Commercial Metals Company (NYSE:CMC) Shares Sold by Mackenzie Financial Corp

Key Points

• Mackenzie Financial Corp reduced its position in Commercial Metals Company by 46%, holding 7,531 shares worth $347,000 at the end of the latest quarter.
• Commercial Metals reported an earnings miss, with $0.74 EPS compared to an expected $0.85, and a revenue of $2.02 billion, down 2.8% year-over-year.
• The company declared a quarterly dividend of $0.18 per share, resulting in an annualized dividend yield of 1.3%, although its payout ratio stands at a high 232.26%.

Mackenzie Financial Corp decreased its stake in shares of Commercial Metals Company (NYSE:CMC - Free Report) by 46.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,531 shares of the basic materials company's stock after selling 6,406 shares during the period. Mackenzie Financial Corp's holdings in Commercial Metals were worth $347,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Park Square Financial Group LLC purchased a new stake in shares of Commercial Metals in the fourth quarter worth $33,000. Heck Capital Advisors LLC purchased a new stake in shares of Commercial Metals in the fourth quarter worth $34,000. UMB Bank n.a. grew its stake in shares of Commercial Metals by 51.9% in the 1st quarter. UMB Bank n.a. now owns 784 shares of the basic materials company's stock worth $36,000 after buying an additional 268 shares in the last quarter. Wayfinding Financial LLC bought a new stake in shares of Commercial Metals in the 1st quarter worth about $47,000. Finally, South Plains Financial Inc. bought a new stake in shares of Commercial Metals in the 4th quarter worth about $73,000. Institutional investors own 86.90% of the company's stock.

Commercial Metals Trading Up 4.0%

Shares of CMC traded up $2.21 during trading on Wednesday, reaching $57.63. 402,076 shares of the company traded hands, compared to its average volume of 1,101,746. Commercial Metals Company has a twelve month low of $37.92 and a twelve month high of $64.53. The stock has a market cap of $6.45 billion, a PE ratio of 185.79, a price-to-earnings-growth ratio of 2.45 and a beta of 1.28. The stock has a 50-day simple moving average of $51.18 and a 200-day simple moving average of $48.21. The company has a quick ratio of 2.00, a current ratio of 2.86 and a debt-to-equity ratio of 0.32.

Commercial Metals (NYSE:CMC - Get Free Report) last announced its quarterly earnings results on Monday, June 23rd. The basic materials company reported $0.74 earnings per share 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 analyst estimates of $2.04 billion. Commercial Metals had a net margin of 0.48% and a return on equity of 7.45%. Commercial Metals's revenue was down 2.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.02 earnings per share. On average, analysts anticipate that Commercial Metals Company will post 3.09 earnings per share for the current year.

Commercial Metals Dividend Announcement

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

Analysts Set New Price Targets

A number of research analysts have commented on the stock. JPMorgan Chase & Co. raised their target price on shares of Commercial Metals from $52.00 to $54.00 and gave the company a "neutral" rating in a research report on Monday, July 14th. Morgan Stanley set a $57.50 target price on shares of Commercial Metals in a research report on Wednesday, June 25th. BMO Capital Markets reissued a "market perform" rating and set a $55.00 target price (down previously from $57.00) on shares of Commercial Metals in a research report on Tuesday, June 24th. Jefferies Financial Group reissued a "buy" rating on shares of Commercial Metals in a research report on Friday, June 20th. Finally, UBS Group reaffirmed a "neutral" rating on shares of Commercial Metals in a report on Friday, June 20th. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average 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.