Bank of New York Mellon Corp Has $57.73 Million Stock Holdings in Commercial Metals (NYSE:CMC)

Bank of New York Mellon Corp boosted its holdings in Commercial Metals (NYSE:CMC - Free Report) by 6.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,163,920 shares of the basic materials company's stock after acquiring an additional 73,368 shares during the quarter. Bank of New York Mellon Corp owned 1.02% of Commercial Metals worth $57,730,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. Y Intercept Hong Kong Ltd acquired a new position in shares of Commercial Metals during the fourth quarter valued at $1,152,000. Union Bancaire Privee UBP SA bought a new position in Commercial Metals in the 4th quarter valued at about $134,000. New York State Common Retirement Fund grew its position in Commercial Metals by 2.6% in the 4th quarter. New York State Common Retirement Fund now owns 175,216 shares of the basic materials company's stock valued at $8,691,000 after buying an additional 4,397 shares in the last quarter. Kestra Investment Management LLC acquired a new position in Commercial Metals during the 4th quarter valued at about $214,000. Finally, Truist Financial Corp raised its position in shares of Commercial Metals by 3.5% during the 4th quarter. Truist Financial Corp now owns 7,150 shares of the basic materials company's stock worth $355,000 after buying an additional 242 shares in the last quarter. 86.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on CMC. BNP Paribas cut shares of Commercial Metals from an "outperform" rating to a "neutral" rating in a report on Friday, January 3rd. BMO Capital Markets decreased their price target on Commercial Metals from $62.00 to $58.00 and set a "market perform" rating for the company in a research note on Friday, January 3rd. Jefferies Financial Group dropped their price objective on Commercial Metals from $65.00 to $62.00 and set a "buy" rating on the stock in a research note on Monday, January 6th. The Goldman Sachs Group began coverage on Commercial Metals in a research note on Monday, December 2nd. They set a "buy" rating and a $75.00 target price for the company. Finally, Morgan Stanley dropped their price target on shares of Commercial Metals from $65.00 to $56.00 and set an "equal weight" rating on the stock in a research report on Monday, February 3rd. Six equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, Commercial Metals has a consensus rating of "Hold" and a consensus price target of $62.33.

Commercial Metals Trading Up 4.4 %

Shares of NYSE:CMC traded up $1.99 during midday trading on Wednesday, reaching $47.21. The company had a trading volume of 1,316,881 shares, compared to its average volume of 1,132,781. The company has a fifty day simple moving average of $49.73 and a two-hundred day simple moving average of $53.42. The firm has a market cap of $5.36 billion, a price-to-earnings ratio of 42.53, a price-to-earnings-growth ratio of 2.62 and a beta of 1.18. Commercial Metals has a 1-year low of $43.81 and a 1-year high of $64.53. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.94 and a current ratio of 2.76.

Commercial Metals (NYSE:CMC - Get Free Report) last announced its earnings results on Monday, January 6th. The basic materials company reported $0.78 EPS for the quarter, hitting the consensus estimate of $0.78. The company had revenue of $1.91 billion during the quarter, compared to analysts' expectations of $1.85 billion. Commercial Metals had a net margin of 1.70% and a return on equity of 9.88%. The business's revenue for the quarter was down 4.7% on a year-over-year basis. During the same period last year, the company posted $1.49 earnings per share. Research analysts predict that Commercial Metals will post 3.09 earnings per share for the current year.

Commercial Metals Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 30th. Stockholders of record on Thursday, January 16th were issued a $0.18 dividend. The ex-dividend date was Thursday, January 16th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.53%. Commercial Metals's payout ratio is currently 64.86%.

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.