Commercial Metals Company $CMC Stake Cut by First Manhattan CO. LLC.

Key Points

• First Manhattan CO. LLC. sold 8,960 shares of Commercial Metals Company, reducing its holdings by 3.2%, and now owns approximately 0.24% of the company valued at $12.58 million.
• Research analysts have provided a generally positive outlook on Commercial Metals, with the majority rating it a Moderate Buy and an average price target of $58.81.
• The company reported a quarterly earnings miss with $0.74 EPS, falling short of the expected $0.85, along with a year-over-year revenue decline of 2.8% to $2.02 billion.

First Manhattan CO. LLC. trimmed its position in Commercial Metals Company (NYSE:CMC - Free Report) by 3.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 272,431 shares of the basic materials company's stock after selling 8,960 shares during the period. First Manhattan CO. LLC. owned about 0.24% of Commercial Metals worth $12,583,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. National Bank of Canada FI lifted its holdings in Commercial Metals by 80.3% in the 1st quarter. National Bank of Canada FI now owns 548 shares of the basic materials company's stock valued at $25,000 after purchasing an additional 244 shares in the last quarter. Park Square Financial Group LLC purchased a new position in Commercial Metals in the 4th quarter valued at about $33,000. Heck Capital Advisors LLC purchased a new position in Commercial Metals in the 4th quarter valued at about $34,000. UMB Bank n.a. lifted its holdings in 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. Finally, Wayfinding Financial LLC purchased a new position in Commercial Metals in the 1st quarter valued at about $47,000. 86.90% of the stock is currently owned by hedge funds and other institutional investors.

Commercial Metals Trading Up 1.8%

CMC traded up $1.02 on Friday, reaching $59.21. 957,817 shares of the company's stock were exchanged, compared to its average volume of 848,895. The company's 50 day moving average is $54.13 and its 200-day moving average is $49.14. The company has a market cap of $6.63 billion, a price-to-earnings ratio of 191.00, a PEG ratio of 1.76 and a beta of 1.33. Commercial Metals Company has a twelve month low of $37.92 and a twelve month high of $64.53. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.00 and a current ratio of 2.86.

Commercial Metals (NYSE:CMC - Get Free Report) last posted its earnings results 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). 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 analyst estimates of $2.04 billion. During the same period last year, the company posted $1.02 EPS. The firm's revenue for the quarter was down 2.8% compared to the same quarter last year. Equities analysts predict that Commercial Metals Company will post 3.09 earnings per share for the current year.

Commercial Metals Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 9th. Shareholders of record on Monday, June 30th were given a $0.18 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $0.72 annualized dividend and a yield of 1.2%. Commercial Metals's dividend payout ratio (DPR) is 232.26%.

Analyst Ratings Changes

A number of research analysts have issued reports on CMC shares. BMO Capital Markets restated a "market perform" rating and issued a $55.00 target price (down from $57.00) on shares of Commercial Metals in a report on Tuesday, June 24th. Jefferies Financial Group reiterated a "buy" rating on shares of Commercial Metals in a report on Friday, June 20th. JPMorgan Chase & Co. increased their price objective on shares of Commercial Metals from $52.00 to $54.00 and gave the stock a "neutral" rating in a report on Monday, July 14th. Wolfe Research upgraded shares of Commercial Metals from a "peer perform" rating to an "outperform" rating in a report on Friday, June 20th. Finally, Morgan Stanley set a $57.50 price objective on shares of Commercial Metals in a report on Wednesday, June 25th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $58.81.

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.