Wellington Management Group LLP Lowers Position in Commercial Metals (NYSE:CMC)

Wellington Management Group LLP reduced its position in shares of Commercial Metals (NYSE:CMC - Free Report) by 0.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 708,991 shares of the basic materials company's stock after selling 5,817 shares during the period. Wellington Management Group LLP owned 0.62% of Commercial Metals worth $35,166,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Norges Bank acquired a new position in shares of Commercial Metals in the fourth quarter valued at approximately $69,261,000. Franklin Resources Inc. grew its holdings in shares of Commercial Metals by 87.0% in the fourth quarter. Franklin Resources Inc. now owns 1,919,445 shares of the basic materials company's stock valued at $95,204,000 after purchasing an additional 893,094 shares in the last quarter. Balyasny Asset Management L.P. grew its holdings in shares of Commercial Metals by 15,350.0% in the fourth quarter. Balyasny Asset Management L.P. now owns 568,095 shares of the basic materials company's stock valued at $28,178,000 after purchasing an additional 564,418 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Commercial Metals by 45.8% in the fourth quarter. JPMorgan Chase & Co. now owns 1,576,316 shares of the basic materials company's stock valued at $78,185,000 after purchasing an additional 495,163 shares in the last quarter. Finally, First Trust Advisors LP grew its holdings in shares of Commercial Metals by 34.1% in 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 purchasing an additional 446,317 shares in the last quarter. 86.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CMC has been the subject of a number of research reports. BMO Capital Markets dropped their price objective on shares of Commercial Metals from $58.00 to $54.00 and set a "market perform" rating for the company in a report on Friday, March 21st. Wolfe Research upgraded shares of Commercial Metals from a "peer perform" rating to an "outperform" rating and set a $50.00 price target for the company in a research note on Tuesday, May 27th. JPMorgan Chase & Co. assumed coverage on shares of Commercial Metals in a research note on Friday, May 30th. They issued a "neutral" rating and a $52.00 price target for the company. UBS Group decreased their price target on shares of Commercial Metals from $54.00 to $49.00 and set a "neutral" rating for the company in a research note on Monday, March 24th. Finally, Morgan Stanley decreased their price target on shares of Commercial Metals from $56.00 to $53.00 and set an "equal weight" rating for the company in a research note on Friday, March 7th. Six analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Commercial Metals presently has an average rating of "Hold" and an average target price of $58.00.

Commercial Metals Stock Up 1.2%

Shares of NYSE CMC traded up $0.60 during mid-day trading on Wednesday, reaching $49.48. The company had a trading volume of 316,754 shares, compared to its average volume of 971,153. The company has a current ratio of 2.76, a quick ratio of 1.94 and a debt-to-equity ratio of 0.29. The firm has a 50 day simple moving average of $44.97 and a two-hundred day simple moving average of $49.38. The stock has a market cap of $5.59 billion, a P/E ratio of 44.58, a PEG ratio of 2.62 and a beta of 1.29. Commercial Metals has a 52-week low of $37.92 and a 52-week high of $64.53.

Commercial Metals (NYSE:CMC - Get Free Report) last posted its earnings results on Thursday, March 20th. The basic materials company reported $0.26 EPS for the quarter, missing analysts' consensus estimates of $0.31 by ($0.05). The company had revenue of $1.75 billion during the quarter, compared to analysts' expectations of $1.73 billion. Commercial Metals had a net margin of 1.70% and a return on equity of 9.88%. The company's quarterly revenue was down 5.1% on a year-over-year basis. During the same period last year, the business earned $0.88 earnings per share. Sell-side analysts predict that Commercial Metals will post 3.09 earnings per share for the current year.

Commercial Metals Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 9th. Investors of record on Monday, March 31st were given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.46%. The ex-dividend date was Monday, March 31st. Commercial Metals's dividend payout ratio (DPR) is 120.00%.

Insiders Place Their Bets

In other Commercial Metals news, Director John R. Mcpherson acquired 2,475 shares of the stock in a transaction on Friday, April 4th. The shares were bought at an average cost of $40.42 per share, with a total value of $100,039.50. Following the transaction, the director now owns 15,141 shares of the company's stock, valued at approximately $611,999.22. This trade represents a 19.54% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.46% of the stock is currently owned by insiders.

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.