Vanguard Group Inc. Trims Position in Commercial Metals Company $CMC

Key Points

• Vanguard Group trimmed its stake in Commercial Metals by 1.4% in Q4, selling 155,085 shares and finishing with 11,240,140 shares—about 10.13% of the company valued at $778,042,000.
• Commercial Metals reported Q EPS of $1.16, missing estimates of $1.28, while revenue rose 21.5% year‑over‑year to $2.13 billion; analysts' consensus remains a “Moderate Buy” with a $71.50 price target.
• The company increased its quarterly dividend to $0.20 (annualized $0.80), up from $0.18, implying a yield of about 1.2%.

Vanguard Group Inc. lowered its stake in shares of Commercial Metals Company (NYSE:CMC - Free Report) by 1.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 11,240,140 shares of the basic materials company's stock after selling 155,085 shares during the quarter. Vanguard Group Inc. owned about 10.13% of Commercial Metals worth $778,042,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Spire Wealth Management increased its position in Commercial Metals by 42.4% in the 3rd quarter. Spire Wealth Management now owns 615 shares of the basic materials company's stock valued at $35,000 after acquiring an additional 183 shares during the period. Ashton Thomas Private Wealth LLC increased its position in Commercial Metals by 4.0% in the 3rd quarter. Ashton Thomas Private Wealth LLC now owns 4,755 shares of the basic materials company's stock valued at $272,000 after acquiring an additional 184 shares during the period. Quadrant Capital Group LLC increased its position in Commercial Metals by 2.9% in the 3rd quarter. Quadrant Capital Group LLC now owns 6,626 shares of the basic materials company's stock valued at $380,000 after acquiring an additional 188 shares during the period. Captrust Financial Advisors increased its position in Commercial Metals by 4.4% in the 2nd quarter. Captrust Financial Advisors now owns 4,813 shares of the basic materials company's stock valued at $235,000 after acquiring an additional 202 shares during the period. Finally, Wealth Enhancement Advisory Services LLC increased its position in Commercial Metals by 1.1% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 18,543 shares of the basic materials company's stock valued at $1,383,000 after acquiring an additional 206 shares during the period. Institutional investors and hedge funds own 86.90% of the company's stock.

Insiders Place Their Bets

In other Commercial Metals news, insider Jennifer J. Durbin sold 25,050 shares of Commercial Metals stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $79.97, for a total value of $2,003,248.50. Following the sale, the insider owned 52,880 shares of the company's stock, valued at approximately $4,228,813.60. The trade was a 32.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.62% of the company's stock.

Commercial Metals Price Performance

Shares of CMC opened at $68.54 on Friday. Commercial Metals Company has a twelve month low of $44.67 and a twelve month high of $84.87. The stock's 50 day moving average is $66.05 and its two-hundred day moving average is $67.75. The firm has a market capitalization of $7.60 billion, a PE ratio of 15.26, a P/E/G ratio of 0.40 and a beta of 1.49. The company has a current ratio of 2.38, a quick ratio of 1.55 and a debt-to-equity ratio of 0.75.

Commercial Metals (NYSE:CMC - Get Free Report) last announced its quarterly earnings data on Thursday, March 26th. The basic materials company reported $1.16 earnings per share for the quarter, missing analysts' consensus estimates of $1.28 by ($0.12). Commercial Metals had a net margin of 6.02% and a return on equity of 13.54%. The business had revenue of $2.13 billion during the quarter, compared to analysts' expectations of $2.10 billion. During the same period in the prior year, the firm posted $0.26 EPS. Commercial Metals's revenue for the quarter was up 21.5% compared to the same quarter last year. Research analysts anticipate that Commercial Metals Company will post 6.54 earnings per share for the current year.

Commercial Metals Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Monday, April 6th were issued a $0.20 dividend. The ex-dividend date of this dividend was Monday, April 6th. This represents a $0.80 dividend on an annualized basis and a yield of 1.2%. This is a boost from Commercial Metals's previous quarterly dividend of $0.18. Commercial Metals's dividend payout ratio is presently 16.04%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Morgan Stanley boosted their price target on Commercial Metals from $68.00 to $85.00 and gave the company an "overweight" rating in a research report on Friday, January 9th. Weiss Ratings restated a "hold (c)" rating on shares of Commercial Metals in a research report on Wednesday, January 21st. Zacks Research cut Commercial Metals from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, February 3rd. KeyCorp assumed coverage on Commercial Metals in a research report on Wednesday, March 25th. They issued a "sector weight" rating on the stock. Finally, The Goldman Sachs Group started coverage on Commercial Metals in a research report on Wednesday, April 1st. They issued a "neutral" rating and a $74.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $71.50.

Commercial Metals Profile

Commercial Metals Company NYSE: CMC is a leading global steel and metal recycler, manufacturer and fabricator based in Irving, Texas. The company operates an integrated network of scrap recycling facilities, electric arc furnace steel mills, metal fabrication plants and distribution centers. Through these operations, Commercial Metals collects and processes ferrous scrap to produce finished steel products and provides recycled metal to a variety of end markets.

In its steelmaking segment, CMC uses electric arc furnace technology to transform recycled scrap into reinforcing bar (rebar), merchant bar, coil and structural products.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.