Green Alpha Advisors LLC acquired a new position in shares of Commercial Metals Company (NYSE:CMC – Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 20,283 shares of the basic materials company’s stock, valued at approximately $1,273,000.
A number of other institutional investors and hedge funds have also bought and sold shares of the company. USA Financial Formulas raised its position in Commercial Metals by 67.6% in the first quarter. USA Financial Formulas now owns 496 shares of the basic materials company’s stock valued at $30,000 after purchasing an additional 200 shares during the last quarter. Global Retirement Partners LLC bought a new stake in shares of Commercial Metals during the second quarter worth about $34,000. Caitong International Asset Management Co. Ltd grew its holdings in shares of Commercial Metals by 617.2% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 832 shares of the basic materials company’s stock worth $58,000 after purchasing an additional 716 shares during the last quarter. Los Angeles Capital Management LLC acquired a new position in shares of Commercial Metals in the fourth quarter valued at approximately $59,000. Finally, EverSource Wealth Advisors LLC increased its stake in shares of 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 buying an additional 626 shares during the period. Institutional investors and hedge funds own 86.90% of the company’s stock.
Insider Buying and Selling at Commercial Metals
In other news, Director John R. Mcpherson acquired 1,390 shares of the firm’s stock in a transaction dated Thursday, August 13th. The stock was bought at an average cost of $71.92 per share, for a total transaction of $99,968.80. Following the completion of the transaction, the director directly owned 21,927 shares in the company, valued at $1,576,989.84. This represents a 6.77% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Peter R. Matt bought 8,230 shares of the stock in a transaction that occurred on Friday, July 10th. The shares were purchased at an average cost of $61.30 per share, with a total value of $504,499.00. Following the purchase, 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 disclosure for this purchase is available in the SEC filing. Corporate insiders own 0.62% of the company’s stock.
Commercial Metals Price Performance
Commercial Metals (NYSE:CMC – Get Free Report) last released its earnings results on Thursday, June 25th. The basic materials company reported $1.73 earnings per share for the quarter, beating analysts’ consensus estimates of $1.70 by $0.03. Commercial Metals had a net margin of 6.72% and a return on equity of 15.69%. The business had revenue of $2.48 billion during the quarter, compared to the consensus estimate of $2.40 billion. During the same quarter in the prior year, the firm posted $0.74 EPS. The company’s revenue for the quarter was up 22.9% compared to the same quarter last year. As a group, research analysts expect that Commercial Metals Company will post 6.64 EPS for the current year.
Commercial Metals declared that its Board of Directors has initiated a share repurchase plan on Wednesday, August 5th that allows the company to repurchase $600.00 million in outstanding shares. This repurchase authorization allows the basic materials company to purchase up to 7.5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
Commercial Metals Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Monday, July 6th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Monday, July 6th. Commercial Metals’s dividend payout ratio is currently 15.07%.
Analyst Upgrades and Downgrades
CMC has been the topic of several recent research reports. Morgan Stanley lifted their target price on shares of Commercial Metals from $83.00 to $88.00 and gave the stock an “overweight” rating in a research report on Monday, June 22nd. Citigroup decreased their price target on shares of Commercial Metals from $85.00 to $75.00 and set a “buy” rating for the company in a research report on Tuesday, July 7th. Jefferies Financial Group raised shares of Commercial Metals from a “buy” rating to a “buy” rating in a research note on Friday, June 5th. Deutsche Bank Aktiengesellschaft upgraded shares of Commercial Metals to a “buy” rating in a report on Friday, May 22nd. Finally, Barclays boosted their price objective on shares of Commercial Metals from $75.00 to $80.00 and gave the stock an “equal weight” rating in a research note on Friday, August 7th. Ten investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $81.18.
Check Out Our Latest Research Report on CMC
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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