Wedge Capital Management L L P NC Trims Position in Commercial Metals Company $CMC

Key Points

• Wedge Capital Management L L P NC reduced its position in Commercial Metals Company by 76.8% in Q2, selling 137,223 shares, leaving them with 41,393 shares valued at approximately $2.03 million.
• Despite the reduction by Wedge Capital, several hedge funds increased their stakes in Commercial Metals, with National Bank of Canada FI raising its position by 80.3% in the first quarter.
• Commercial Metals missed earnings estimates for the last quarter, reporting $0.74 EPS against a consensus estimate of $0.85, while revenue was down 2.8% year-over-year.

Wedge Capital Management L L P NC lessened its position in shares of Commercial Metals Company (NYSE:CMC - Free Report) by 76.8% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 41,393 shares of the basic materials company's stock after selling 137,223 shares during the quarter. Wedge Capital Management L L P NC's holdings in Commercial Metals were worth $2,025,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. National Bank of Canada FI increased its position in Commercial Metals by 80.3% in the first quarter. National Bank of Canada FI now owns 548 shares of the basic materials company's stock worth $25,000 after buying an additional 244 shares in the last quarter. Park Square Financial Group LLC purchased a new stake in Commercial Metals in the fourth quarter worth about $33,000. Heck Capital Advisors LLC purchased a new stake in Commercial Metals in the fourth quarter worth about $34,000. UMB Bank n.a. increased its position in 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 buying an additional 268 shares in the last quarter. Finally, Wayfinding Financial LLC purchased a new stake in Commercial Metals in the first quarter worth about $47,000. Hedge funds and other institutional investors own 86.90% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on CMC. Jefferies Financial Group restated a "buy" rating on shares of Commercial Metals in a research report on Friday, June 20th. BMO Capital Markets restated a "market perform" rating and issued a $55.00 price target (down previously from $57.00) on shares of Commercial Metals in a research report on Tuesday, June 24th. Morgan Stanley set a $57.50 price target on Commercial Metals in a research report on Wednesday, June 25th. Wall Street Zen cut Commercial Metals from a "buy" rating to a "hold" rating in a research report on Saturday, September 13th. Finally, Wells Fargo & Company increased their target price on Commercial Metals from $61.00 to $64.00 and gave the stock an "overweight" rating in a research report on Friday. Five analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $60.39.

Commercial Metals Price Performance

NYSE:CMC opened at $57.62 on Tuesday. The firm has a market capitalization of $6.45 billion, a price-to-earnings ratio of 185.85, a PEG ratio of 2.04 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 business has a 50 day simple moving average of $55.65 and a 200-day simple moving average of $49.92. 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 data on Monday, June 23rd. The basic materials company reported $0.74 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.85 by ($0.11). The company had revenue of $2.02 billion during 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%. Commercial Metals's revenue for the quarter was down 2.8% on a year-over-year basis. During the same period in the previous year, the business earned $1.02 earnings per share. Equities analysts forecast that Commercial Metals Company will post 3.09 EPS for the current year.

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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