Victory Capital Management Inc. Buys 666,886 Shares of Commercial Metals Company (NYSE:CMC)

Victory Capital Management Inc. boosted its position in Commercial Metals Company (NYSE:CMC - Free Report) by 27.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,089,313 shares of the basic materials company's stock after buying an additional 666,886 shares during the quarter. Victory Capital Management Inc. owned approximately 2.73% of Commercial Metals worth $142,139,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in the company. Park Square Financial Group LLC purchased a new stake in Commercial Metals in the 4th quarter worth about $33,000. Heck Capital Advisors LLC purchased a new position in shares of Commercial Metals in the fourth quarter worth about $34,000. UMB Bank n.a. increased its stake in shares of Commercial Metals by 51.9% in the first quarter. UMB Bank n.a. now owns 784 shares of the basic materials company's stock worth $36,000 after purchasing an additional 268 shares in the last quarter. Wayfinding Financial LLC bought a new stake in shares of Commercial Metals in the first quarter valued at approximately $47,000. Finally, South Plains Financial Inc. purchased a new stake in shares of Commercial Metals during the 4th quarter valued at approximately $73,000. 86.90% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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

Commercial Metals Price Performance

NYSE CMC traded up $0.13 during trading on Friday, reaching $52.63. The company's stock had a trading volume of 734,538 shares, compared to its average volume of 1,137,608. The firm has a fifty day moving average of $49.33 and a 200 day moving average of $47.84. Commercial Metals Company has a one year low of $37.92 and a one year high of $64.53. The stock has a market capitalization of $5.89 billion, a PE ratio of 169.77, a P/E/G ratio of 2.08 and a beta of 1.26. 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 issued its quarterly earnings data on Monday, June 23rd. The basic materials company reported $0.74 EPS for the quarter, missing the consensus estimate of $0.85 by ($0.11). The business had revenue of $2.02 billion for the quarter, compared to analysts' expectations of $2.04 billion. Commercial Metals had a return on equity of 7.45% and a net margin of 0.48%. The firm's revenue for the quarter was down 2.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.02 EPS. Analysts expect that Commercial Metals Company will post 3.09 EPS for the current fiscal year.

Commercial Metals Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 9th. Shareholders of record on Monday, June 30th were paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 1.37%. The ex-dividend date was Monday, June 30th. Commercial Metals's dividend payout ratio (DPR) 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.