NFJ Investment Group LLC acquired a new position in shares of Commercial Metals Company (NYSE:CMC – Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 543,780 shares of the basic materials company’s stock, valued at approximately $34,122,000. Commercial Metals comprises 1.2% of NFJ Investment Group LLC’s investment portfolio, making the stock its 28th biggest holding. NFJ Investment Group LLC owned about 0.49% of Commercial Metals as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors also recently added to or reduced their stakes in the business. USA Financial Formulas grew its position in shares of Commercial Metals by 67.6% during the 1st quarter. USA Financial Formulas now owns 496 shares of the basic materials company’s stock worth $30,000 after buying an additional 200 shares during the period. Global Retirement Partners LLC acquired a new position in Commercial Metals in the second quarter valued at approximately $34,000. Caitong International Asset Management Co. Ltd lifted its holdings in Commercial Metals by 617.2% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 832 shares of the basic materials company’s stock valued at $58,000 after buying an additional 716 shares during the period. Los Angeles Capital Management LLC bought a new position in Commercial Metals in the fourth quarter valued at approximately $59,000. Finally, EverSource Wealth Advisors LLC boosted its stake in Commercial Metals by 105.0% in the first quarter. EverSource Wealth Advisors LLC now owns 1,222 shares of the basic materials company’s stock valued at $75,000 after acquiring an additional 626 shares during the last quarter. 86.90% of the stock is currently owned by institutional investors and hedge funds.
Commercial Metals Stock Down 4.1%
Shares of NYSE:CMC opened at $65.36 on Friday. The company has a 50 day moving average price of $68.96 and a two-hundred day moving average price of $69.93. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.54 and a current ratio of 2.33. The company has a market capitalization of $7.23 billion, a PE ratio of 12.31, a PEG ratio of 0.39 and a beta of 1.52. Commercial Metals Company has a 52 week low of $53.08 and a 52 week high of $84.87.
Commercial Metals declared that its board has authorized a stock buyback plan on Wednesday, August 5th that authorizes the company to repurchase $600.00 million in shares. This repurchase authorization authorizes the basic materials company to buy up to 7.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
Commercial Metals Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Monday, July 6th were issued a dividend of $0.20 per share. The ex-dividend date was Monday, July 6th. This represents a $0.80 annualized dividend and a yield of 1.2%. Commercial Metals’s payout ratio is currently 15.07%.
Insider Activity
In other Commercial Metals news, CEO Peter R. Matt purchased 8,230 shares of the stock in a transaction on Friday, July 10th. The stock was bought at an average cost of $61.30 per share, for a total transaction of $504,499.00. Following the completion of the acquisition, the chief executive officer directly owned 181,522 shares of the company’s stock, valued at $11,127,298.60. The trade was a 4.75% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John R. Mcpherson purchased 1,390 shares of the company’s stock in a transaction dated Thursday, August 13th. The shares were acquired at an average cost of $71.92 per share, for a total transaction of $99,968.80. Following the transaction, the director owned 21,927 shares of the company’s stock, valued at $1,576,989.84. This trade represents a 6.77% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 0.62% of the company’s stock.
Analyst Upgrades and Downgrades
Several brokerages have commented on CMC. Bank of America dropped their target price on shares of Commercial Metals from $84.00 to $78.00 and set a “buy” rating for the company in a research report on Thursday, July 9th. Wells Fargo & Company raised their price target on Commercial Metals from $77.00 to $80.00 and gave the stock an “equal weight” rating in a research report on Friday, June 26th. Morgan Stanley lifted their price objective on Commercial Metals from $83.00 to $88.00 and gave the stock an “overweight” rating in a research note on Monday, June 22nd. Deutsche Bank Aktiengesellschaft upgraded Commercial Metals to a “buy” rating in a report on Friday, May 22nd. Finally, The Goldman Sachs Group reissued a “buy” rating and issued a $85.00 target price on shares of Commercial Metals in a research note on Thursday, August 6th. Ten research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $81.18.
View Our Latest Analysis on Commercial Metals
Commercial Metals Profile
Commercial Metals Company (NYSE: CMC) is a leading global steel and metal recycler, manufacturer and fabricator based in Irving, Texas. The company operates an integrated network of scrap recycling facilities, electric arc furnace steel mills, metal fabrication plants and distribution centers. Through these operations, Commercial Metals collects and processes ferrous scrap to produce finished steel products and provides recycled metal to a variety of end markets.
In its steelmaking segment, CMC uses electric arc furnace technology to transform recycled scrap into reinforcing bar (rebar), merchant bar, coil and structural products.
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