Raymond James Financial Inc. Sells 57,696 Shares of Commercial Metals Company $CMC

Key Points

• Raymond James Financial Inc. reduced its stake in Commercial Metals Company (CMC) by 25.9%, selling 57,696 shares and retaining a total of 165,135 shares valued at approximately $7.6 million.
• The company reported $0.74 earnings per share for the last quarter, falling short of analysts' expectations, alongside a 2.8% decline in revenue year-over-year.
• CMC announced a quarterly dividend of $0.18 per share, resulting in an annual yield of 1.2%, with a notably high payout ratio of 232.26%.

Raymond James Financial Inc. cut its stake in Commercial Metals Company (NYSE:CMC - Free Report) by 25.9% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 165,135 shares of the basic materials company's stock after selling 57,696 shares during the quarter. Raymond James Financial Inc. owned 0.15% of Commercial Metals worth $7,598,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in CMC. Northern Trust Corp grew its position in Commercial Metals by 10.2% during the fourth quarter. Northern Trust Corp now owns 1,749,877 shares of the basic materials company's stock valued at $86,794,000 after buying an additional 162,201 shares during the period. Mercer Global Advisors Inc. ADV grew its position in Commercial Metals by 22.5% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 17,512 shares of the basic materials company's stock valued at $869,000 after buying an additional 3,221 shares during the period. Algert Global LLC grew its position in Commercial Metals by 19.2% during the fourth quarter. Algert Global LLC now owns 64,775 shares of the basic materials company's stock valued at $3,213,000 after buying an additional 10,431 shares during the period. BNP Paribas Financial Markets grew its position in Commercial Metals by 11.5% during the fourth quarter. BNP Paribas Financial Markets now owns 33,198 shares of the basic materials company's stock valued at $1,647,000 after buying an additional 3,426 shares during the period. Finally, Baird Financial Group Inc. grew its position in Commercial Metals by 7.9% during the fourth quarter. Baird Financial Group Inc. now owns 332,050 shares of the basic materials company's stock valued at $16,470,000 after buying an additional 24,411 shares during the period. 86.90% of the stock is currently owned by institutional investors.

Commercial Metals Stock Performance

CMC opened at $57.74 on Tuesday. The firm has a market cap of $6.46 billion, a P/E ratio of 186.25, a PEG ratio of 2.66 and a beta of 1.33. Commercial Metals Company has a 1-year low of $37.92 and a 1-year high of $64.53. The company has a 50 day simple moving average of $53.49 and a two-hundred day simple moving average of $48.95. 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 posted 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 firm had revenue of $2.02 billion during the quarter, compared to the consensus estimate of $2.04 billion. Commercial Metals had a return on equity of 7.45% and a net margin of 0.48%.The business's revenue for the quarter was down 2.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.02 earnings per share. Equities analysts forecast that Commercial Metals Company will post 3.09 earnings per share for the current fiscal year.

Commercial Metals Dividend Announcement

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

Analyst Upgrades and Downgrades

CMC has been the subject of several recent research reports. Jefferies Financial Group restated a "buy" rating on shares of Commercial Metals in a research report on Friday, June 20th. Morgan Stanley set a $57.50 target price on shares of Commercial Metals in a research report on Wednesday, June 25th. Wells Fargo & Company upgraded shares of Commercial Metals to a "strong-buy" rating in a research report on Thursday, August 14th. Wall Street Zen upgraded shares of Commercial Metals from a "hold" rating to a "buy" rating in a research report on Saturday. Finally, JPMorgan Chase & Co. lifted their price target on shares of Commercial Metals from $52.00 to $54.00 and gave the company a "neutral" rating in a report on Monday, July 14th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $58.81.

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.

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