Green Alpha Advisors LLC purchased a new stake in Commercial Metals Company (NYSE:CMC - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 20,283 shares of the basic materials company's stock, valued at approximately $1,273,000.
Several other hedge funds have also added to or reduced their stakes in CMC. BlackRock Inc. acquired a new position in shares of Commercial Metals in the second quarter valued at $954,989,000. Artemis Investment Management LLP acquired a new stake in shares of Commercial Metals during the 4th quarter worth about $103,962,000. Norges Bank acquired a new stake in shares of Commercial Metals during the 4th quarter worth about $97,983,000. Bank of New York Mellon Corp bought a new stake in shares of Commercial Metals during the 2nd quarter worth about $59,572,000. Finally, Bank of America Corp DE boosted its holdings in shares of Commercial Metals by 87.4% during the 1st quarter. Bank of America Corp DE now owns 1,631,213 shares of the basic materials company's stock worth $100,205,000 after buying an additional 760,985 shares during the period. Institutional investors and hedge funds own 86.90% of the company's stock.
Insider Transactions at Commercial Metals
In other Commercial Metals news, CEO Peter R. Matt bought 8,230 shares of the firm's stock in a transaction on Friday, July 10th. The shares were purchased 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 approximately $11,127,298.60. The trade was a 4.75% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director John R. Mcpherson bought 1,390 shares of the stock in a transaction on Thursday, August 13th. The shares were acquired at an average cost of $71.92 per share, with a total value of $99,968.80. Following the purchase, the director owned 21,927 shares of the company's stock, valued at approximately $1,576,989.84. This represents a 6.77% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders own 0.62% of the company's stock.
Commercial Metals Stock Up 1.7%
Shares of CMC opened at $66.36 on Friday. Commercial Metals Company has a one year low of $53.08 and a one year high of $84.87. The company has a market cap of $7.34 billion, a P/E ratio of 12.50, a P/E/G ratio of 0.38 and a beta of 1.52. 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 50 day simple moving average of $68.73 and a two-hundred day simple moving average of $69.90.
Commercial Metals (NYSE:CMC - Get Free Report) last issued its earnings results on Thursday, June 25th. The basic materials company reported $1.73 earnings per share for the quarter, beating analysts' consensus estimates of $1.70 by $0.03. Commercial Metals had a return on equity of 15.69% and a net margin of 6.72%.The firm had revenue of $2.48 billion for the quarter, compared to the consensus estimate of $2.40 billion. During the same quarter last year, the business posted $0.74 EPS. The company's revenue 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 fiscal year.
Commercial Metals announced that its Board of Directors has authorized a share 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 buy up to 7.5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.
Commercial Metals Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors 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 yield of 1.2%. Commercial Metals's dividend payout ratio (DPR) is 15.07%.
Analyst Ratings Changes
CMC has been the topic of several research analyst reports. Wells Fargo & Company increased their price target on shares of Commercial Metals from $77.00 to $80.00 and gave the company an "equal weight" rating in a report on Friday, June 26th. The Goldman Sachs Group restated a "buy" rating and set a $85.00 price objective on shares of Commercial Metals in a report on Thursday, August 6th. Bank of America decreased their target price on Commercial Metals from $84.00 to $78.00 and set a "buy" rating on the stock in a research report on Thursday, July 9th. Deutsche Bank Aktiengesellschaft upgraded Commercial Metals to a "buy" rating in a research note on Friday, May 22nd. Finally, Barclays lifted their price target on Commercial Metals from $75.00 to $80.00 and gave the stock an "equal weight" rating in a report on Friday, August 7th. Ten research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Commercial Metals presently has a consensus rating of "Moderate Buy" and a consensus price target of $81.18.
Get Our Latest Stock Report on Commercial Metals
About Commercial Metals
(
Free Report)
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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