Vanguard Group Inc. Has $550.64 Million Position in Commercial Metals Company $CMC

Key Points

• Vanguard Group Inc. has reduced its holdings in Commercial Metals by 2.3%, owning approximately 11.97 million shares worth $550.6 million after selling 280,647 shares in the first quarter.
• Commercial Metals reported a quarterly EPS of $0.74, which missed analysts' expectations of $0.85, alongside a revenue of $2.02 billion that fell short of the anticipated $2.04 billion.
• The company has announced a quarterly dividend of $0.18 per share, equating to a dividend yield of 1.3%, with a notably high dividend payout ratio of 232.26%.

Vanguard Group Inc. trimmed its stake in Commercial Metals Company (NYSE:CMC - Free Report) by 2.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,967,846 shares of the basic materials company's stock after selling 280,647 shares during the period. Vanguard Group Inc. owned about 10.59% of Commercial Metals worth $550,641,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CMC. Pacer Advisors Inc. increased its position in Commercial Metals by 4,372.6% in the 1st quarter. Pacer Advisors Inc. now owns 759,484 shares of the basic materials company's stock valued at $34,944,000 after acquiring an additional 742,503 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in 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 in the last quarter. Balyasny Asset Management L.P. increased its stake in shares of Commercial Metals by 15,350.0% in the 4th quarter. Balyasny Asset Management L.P. now owns 568,095 shares of the basic materials company's stock valued at $28,178,000 after buying an additional 564,418 shares during the period. First Trust Advisors LP raised its position 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 worth $87,040,000 after acquiring an additional 446,317 shares during the last quarter. Finally, Northern Trust Corp increased its position 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. 86.90% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Morgan Stanley set a $57.50 price objective on Commercial Metals in a research note on Wednesday, June 25th. JPMorgan Chase & Co. boosted their price objective 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. UBS Group reissued a "neutral" rating and set a $56.00 price target (up from $48.00) on shares of Commercial Metals in a research report on Wednesday, August 13th. Wells Fargo & Company raised Commercial Metals to a "strong-buy" rating in a research note on Thursday, August 14th. Finally, Jefferies Financial Group restated a "buy" rating on shares of Commercial Metals in a report on Friday, June 20th. Five analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Commercial Metals currently has an average rating of "Moderate Buy" and an average target price of $58.81.

Commercial Metals Stock Performance

Shares of Commercial Metals stock traded up $0.51 during trading on Tuesday, hitting $57.43. 134,695 shares of the stock were exchanged, compared to its average volume of 1,099,887. Commercial Metals Company has a 1-year low of $37.92 and a 1-year high of $64.53. 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 stock has a market capitalization of $6.43 billion, a price-to-earnings ratio of 185.82, a price-to-earnings-growth ratio of 2.60 and a beta of 1.28. The company has a fifty day moving average price of $51.78 and a 200-day moving average price of $48.41.

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 (EPS) 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 return on equity of 7.45% and a net margin of 0.48%. The business's quarterly revenue was down 2.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.02 EPS. As a group, equities analysts predict that Commercial Metals Company will post 3.09 EPS for the current fiscal year.

Commercial Metals Dividend Announcement

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

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.