Fifth Third Wealth Advisors LLC Buys Shares of 5,550 Commercial Metals (NYSE:CMC)

Fifth Third Wealth Advisors LLC bought a new stake in shares of Commercial Metals (NYSE:CMC) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 5,550 shares of the basic materials company’s stock, valued at approximately $305,000.

Other large investors have also modified their holdings of the company. Rise Advisors LLC purchased a new position in shares of Commercial Metals during the first quarter valued at approximately $28,000. Daiwa Securities Group Inc. bought a new stake in shares of Commercial Metals during the fourth quarter valued at approximately $30,000. SYSTM Wealth Solutions LLC bought a new stake in shares of Commercial Metals during the first quarter valued at approximately $44,000. GAMMA Investing LLC bought a new stake in shares of Commercial Metals during the fourth quarter valued at approximately $74,000. Finally, Tennessee Valley Asset Management Partners bought a new stake in shares of Commercial Metals during the fourth quarter valued at approximately $107,000. Hedge funds and other institutional investors own 86.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on CMC shares. StockNews.com downgraded shares of Commercial Metals from a “buy” rating to a “hold” rating in a research note on Thursday, June 20th. Bank of America decreased their price target on shares of Commercial Metals from $70.00 to $69.00 and set a “buy” rating for the company in a research note on Wednesday, June 26th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $60.50.

Commercial Metals Stock Performance

Shares of CMC traded up $0.21 during trading hours on Wednesday, reaching $53.90. 894,607 shares of the company traded hands, compared to its average volume of 868,486. The stock has a market capitalization of $6.20 billion, a P/E ratio of 11.23 and a beta of 1.17. The company has a quick ratio of 2.83, a current ratio of 4.24 and a debt-to-equity ratio of 0.27. Commercial Metals has a 12-month low of $39.85 and a 12-month high of $61.26. The business has a fifty day moving average price of $54.58 and a 200-day moving average price of $54.99.

Commercial Metals (NYSE:CMC) last announced its quarterly earnings data on Thursday, June 20th. The basic materials company reported $1.02 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.02. The firm had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.02 billion. Commercial Metals had a net margin of 6.95% and a return on equity of 14.62%. The business’s quarterly revenue was down 11.4% compared to the same quarter last year. During the same period in the previous year, the company earned $2.02 earnings per share. Equities analysts anticipate that Commercial Metals will post 4.71 EPS for the current fiscal year.

Commercial Metals Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 10th. Shareholders of record on Monday, July 1st were issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.34%. The ex-dividend date was Monday, July 1st. Commercial Metals’s payout ratio is 15.00%.

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.