Wellington Management Group LLP Purchases 9,621 Shares of Commercial Metals Company $CMC

Key Points

• Wellington Management Group LLP has increased its stake in Commercial Metals Company by 1.4%, acquiring an additional 9,621 shares, bringing their total to 718,612 shares valued at approximately $33 million.
• Several institutional investors have also significantly increased their holdings in Commercial Metals, with American Century Companies Inc. raising its position by 86.1% and currently owning 1,587,259 shares.
• Despite a decline in revenue of 2.8% year-over-year and missing EPS estimates, analysts maintain a consensus rating of "Moderate Buy" for Commercial Metals, with a target price of $58.81.

Wellington Management Group LLP lifted its holdings in shares of Commercial Metals Company (NYSE:CMC - Free Report) by 1.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 718,612 shares of the basic materials company's stock after purchasing an additional 9,621 shares during the period. Wellington Management Group LLP owned about 0.64% of Commercial Metals worth $33,063,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC raised its stake in shares of Commercial Metals by 12.4% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 25,853 shares of the basic materials company's stock worth $1,189,000 after purchasing an additional 2,846 shares during the period. GAMMA Investing LLC raised its stake in shares of Commercial Metals by 25.6% during the 1st quarter. GAMMA Investing LLC now owns 3,280 shares of the basic materials company's stock worth $151,000 after purchasing an additional 669 shares during the period. SG Americas Securities LLC raised its stake in shares of Commercial Metals by 460.1% during the 1st quarter. SG Americas Securities LLC now owns 12,383 shares of the basic materials company's stock worth $570,000 after purchasing an additional 10,172 shares during the period. State of Alaska Department of Revenue raised its stake in shares of Commercial Metals by 2.5% during the 1st quarter. State of Alaska Department of Revenue now owns 13,316 shares of the basic materials company's stock worth $612,000 after purchasing an additional 325 shares during the period. Finally, Envestnet Asset Management Inc. raised its stake in shares of Commercial Metals by 6.3% during the 1st quarter. Envestnet Asset Management Inc. now owns 385,527 shares of the basic materials company's stock worth $17,738,000 after purchasing an additional 22,682 shares during the period. 86.90% of the stock is currently owned by institutional investors.

Commercial Metals Price Performance

CMC stock traded up $0.81 during mid-day trading on Thursday, reaching $57.82. 1,066,140 shares of the company traded hands, compared to its average volume of 1,097,000. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.86 and a quick ratio of 2.00. The company has a market capitalization of $6.47 billion, a P/E ratio of 186.52, a P/E/G ratio of 2.66 and a beta of 1.28. Commercial Metals Company has a 52-week low of $37.92 and a 52-week high of $64.53. The company has a fifty day moving average price of $52.97 and a 200-day moving average price of $48.83.

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). Commercial Metals had a return on equity of 7.45% and a net margin of 0.48%.The business had revenue of $2.02 billion for the quarter, compared to analysts' expectations of $2.04 billion. During the same period in the previous year, the firm posted $1.02 EPS. The firm's revenue for the quarter was down 2.8% compared to the same quarter last year. As a group, analysts anticipate that Commercial Metals Company will post 3.09 earnings per share for the current year.

Commercial Metals Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 9th. Stockholders of record on Monday, June 30th were issued a dividend of $0.18 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $0.72 annualized dividend and a dividend yield of 1.2%. Commercial Metals's payout ratio is presently 232.26%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on CMC shares. JPMorgan Chase & Co. lifted their target price on Commercial Metals from $52.00 to $54.00 and gave the stock a "neutral" rating in a research note on Monday, July 14th. BMO Capital Markets restated a "market perform" rating and issued a $55.00 price objective (down from $57.00) on shares of Commercial Metals in a research note on Tuesday, June 24th. UBS Group boosted their price objective on Commercial Metals from $48.00 to $56.00 and gave the company a "neutral" rating in a research note on Wednesday, August 13th. Jefferies Financial Group restated a "buy" rating on shares of Commercial Metals in a research note on Friday, June 20th. Finally, Wolfe Research upgraded Commercial Metals from a "peer perform" rating to an "outperform" rating in a research note on Friday, June 20th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $58.81.

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.