Swiss National Bank Lowers Position in Commercial Metals Company $CMC

Swiss National Bank decreased its stake in shares of Commercial Metals Company (NYSE:CMC) by 2.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 215,800 shares of the basic materials company’s stock after selling 4,300 shares during the period. Swiss National Bank’s holdings in Commercial Metals were worth $10,555,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Nuveen LLC purchased a new position in Commercial Metals during the 1st quarter worth $44,345,000. American Century Companies Inc. raised its holdings in shares of Commercial Metals by 86.1% in the first quarter. American Century Companies Inc. now owns 1,587,259 shares of the basic materials company’s stock valued at $73,030,000 after purchasing an additional 734,265 shares during the last quarter. Fuller & Thaler Asset Management Inc. lifted its position in shares of Commercial Metals by 14.9% during the first quarter. Fuller & Thaler Asset Management Inc. now owns 4,161,292 shares of the basic materials company’s stock valued at $191,461,000 after purchasing an additional 539,309 shares in the last quarter. Millennium Management LLC boosted its holdings in Commercial Metals by 124.3% during the first quarter. Millennium Management LLC now owns 926,718 shares of the basic materials company’s stock worth $42,638,000 after purchasing an additional 513,630 shares during the last quarter. Finally, Deutsche Bank AG boosted its holdings in Commercial Metals by 440.3% during the first quarter. Deutsche Bank AG now owns 572,748 shares of the basic materials company’s stock worth $26,352,000 after purchasing an additional 466,743 shares during the last quarter. 86.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CMC has been the subject of several analyst reports. Morgan Stanley upgraded shares of Commercial Metals from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $57.50 to $68.00 in a research note on Friday, October 24th. The Goldman Sachs Group upped their target price on Commercial Metals from $69.00 to $76.00 and gave the company a “buy” rating in a report on Thursday, October 23rd. Bank of America lifted their price target on Commercial Metals from $60.00 to $70.00 and gave the stock a “buy” rating in a report on Monday, September 15th. Wall Street Zen raised Commercial Metals from a “buy” rating to a “strong-buy” rating in a research report on Friday. Finally, JPMorgan Chase & Co. raised their target price on Commercial Metals from $63.00 to $64.00 and gave the company a “neutral” rating in a research report on Monday, October 20th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $64.20.

Insiders Place Their Bets

In other Commercial Metals news, Director John R. Mcpherson bought 1,722 shares of Commercial Metals stock in a transaction dated Monday, October 20th. The stock was purchased at an average price of $58.09 per share, for a total transaction of $100,030.98. Following the completion of the purchase, the director directly owned 6,722 shares of the company’s stock, valued at approximately $390,480.98. This trade represents a 34.44% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. 0.46% of the stock is owned by corporate insiders.

Commercial Metals Stock Performance

NYSE:CMC opened at $63.03 on Friday. The company has a market capitalization of $6.99 billion, a P/E ratio of 82.93, a P/E/G ratio of 1.94 and a beta of 1.34. The business has a fifty day simple moving average of $59.16 and a two-hundred day simple moving average of $54.86. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.78 and a quick ratio of 2.03. Commercial Metals Company has a 1 year low of $37.92 and a 1 year high of $64.53.

Commercial Metals (NYSE:CMC) last issued its quarterly earnings results on Thursday, October 16th. The basic materials company reported $1.37 EPS for the quarter, beating analysts’ consensus estimates of $1.32 by $0.05. The firm had revenue of $2.11 billion for the quarter, compared to analysts’ expectations of $2.10 billion. Commercial Metals had a return on equity of 8.76% and a net margin of 1.09%.The business’s revenue for the quarter was up 5.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.90 EPS. On average, analysts expect that Commercial Metals Company will post 3.09 earnings per share for the current year.

Commercial Metals Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 13th. Shareholders of record on Thursday, October 30th were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date was Thursday, October 30th. Commercial Metals’s dividend payout ratio (DPR) is currently 94.74%.

About Commercial Metals

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.