JPMorgan Chase & Co. Cuts Holdings in Commercial Metals Company $CMC

JPMorgan Chase & Co. lowered its stake in Commercial Metals Company (NYSE:CMC) by 26.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 820,113 shares of the basic materials company’s stock after selling 292,701 shares during the period. JPMorgan Chase & Co. owned about 0.73% of Commercial Metals worth $40,112,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Paulson Wealth Management Inc. raised its holdings in Commercial Metals by 5.2% in the second quarter. Paulson Wealth Management Inc. now owns 4,674 shares of the basic materials company’s stock valued at $229,000 after acquiring an additional 229 shares in the last quarter. National Bank of Canada FI raised its holdings in shares of Commercial Metals by 80.3% in the 1st quarter. National Bank of Canada FI now owns 548 shares of the basic materials company’s stock valued at $25,000 after purchasing an additional 244 shares in the last quarter. Atlas Private Wealth Advisors raised its holdings in shares of Commercial Metals by 1.6% in the 2nd quarter. Atlas Private Wealth Advisors now owns 16,299 shares of the basic materials company’s stock valued at $797,000 after purchasing an additional 249 shares in the last quarter. Fulton Bank N.A. lifted its position in shares of Commercial Metals by 3.2% during the 2nd quarter. Fulton Bank N.A. now owns 8,309 shares of the basic materials company’s stock worth $406,000 after purchasing an additional 261 shares during the last quarter. Finally, Harbour Investments Inc. grew its stake in shares of Commercial Metals by 17.5% during the second quarter. Harbour Investments Inc. now owns 1,830 shares of the basic materials company’s stock worth $90,000 after purchasing an additional 273 shares in the last quarter. 86.90% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director John R. Mcpherson purchased 1,722 shares of the company’s stock in a transaction that occurred on Monday, October 20th. The shares were purchased at an average price of $58.09 per share, for a total transaction of $100,030.98. Following the transaction, the director directly owned 6,722 shares of the company’s stock, valued at approximately $390,480.98. The trade was a 34.44% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.46% of the stock is currently owned by corporate insiders.

Commercial Metals Price Performance

CMC stock opened at $64.05 on Tuesday. The company has a current ratio of 2.78, a quick ratio of 2.03 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $7.11 billion, a P/E ratio of 84.27, a PEG ratio of 1.94 and a beta of 1.34. The business has a 50 day simple moving average of $59.29 and a 200-day simple moving average of $55.07. Commercial Metals Company has a twelve month low of $37.92 and a twelve month high of $64.53.

Commercial Metals (NYSE:CMC) last released its quarterly earnings results on Thursday, October 16th. The basic materials company reported $1.37 EPS for the quarter, beating the consensus estimate of $1.32 by $0.05. The firm had revenue of $2.11 billion during the quarter, compared to the consensus estimate of $2.10 billion. Commercial Metals had a net margin of 1.09% and a return on equity of 8.76%. Commercial Metals’s revenue for the quarter was up 5.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.90 EPS. As a group, equities analysts anticipate that Commercial Metals Company will post 3.09 EPS for the current year.

Commercial Metals Dividend Announcement

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

Wall Street Analyst Weigh In

A number of research firms have weighed in on CMC. UBS Group restated a “neutral” rating on shares of Commercial Metals in a research note on Monday, October 27th. Wall Street Zen raised Commercial Metals from a “buy” rating to a “strong-buy” rating in a research report on Friday. Morgan Stanley upgraded shares of Commercial Metals from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $57.50 to $68.00 in a research note on Friday, October 24th. JPMorgan Chase & Co. raised their price objective on shares of Commercial Metals from $63.00 to $64.00 and gave the stock a “neutral” rating in a report on Monday, October 20th. Finally, Wells Fargo & Company upped their target price on shares of Commercial Metals from $64.00 to $68.00 and gave the company an “overweight” rating in a report on Thursday, November 6th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $64.20.

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.