Vise Technologies Inc. purchased a new position in Commercial Metals Company (NYSE:CMC – Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 17,357 shares of the basic materials company’s stock, valued at approximately $1,089,000.
Several other large investors have also recently made changes to their positions in CMC. Royal Bank of Canada lifted its holdings in Commercial Metals by 1.4% in the 1st quarter. Royal Bank of Canada now owns 90,989 shares of the basic materials company’s stock valued at $4,186,000 after purchasing an additional 1,219 shares in the last quarter. Amundi grew its holdings in shares of Commercial Metals by 13.3% during the first quarter. Amundi now owns 2,480 shares of the basic materials company’s stock worth $114,000 after buying an additional 291 shares in the last quarter. Jones Financial Companies Lllp grew its holdings in shares of Commercial Metals by 614.9% during the first quarter. Jones Financial Companies Lllp now owns 11,767 shares of the basic materials company’s stock worth $541,000 after buying an additional 10,121 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of Commercial Metals by 5.8% in the first quarter. Goldman Sachs Group Inc. now owns 1,033,514 shares of the basic materials company’s stock valued at $47,552,000 after buying an additional 56,875 shares during the last quarter. Finally, Empowered Funds LLC raised its position in shares of Commercial Metals by 1.8% in the first quarter. Empowered Funds LLC now owns 53,305 shares of the basic materials company’s stock valued at $2,453,000 after buying an additional 941 shares during the last quarter. 86.90% of the stock is currently owned by hedge funds and other institutional investors.
Insider Activity at Commercial Metals
In other Commercial Metals news, CEO Peter R. Matt acquired 8,230 shares of the firm’s stock in a transaction that occurred on Friday, July 10th. The shares were purchased 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 owned 181,522 shares of the company’s stock, valued at approximately $11,127,298.60. The trade was a 4.75% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director John R. Mcpherson acquired 1,390 shares of the firm’s stock in a transaction that occurred on Thursday, August 13th. The stock was acquired at an average price of $71.92 per share, for a total transaction of $99,968.80. Following the completion of the acquisition, the director directly owned 21,927 shares of the company’s stock, valued at $1,576,989.84. The trade was a 6.77% increase in their position. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 0.62% of the company’s stock.
Analyst Ratings Changes
Commercial Metals Trading Up 1.7%
Shares of CMC stock opened at $66.36 on Friday. The company has a current ratio of 2.33, a quick ratio of 1.54 and a debt-to-equity ratio of 0.73. Commercial Metals Company has a twelve month low of $53.08 and a twelve month high of $84.87. The company’s 50-day moving average price is $68.73 and its 200-day moving average price is $69.90. The stock has a market cap of $7.34 billion, a price-to-earnings ratio of 12.50, a PEG ratio of 0.38 and a beta of 1.52.
Commercial Metals (NYSE:CMC – Get Free Report) last released its quarterly earnings data on Thursday, June 25th. The basic materials company reported $1.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.70 by $0.03. Commercial Metals had a net margin of 6.72% and a return on equity of 15.69%. The firm had revenue of $2.48 billion during the quarter, compared to analysts’ expectations of $2.40 billion. During the same period last year, the business earned $0.74 earnings per share. Commercial Metals’s revenue was up 22.9% compared to the same quarter last year. As a group, equities analysts predict that Commercial Metals Company will post 6.64 earnings per share for the current year.
Commercial Metals announced that its board has approved a share buyback 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 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 Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Monday, July 6th were paid a $0.20 dividend. The ex-dividend date of this dividend was Monday, July 6th. This represents a $0.80 annualized dividend and a dividend yield of 1.2%. Commercial Metals’s dividend payout ratio is 15.07%.
Commercial Metals Company 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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