NorthRock Partners LLC Invests $247,000 in Commercial Metals Company (NYSE:CMC)

Key Points

• NorthRock Partners LLC invested $247,000 in Commercial Metals Company (NYSE:CMC) by acquiring 5,341 shares during the first quarter, according to a recent SEC filing.
• Several institutions have increased their positions in CMC, with Norges Bank investing approximately $69.26 million and Pacer Advisors Inc. lifting its stake by 4,372.6% to own nearly 759,484 shares.
• Commercial Metals reported earnings of $0.74 per share for the last quarter, missing expectations by $0.11, with revenues of $2.02 billion, down 2.8% year-over-year.

NorthRock Partners LLC bought a new position in shares of Commercial Metals Company (NYSE:CMC - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 5,341 shares of the basic materials company's stock, valued at approximately $247,000.

Several other hedge funds and other institutional investors have also bought and sold shares of CMC. Victory Capital Management Inc. grew its position in shares of Commercial Metals by 27.5% during the 1st quarter. Victory Capital Management Inc. now owns 3,089,313 shares of the basic materials company's stock worth $142,139,000 after buying an additional 666,886 shares during the period. First Trust Advisors LP boosted its stake in 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 acquiring an additional 446,317 shares in the last quarter. Northern Trust Corp grew its holdings in Commercial Metals by 10.2% in the fourth quarter. Northern Trust Corp now owns 1,749,877 shares of the basic materials company's stock worth $86,794,000 after purchasing an additional 162,201 shares during the period. JPMorgan Chase & Co. grew its holdings in Commercial Metals by 45.8% in the fourth quarter. JPMorgan Chase & Co. now owns 1,576,316 shares of the basic materials company's stock worth $78,185,000 after purchasing an additional 495,163 shares during the period. Finally, Norges Bank bought a new stake in Commercial Metals in the fourth quarter valued at $69,261,000. Institutional investors and hedge funds own 86.90% of the company's stock.

Analyst Upgrades and Downgrades

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

Commercial Metals Stock Down 3.2%

CMC stock traded down $1.64 during mid-day trading on Friday, reaching $50.22. 904,292 shares of the company traded hands, compared to its average volume of 852,028. 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 firm's 50 day moving average price is $50.46 and its 200 day moving average price is $48.08. The stock has a market cap of $5.62 billion, a price-to-earnings ratio of 162.00, a P/E/G ratio of 2.32 and a beta of 1.28. 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 posted its 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). Commercial Metals had a net margin of 0.48% and a return on equity of 7.45%. The company had revenue of $2.02 billion during the quarter, compared to the consensus estimate of $2.04 billion. During the same quarter in the prior year, the business earned $1.02 EPS. The firm's revenue for the quarter was down 2.8% compared to the same quarter last year. As a group, equities research analysts predict that Commercial Metals Company will post 3.09 EPS for the current fiscal year.

Commercial Metals Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 9th. Stockholders of record on Monday, June 30th were paid a $0.18 dividend. The ex-dividend date was Monday, June 30th. This represents a $0.72 annualized dividend and a dividend yield of 1.4%. Commercial Metals's dividend payout ratio is presently 232.26%.

Commercial Metals Company 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.