Bank of America Corp DE boosted its stake in Commercial Metals Company (NYSE:CMC) by 42.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 545,774 shares of the basic materials company’s stock after buying an additional 162,791 shares during the period. Bank of America Corp DE owned approximately 0.47% of Commercial Metals worth $10,440,000 as of its most recent filing with the SEC.
Other institutional investors have also recently bought and sold shares of the company. Thrivent Financial for Lutherans raised its position in Commercial Metals by 9.9% in the fourth quarter. Thrivent Financial for Lutherans now owns 19,690 shares of the basic materials company’s stock valued at $429,000 after buying an additional 1,770 shares during the last quarter. Norges Bank purchased a new position in Commercial Metals during the fourth quarter valued at about $38,100,000. Teachers Advisors LLC raised its position in Commercial Metals by 4.0% in the fourth quarter. Teachers Advisors LLC now owns 239,544 shares of the basic materials company’s stock valued at $5,217,000 after buying an additional 9,267 shares during the last quarter. Capstone Asset Management Co. raised its position in Commercial Metals by 3.2% in the first quarter. Capstone Asset Management Co. now owns 14,042 shares of the basic materials company’s stock valued at $269,000 after buying an additional 440 shares during the last quarter. Finally, Guild Investment Management Inc. purchased a new position in Commercial Metals during the first quarter valued at about $5,667,000. 89.73% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Commercial Metals Company (CMC) opened at 20.46 on Friday. Commercial Metals Company has a 12 month low of $14.58 and a 12 month high of $24.64. The firm has a market cap of $2.37 billion, a price-to-earnings ratio of 31.62 and a beta of 1.23. The stock’s 50 day moving average price is $19.23 and its 200 day moving average price is $19.54.
Commercial Metals (NYSE:CMC) last announced its quarterly earnings data on Thursday, June 22nd. The basic materials company reported $0.34 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.23 by $0.11. Commercial Metals had a return on equity of 7.84% and a net margin of 1.57%. The firm had revenue of $1.38 billion for the quarter, compared to analysts’ expectations of $1.34 billion. During the same quarter in the prior year, the firm posted $0.31 earnings per share. Commercial Metals’s revenue for the quarter was up 12.6% compared to the same quarter last year. Equities research analysts predict that Commercial Metals Company will post $0.93 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 20th. Shareholders of record on Thursday, July 6th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 2.35%. The ex-dividend date of this dividend was Monday, July 3rd. Commercial Metals’s payout ratio is currently 73.85%.
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CMC has been the topic of several research reports. Credit Suisse Group raised Commercial Metals from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $19.00 to $24.00 in a research note on Tuesday, March 28th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $19.00 price target (down previously from $20.00) on shares of Commercial Metals in a research report on Wednesday, April 19th. Bank of America Corporation lowered Commercial Metals from a “buy” rating to a “neutral” rating and reduced their price target for the company from $21.00 to $19.00 in a research report on Thursday, June 8th. Citigroup Inc. raised Commercial Metals from a “neutral” rating to a “buy” rating and increased their price target for the company from $21.00 to $22.00 in a research report on Tuesday, June 13th. Finally, BidaskClub raised Commercial Metals from a “sell” rating to a “hold” rating in a research report on Wednesday, June 14th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $22.00.
Commercial Metals Company Profile
Commercial Metals Company, together with its subsidiaries, manufactures, recycles and markets steel and metal products, related materials and services through a network. The Company’s Americas Recycling segment processes scrap metals for use as a raw material by manufacturers of new metal products. The Americas Mills segment consists of steel mills, commonly referred to as minimills that produce reinforcing bar (rebar), angles, flats and rounds.
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