14,846 Shares in Commercial Metals Company $CMC Acquired by Cibc World Market Inc.

Key Points

• Cibc World Market Inc. acquired 14,846 shares of Commercial Metals worth approximately $932,000 in the second quarter, while institutional investors collectively own 86.9% of the company.
• Analyst sentiment is positive, with a consensus “Moderate Buy” rating and an average price target of $81.18. Recent upgrades included UBS and Deutsche Bank, while several firms raised their targets to $80 or higher.
• Commercial Metals reported quarterly EPS of $1.73, exceeding estimates, with revenue rising 22.9% year over year. The company also authorized a $600 million share-repurchase program and maintains a quarterly dividend of $0.20 per share.

Cibc World Market Inc. bought a new stake in Commercial Metals Company (NYSE:CMC - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 14,846 shares of the basic materials company's stock, valued at approximately $932,000.

Several other large investors also recently added to or reduced their stakes in the business. Sanctuary Advisors LLC acquired a new stake in shares of Commercial Metals in the second quarter valued at about $209,000. Elevation Point Wealth Partners LLC bought a new stake in shares of Commercial Metals in the 2nd quarter worth approximately $239,000. Northwestern Mutual Wealth Management Co. bought a new stake in shares of Commercial Metals in the 2nd quarter worth approximately $275,000. Quantbot Technologies LP acquired a new stake in shares of Commercial Metals during the 2nd quarter worth approximately $407,000. Finally, William Blair Investment Management LLC acquired a new stake in shares of Commercial Metals during the 2nd quarter worth approximately $9,830,000. 86.90% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, Director John R. Mcpherson purchased 1,390 shares of the business's stock in a transaction dated Thursday, August 13th. The shares were bought at an average price 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 $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 this link. Also, CEO Peter R. Matt purchased 8,230 shares of Commercial Metals stock in a transaction dated Friday, July 10th. The stock was bought at an average price of $61.30 per share, for a total transaction of $504,499.00. Following the completion of the transaction, the chief executive officer directly owned 181,522 shares in the company, 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. 0.62% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of brokerages recently commented on CMC. Zacks Research upgraded Commercial Metals from a "strong sell" rating to a "hold" rating in a research note on Monday, July 13th. Wells Fargo & Company raised their price objective on shares of Commercial Metals from $77.00 to $80.00 and gave the stock an "equal weight" rating in a report on Friday, June 26th. BMO Capital Markets upped their target price on shares of Commercial Metals from $77.00 to $80.00 and gave the company a "market perform" rating in a research note on Thursday, August 6th. UBS Group raised shares of Commercial Metals from a "neutral" rating to a "buy" rating and increased their price target for the stock from $79.00 to $89.00 in a research report on Wednesday, May 13th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Commercial Metals to a "buy" rating in a research report on Friday, May 22nd. Ten research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $81.18.

Commercial Metals Trading Up 0.5%

CMC opened at $68.78 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. The stock has a market capitalization of $7.61 billion, a PE ratio of 12.95, a PEG ratio of 0.39 and a beta of 1.52. The firm has a 50-day moving average price of $68.12 and a two-hundred day moving average price of $69.41. Commercial Metals Company has a 1-year low of $53.08 and a 1-year high of $84.87.

Commercial Metals (NYSE:CMC - Get Free Report) last issued its quarterly 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. The business had revenue of $2.48 billion for the quarter, compared to analyst estimates of $2.40 billion. Commercial Metals had a return on equity of 15.69% and a net margin of 6.72%.The firm's revenue for the quarter was up 22.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.74 earnings per share. As a group, equities analysts anticipate that Commercial Metals Company will post 6.64 earnings per share for the current fiscal year.

Commercial Metals declared that its board has authorized a stock repurchase program on Wednesday, August 5th that permits the company to buyback $600.00 million in outstanding shares. This buyback authorization permits the basic materials company to reacquire up to 7.5% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

Commercial Metals Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders 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 dividend on an annualized basis and a yield of 1.2%. Commercial Metals's dividend payout ratio (DPR) is presently 15.07%.

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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