Hodges Capital Management Inc. Trims Holdings in 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% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 243,201 shares of the basic materials company's stock after selling 47,741 shares during the period. Commercial Metals accounts for 1.1% of Hodges Capital Management Inc.'s portfolio, making the stock its 23rd largest holding. Hodges Capital Management Inc. owned 0.22% of Commercial Metals worth $11,190,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Strs Ohio purchased a new position in Commercial Metals during the first quarter valued at $1,408,000. Intech Investment Management LLC grew its stake in shares of Commercial Metals by 11.8% in the 1st quarter. Intech Investment Management LLC now owns 57,994 shares of the basic materials company's stock worth $2,668,000 after buying an additional 6,144 shares in the last quarter. Bayforest Capital Ltd grew its stake in shares of Commercial Metals by 94.9% in the 1st quarter. Bayforest Capital Ltd now owns 9,052 shares of the basic materials company's stock worth $416,000 after buying an additional 4,407 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Commercial Metals by 2.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 339,580 shares of the basic materials company's stock worth $15,624,000 after purchasing an additional 9,526 shares during the period. Finally, Empowered Funds LLC boosted its stake in shares of Commercial Metals by 1.8% during the 1st quarter. Empowered Funds LLC now owns 53,305 shares of the basic materials company's stock worth $2,453,000 after purchasing an additional 941 shares during the period. 86.90% of the stock is owned by hedge funds and other institutional investors.

Commercial Metals Stock Performance

Shares of Commercial Metals stock traded down $1.41 during trading on Friday, reaching $57.86. The company's stock had a trading volume of 624,623 shares, compared to its average volume of 834,723. The company has a current ratio of 2.86, a quick ratio of 2.00 and a debt-to-equity ratio of 0.32. The firm has a market cap of $6.48 billion, a PE ratio of 186.65, a P/E/G ratio of 1.75 and a beta of 1.33. The company has a 50-day moving average price of $54.88 and a two-hundred day moving average price of $49.43. Commercial Metals Company has a fifty-two week low of $37.92 and a fifty-two week high of $64.53.

Commercial Metals (NYSE:CMC - Get Free Report) last issued its earnings results on Monday, June 23rd. The basic materials company reported $0.74 EPS for the quarter, missing the consensus estimate 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%.Commercial Metals's revenue for the quarter was down 2.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.02 earnings per share. On average, analysts forecast that Commercial Metals Company will post 3.09 EPS for the current year.

Commercial Metals Announces Dividend

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

Wall Street Analysts Forecast Growth

CMC has been the subject of several recent research reports. BMO Capital Markets restated a "market perform" rating and issued a $55.00 price target (down previously from $57.00) on shares of Commercial Metals in a report on Tuesday, June 24th. Morgan Stanley set a $57.50 price objective on shares of Commercial Metals in a report on Wednesday, June 25th. UBS Group increased their price target on shares of Commercial Metals from $48.00 to $56.00 and gave the stock a "neutral" rating in a report on Wednesday, August 13th. Wall Street Zen downgraded shares of Commercial Metals from a "buy" rating to a "hold" rating in a report on Saturday. Finally, Wells Fargo & Company upgraded shares of Commercial Metals to a "strong-buy" rating in a research report on Thursday, August 14th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $58.81.

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.