Hodges Capital Management Inc. Sells 47,741 Shares of Commercial Metals Company $CMC

Key Points

• Hodges Capital Management Inc. reduced its stake in Commercial Metals Company by 16.4% in the first quarter, now owning about $11.19 million worth of the company's stock.
• Several institutional investors have increased their positions, with National Bank of Canada FI notably boosting its stake by 80.3%.
• Wall Street analysts show a positive outlook, with an average rating of "Moderate Buy" and a consensus target price of $58.81 for Commercial Metals Company stock.

Hodges Capital Management Inc. trimmed its position in shares of Commercial Metals Company (NYSE:CMC - Free Report) by 16.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 243,201 shares of the basic materials company's stock after selling 47,741 shares during the period. Commercial Metals makes up 1.1% of Hodges Capital Management Inc.'s portfolio, making the stock its 23rd biggest position. Hodges Capital Management Inc. owned 0.22% of Commercial Metals worth $11,190,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the company. Nuveen LLC acquired a new position in Commercial Metals during the 1st quarter worth $44,345,000. Pacer Advisors Inc. lifted its position in Commercial Metals by 4,372.6% in the 1st 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. lifted its position in Commercial Metals by 86.1% in the 1st quarter. American Century Companies Inc. now owns 1,587,259 shares of the basic materials company's stock valued at $73,030,000 after purchasing an additional 734,265 shares during the last quarter. Victory Capital Management Inc. lifted its position in 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 valued at $142,139,000 after purchasing an additional 666,886 shares during the last quarter. Finally, Fuller & Thaler Asset Management Inc. lifted its position in 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 valued at $191,461,000 after purchasing an additional 539,309 shares during the last quarter. 86.90% of the stock is owned by institutional investors and hedge funds.

Commercial Metals Stock Up 1.9%

Shares of CMC traded up $1.11 during mid-day trading on Wednesday, hitting $59.31. 347,463 shares of the company's stock were exchanged, compared to its average volume of 1,073,890. The company has a market cap of $6.64 billion, a PE ratio of 191.48, a P/E/G ratio of 1.76 and a beta of 1.33. Commercial Metals Company has a 52 week low of $37.92 and a 52 week high of $64.53. The company has a 50-day simple moving average of $55.16 and a 200 day simple moving average of $49.56. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.86 and a quick ratio of 2.00.

Commercial Metals (NYSE:CMC - Get Free Report) last released 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 net margin of 0.48% and a return on equity of 7.45%. The firm had revenue of $2.02 billion during the quarter, compared to the consensus estimate of $2.04 billion. During the same period in the prior year, the business posted $1.02 earnings per share. Commercial Metals's quarterly revenue was down 2.8% compared to the same quarter last year. On average, research analysts forecast that Commercial Metals Company will post 3.09 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently weighed in on CMC shares. Morgan Stanley set a $57.50 price objective on shares of Commercial Metals in a research report on Wednesday, June 25th. JPMorgan Chase & Co. boosted their target price 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. Wells Fargo & Company raised shares of Commercial Metals to a "strong-buy" rating in a research report on Thursday, August 14th. Jefferies Financial Group reiterated a "buy" rating on shares of Commercial Metals in a research note on Friday, June 20th. Finally, Bank of America upped their target price on shares of Commercial Metals from $60.00 to $70.00 and gave the stock a "buy" rating in a report on Monday. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $60.06.

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.