Landscape Capital Management L.L.C. bought a new position in Commercial Metals Company (NYSE:CMC – Free Report) in the second quarter, according to its most recent disclosure with the SEC. The firm bought 14,853 shares of the basic materials company’s stock, valued at approximately $932,000.
A number of other hedge funds and other institutional investors have also modified their holdings of CMC. Royal Bank of Canada grew its holdings in shares of Commercial Metals by 1.4% in the first 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 during the period. Amundi boosted its holdings in Commercial Metals by 13.3% in the 1st quarter. Amundi now owns 2,480 shares of the basic materials company’s stock valued at $114,000 after purchasing an additional 291 shares during the last quarter. Jones Financial Companies Lllp grew its stake in shares of Commercial Metals by 614.9% in the 1st quarter. Jones Financial Companies Lllp now owns 11,767 shares of the basic materials company’s stock valued at $541,000 after buying an additional 10,121 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of Commercial Metals by 5.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,033,514 shares of the basic materials company’s stock worth $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% during the 1st 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 period. 86.90% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several research analysts recently weighed in on CMC shares. Citigroup lowered their price objective on Commercial Metals from $85.00 to $75.00 and set a “buy” rating for the company in a research report on Tuesday, July 7th. Barclays lifted their target price on Commercial Metals from $75.00 to $80.00 and gave the company an “equal weight” rating in a research report on Friday, August 7th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $85.00 price target on shares of Commercial Metals in a research note on Thursday, August 6th. BNP Paribas Exane upgraded 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. Finally, Wells Fargo & Company raised their price objective 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. Ten research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $81.18.
Insider Activity at Commercial Metals
In other Commercial Metals news, Director John R. Mcpherson bought 1,390 shares of the business’s stock in a transaction that occurred on Thursday, August 13th. The shares were purchased at an average cost of $71.92 per share, with a total value of $99,968.80. Following the purchase, the director directly owned 21,927 shares in the company, valued at approximately $1,576,989.84. This represents a 6.77% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Peter R. Matt bought 8,230 shares of Commercial Metals stock in a transaction on Friday, July 10th. The shares were acquired at an average price 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 in the company, valued at $11,127,298.60. This 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 corporate insiders.
Commercial Metals Price Performance
CMC opened at $66.36 on Monday. The stock’s 50-day moving average price is $68.73 and its 200 day moving average price is $69.83. Commercial Metals Company has a 12-month low of $53.08 and a 12-month high of $84.87. The firm 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. 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 (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 the consensus estimate of $1.70 by $0.03. The company had revenue of $2.48 billion during the quarter, compared to the consensus estimate of $2.40 billion. Commercial Metals had a return on equity of 15.69% and a net margin of 6.72%.Commercial Metals’s revenue was up 22.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.74 EPS. As a group, sell-side analysts expect that Commercial Metals Company will post 6.64 earnings per share for the current year.
Commercial Metals Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Monday, July 6th were issued a $0.20 dividend. The ex-dividend date was Monday, July 6th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.2%. Commercial Metals’s payout ratio is 15.07%.
Commercial Metals announced that its Board of Directors has initiated a stock repurchase plan 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 repurchase up to 7.5% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.
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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