Citizens Financial Group Inc. RI bought a new stake in Commercial Metals Company (NYSE:CMC – Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm bought 9,446 shares of the basic materials company’s stock, valued at approximately $587,000.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. NewEdge Advisors LLC lifted its holdings in shares of Commercial Metals by 4.2% during the 1st quarter. NewEdge Advisors LLC now owns 3,610 shares of the basic materials company’s stock worth $222,000 after acquiring an additional 147 shares during the period. Envestnet Portfolio Solutions Inc. increased its stake in Commercial Metals by 0.8% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 20,436 shares of the basic materials company’s stock valued at $1,282,000 after acquiring an additional 168 shares during the last quarter. Isthmus Partners LLC increased its stake in Commercial Metals by 3.0% in the third quarter. Isthmus Partners LLC now owns 6,301 shares of the basic materials company’s stock valued at $391,000 after acquiring an additional 181 shares during the last quarter. USA Financial Formulas increased its stake 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 acquiring an additional 200 shares during the last quarter. Finally, Koshinski Asset Management Inc. raised its position in Commercial Metals by 8.5% during the first quarter. Koshinski Asset Management Inc. now owns 3,301 shares of the basic materials company’s stock valued at $203,000 after purchasing an additional 258 shares in the last quarter. 86.90% of the stock is currently owned by institutional investors and hedge funds.
Insiders Place Their Bets
In related news, Director John 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 cost 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 approximately $1,576,989.84. This trade represents a 6.77% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. 0.62% of the stock is owned by insiders.
Analyst Ratings Changes
Several equities research analysts have weighed in on the company. Wells Fargo & Company restated an “underperform” rating and set a $70.00 target price on shares of Commercial Metals in a research note on Friday, October 16th. Weiss Ratings upgraded Commercial Metals from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, October 16th. BNP Paribas Exane raised Commercial Metals from a “neutral” rating to an “outperform” rating and set a $75.00 price target for the company in a report on Wednesday, July 8th. The Goldman Sachs Group restated a “buy” rating and set a $85.00 price objective on shares of Commercial Metals in a research report on Thursday, August 6th. Finally, Wall Street Zen lowered Commercial Metals from a “buy” rating to a “hold” rating in a research note on Saturday, October 17th. Ten investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $78.73.
View Our Latest Stock Report on Commercial Metals
Commercial Metals Trading Up 2.2%
CMC opened at $65.54 on Friday. The company has a debt-to-equity ratio of 0.71, a current ratio of 2.34 and a quick ratio of 1.66. Commercial Metals Company has a fifty-two week low of $55.97 and a fifty-two week high of $84.87. The company’s 50 day moving average price is $65.44 and its two-hundred day moving average price is $69.26. The firm has a market capitalization of $7.21 billion, a price-to-earnings ratio of 11.17, a PEG ratio of 3.80 and a beta of 1.53.
Commercial Metals (NYSE:CMC – Get Free Report) last released its quarterly earnings results on Thursday, October 15th. The basic materials company reported $2.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.95 by $0.14. The firm had revenue of $2.66 billion during the quarter, compared to the consensus estimate of $2.56 billion. Commercial Metals had a net margin of 6.98% and a return on equity of 17.00%. The company’s revenue for the quarter was up 25.7% on a year-over-year basis. During the same quarter last year, the firm earned $1.37 earnings per share. As a group, research analysts predict that Commercial Metals Company will post 6.95 earnings per share for the current year.
Commercial Metals announced that its board has approved a share repurchase plan on Wednesday, August 5th that authorizes the company to buy back $600 million in outstanding shares. This repurchase authorization authorizes the basic materials company to repurchase up to 7.5% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.
Commercial Metals Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 11th. Investors of record on Wednesday, October 28th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Wednesday, October 28th. This represents a $0.80 annualized dividend and a dividend yield of 1.2%. Commercial Metals’s payout ratio is currently 13.63%.
Commercial Metals Company Profile
Commercial Metals Company (NYSE:CMC) is a steel and metals manufacturer, recycler and fabricator headquartered in Irving, Texas. The company produces and sells steel products used in construction, infrastructure and industrial applications, including reinforcing bar, wire rod, merchant bar, structural steel and related products.
CMC operates an integrated recycling and manufacturing model. Its recycling facilities collect and process ferrous and nonferrous scrap metal, which is used as raw material in the company’s electric-arc-furnace steel mills.
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