GSA Capital Partners LLP purchased a new position in Commercial Metals Company (NYSE:CMC – Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 33,406 shares of the basic materials company’s stock, valued at approximately $2,096,000.
Other hedge funds and other institutional investors have also made changes to their positions in the company. USA Financial Formulas increased its holdings in shares of Commercial Metals by 67.6% in the first quarter. USA Financial Formulas now owns 496 shares of the basic materials company’s stock worth $30,000 after purchasing an additional 200 shares during the last quarter. Global Retirement Partners LLC lifted its position in shares of Commercial Metals by 110.7% in the fourth quarter. Global Retirement Partners LLC now owns 573 shares of the basic materials company’s stock worth $40,000 after buying an additional 301 shares in the last quarter. Caitong International Asset Management Co. Ltd boosted its stake in 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 valued at $58,000 after buying an additional 716 shares during the last quarter. Los Angeles Capital Management LLC bought a new position in Commercial Metals during the fourth quarter valued at approximately $59,000. Finally, Colonial Trust Co SC purchased a new position in Commercial Metals during the 4th quarter valued at approximately $81,000. Institutional investors own 86.90% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of analysts have issued reports on the company. Weiss Ratings raised Commercial Metals from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, July 30th. Morgan Stanley increased their target price on Commercial Metals from $83.00 to $88.00 and gave the company an “overweight” rating in a research report on Monday, June 22nd. Zacks Research raised shares of Commercial Metals from a “strong sell” rating to a “hold” rating in a report on Monday, July 13th. BNP Paribas Exane upgraded shares of Commercial Metals from a “neutral” rating to an “outperform” rating and set a $75.00 price target on the stock in a research report on Wednesday, July 8th. Finally, Citigroup decreased their price target on shares of Commercial Metals from $85.00 to $75.00 and set a “buy” rating on the stock in a research note on Tuesday, July 7th. Ten investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $81.18.
Insiders Place Their Bets
In other Commercial Metals news, Director John R. Mcpherson bought 1,390 shares of Commercial Metals stock in a transaction on Thursday, August 13th. The shares were acquired at an average price of $71.92 per share, for a total transaction of $99,968.80. Following the completion of the purchase, the director directly owned 21,927 shares in the company, 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 Securities & Exchange Commission, which is available at this link. Also, CEO Peter R. Matt bought 8,230 shares of Commercial Metals stock in a transaction on Friday, July 10th. The stock was acquired at an average price of $61.30 per share, for a total transaction of $504,499.00. Following the purchase, the chief executive officer owned 181,522 shares of the company’s stock, valued at approximately $11,127,298.60. This trade represents a 4.75% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 0.62% of the stock is owned by insiders.
Commercial Metals Stock Performance
Commercial Metals stock opened at $71.60 on Friday. The company has a debt-to-equity ratio of 0.73, a current ratio of 2.33 and a quick ratio of 1.54. The firm has a market capitalization of $7.92 billion, a P/E ratio of 13.48, a price-to-earnings-growth ratio of 0.41 and a beta of 1.52. Commercial Metals Company has a 1-year low of $53.08 and a 1-year high of $84.87. The company’s 50-day moving average is $69.43 and its 200 day moving average is $70.17.
Commercial Metals (NYSE:CMC – Get Free Report) last announced its earnings results on Thursday, June 25th. The basic materials company reported $1.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.70 by $0.03. Commercial Metals had a return on equity of 15.69% and a net margin of 6.72%.The business had revenue of $2.48 billion during the quarter, compared to analyst estimates of $2.40 billion. During the same quarter in the previous year, the business earned $0.74 earnings per share. The company’s revenue for the quarter was up 22.9% compared to the same quarter last year. Research analysts forecast that Commercial Metals Company will post 6.64 EPS for the current year.
Commercial Metals Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Monday, July 6th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend was Monday, July 6th. Commercial Metals’s dividend payout ratio (DPR) is currently 15.07%.
Commercial Metals declared that its board has approved a stock buyback program on Wednesday, August 5th that authorizes the company to repurchase $600.00 million in outstanding shares. This repurchase authorization authorizes the basic materials company to reacquire up to 7.5% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.
About Commercial Metals
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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