Commercial Metals Company (NYSE:CMC - Free Report) by 12.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 143,590 shares of the basic materials company's stock after selling 21,257 shares during the quarter. Federated Hermes Inc. owned about 0.13% of Commercial Metals worth $6,607,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Victory Capital Management Inc. grew its position in Commercial Metals by 27.5% during the first quarter. Victory Capital Management Inc. now owns 3,089,313 shares of the basic materials company's stock valued at $142,139,000 after buying an additional 666,886 shares during the period. First Trust Advisors LP lifted its holdings in shares of Commercial Metals by 34.1% during the fourth quarter. First Trust Advisors LP now owns 1,754,840 shares of the basic materials company's stock worth $87,040,000 after purchasing an additional 446,317 shares during the period. Northern Trust Corp raised its stake in Commercial Metals by 10.2% in the 4th quarter. Northern Trust Corp now owns 1,749,877 shares of the basic materials company's stock valued at $86,794,000 after purchasing an additional 162,201 shares during the last quarter. Jacobs Levy Equity Management Inc. increased its stake in Commercial Metals by 1.4% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 1,262,895 shares of the basic materials company's stock worth $62,640,000 after purchasing an additional 17,360 shares during the period. Finally, Nuveen Asset Management LLC raised its position in shares of Commercial Metals by 12.1% during the 4th quarter. Nuveen Asset Management LLC now owns 964,438 shares of the basic materials company's stock worth $47,836,000 after acquiring an additional 104,071 shares in the last quarter. 86.90% of the stock is currently owned by institutional investors.

Commercial Metals Trading Up 1.7%

Shares of CMC stock traded up $0.89 during mid-day trading on Thursday, reaching $52.86. 887,350 shares of the stock traded hands, compared to its average volume of 1,109,720. 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 company has a market cap of $5.92 billion, a price-to-earnings ratio of 170.38, a price-to-earnings-growth ratio of 2.40 and a beta of 1.28. The stock's fifty day simple moving average is $50.71 and its two-hundred day simple moving average is $48.13. Commercial Metals Company has a 1-year low of $37.92 and a 1-year high of $64.53.

Commercial Metals (NYSE:CMC - Get Free Report) last posted its quarterly earnings data on Monday, June 23rd. The basic materials company reported $0.74 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.85 by ($0.11). The company had revenue of $2.02 billion for 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 business's quarterly revenue was down 2.8% on a year-over-year basis. During the same quarter last year, the business posted $1.02 EPS. On average, research analysts anticipate that Commercial Metals Company will post 3.09 EPS for the current fiscal year.

Commercial Metals Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 9th. Investors of record on Monday, June 30th were given a dividend of $0.18 per share. The ex-dividend date 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 currently 232.26%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on CMC. Jefferies Financial Group reissued a "buy" rating on shares of Commercial Metals in a research report on Friday, June 20th. UBS Group restated a "neutral" rating on shares of Commercial Metals in a report on Friday, June 20th. Morgan Stanley set a $57.50 target price on shares of Commercial Metals in a research report on Wednesday, June 25th. BMO Capital Markets restated a "market perform" rating and set a $55.00 price target (down from $57.00) on shares of Commercial Metals in a research note on Tuesday, June 24th. Finally, JPMorgan Chase & Co. boosted their target price on Commercial Metals from $52.00 to $54.00 and gave the stock a "neutral" rating in a report on Monday, July 14th. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat, Commercial Metals has a consensus rating of "Hold" and a consensus price target of $57.50.

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.