Swiss National Bank Sells 6,100 Shares of Commercial Metals Company $CMC

Key Points

• The Swiss National Bank holds a $10.13 million stake in Commercial Metals Company (NYSE: CMC) after recently reducing its position by 2.7%.
• Commercial Metals reported earnings of $0.74 per share, missing estimates by $0.11, and experienced a 2.8% decline in revenue year-over-year, totaling $2.02 billion.
• The company recently announced a $0.18 quarterly dividend, representing a yield of 1.3% but has a high dividend payout ratio of 232.26%.

Swiss National Bank reduced its stake in shares of Commercial Metals Company (NYSE:CMC - Free Report) by 2.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 220,100 shares of the basic materials company's stock after selling 6,100 shares during the quarter. Swiss National Bank owned 0.19% of Commercial Metals worth $10,127,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Victory Capital Management Inc. grew its stake in shares of Commercial Metals by 27.5% during the first quarter. Victory Capital Management Inc. now owns 3,089,313 shares of the basic materials company's stock valued at $142,139,000 after buying an additional 666,886 shares during the last quarter. First Trust Advisors LP grew its stake in shares of 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 valued at $87,040,000 after buying an additional 446,317 shares during the last quarter. Northern Trust Corp grew its stake in shares of 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 last quarter. Jacobs Levy Equity Management Inc. grew its stake in shares of Commercial Metals by 1.4% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 1,262,895 shares of the basic materials company's stock valued at $62,640,000 after buying an additional 17,360 shares during the last quarter. Finally, Nuveen Asset Management LLC grew its stake in shares of Commercial Metals by 12.1% during the fourth quarter. Nuveen Asset Management LLC now owns 964,438 shares of the basic materials company's stock valued at $47,836,000 after buying an additional 104,071 shares during the last quarter. 86.90% of the stock is owned by institutional investors.

Commercial Metals Trading Down 0.4%

Shares of NYSE CMC traded down $0.1980 during trading hours on Thursday, hitting $56.2220. The company's stock had a trading volume of 528,006 shares, compared to its average volume of 895,221. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.00 and a current ratio of 2.86. The stock has a market cap of $6.29 billion, a price-to-earnings ratio of 181.36, a P/E/G ratio of 2.60 and a beta of 1.28. Commercial Metals Company has a 12 month low of $37.92 and a 12 month high of $64.53. The business has a 50-day simple moving average of $52.23 and a 200-day simple moving average of $48.59.

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

Commercial Metals Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 9th. Shareholders of record on Monday, June 30th were given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend was Monday, June 30th. Commercial Metals's payout ratio is presently 232.26%.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Jefferies Financial Group reaffirmed a "buy" rating on shares of Commercial Metals in a research note on Friday, June 20th. JPMorgan Chase & Co. raised their price objective on Commercial Metals from $52.00 to $54.00 and gave the company a "neutral" rating in a research note on Monday, July 14th. UBS Group raised their price objective on Commercial Metals from $48.00 to $56.00 and gave the company a "neutral" rating in a research note on Wednesday, August 13th. Wolfe Research raised Commercial Metals from a "peer perform" rating to an "outperform" rating in a research note on Friday, June 20th. Finally, Wells Fargo & Company raised Commercial Metals to a "strong-buy" rating in a research note on Thursday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $58.81.

Commercial Metals 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.