Artemis Investment Management LLP Invests $103.96 Million in Commercial Metals Company $CMC

Key Points

• Artemis Investment Management opened a new position in Commercial Metals, purchasing 1,501,906 shares worth about $103.96 million in the fourth quarter, representing roughly 1.3% of Artemis's portfolio and about 1.35% ownership of CMC.
• Commercial Metals reported $1.16 EPS for the quarter (missing the $1.28 estimate) but posted revenue of $2.13 billion, up 21.5% year-over-year; analysts have an average rating of "Moderate Buy" with an average target price of $71.50.

Artemis Investment Management LLP purchased a new position in shares of Commercial Metals Company (NYSE:CMC - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 1,501,906 shares of the basic materials company's stock, valued at approximately $103,962,000. Commercial Metals accounts for 1.3% of Artemis Investment Management LLP's investment portfolio, making the stock its 22nd biggest holding. Artemis Investment Management LLP owned about 1.35% of Commercial Metals as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Ashton Thomas Private Wealth LLC grew its holdings in shares of Commercial Metals by 3.1% in the fourth quarter. Ashton Thomas Private Wealth LLC now owns 4,904 shares of the basic materials company's stock valued at $339,000 after purchasing an additional 149 shares in the last quarter. Spire Wealth Management grew its holdings in shares of Commercial Metals by 42.4% in the third quarter. Spire Wealth Management now owns 615 shares of the basic materials company's stock valued at $35,000 after purchasing an additional 183 shares in the last quarter. Quadrant Capital Group LLC grew its stake in Commercial Metals by 2.9% during the 3rd quarter. Quadrant Capital Group LLC now owns 6,626 shares of the basic materials company's stock worth $380,000 after purchasing an additional 188 shares in the last quarter. Captrust Financial Advisors raised its position in Commercial Metals by 4.4% in the 2nd quarter. Captrust Financial Advisors now owns 4,813 shares of the basic materials company's stock valued at $235,000 after purchasing an additional 202 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its position in Commercial Metals by 1.1% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 18,543 shares of the basic materials company's stock valued at $1,383,000 after purchasing an additional 206 shares in the last quarter. 86.90% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Commercial Metals

In other news, insider Jennifer J. Durbin sold 25,050 shares of Commercial Metals stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $79.97, for a total value of $2,003,248.50. Following the completion of the transaction, the insider owned 52,880 shares in the company, valued at approximately $4,228,813.60. This trade represents a 32.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.62% of the company's stock.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Jefferies Financial Group set a $85.00 price target on shares of Commercial Metals and gave the stock a "buy" rating in a report on Thursday, January 8th. JPMorgan Chase & Co. lowered their price objective on Commercial Metals from $83.00 to $78.00 and set an "overweight" rating for the company in a research report on Tuesday, April 14th. Morgan Stanley upped their price objective on Commercial Metals from $68.00 to $85.00 and gave the stock an "overweight" rating in a research report on Friday, January 9th. Weiss Ratings restated a "hold (c)" rating on shares of Commercial Metals in a report on Wednesday, January 21st. Finally, Zacks Research cut Commercial Metals from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, February 3rd. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $71.50.

Commercial Metals Price Performance

Commercial Metals stock opened at $68.54 on Friday. The firm has a market capitalization of $7.60 billion, a P/E ratio of 15.26, a PEG ratio of 0.40 and a beta of 1.49. The company has a quick ratio of 1.55, a current ratio of 2.38 and a debt-to-equity ratio of 0.75. Commercial Metals Company has a 52-week low of $44.67 and a 52-week high of $84.87. The firm has a fifty day moving average of $66.05 and a 200-day moving average of $67.69.

Commercial Metals (NYSE:CMC - Get Free Report) last announced its earnings results on Thursday, March 26th. The basic materials company reported $1.16 earnings per share for the quarter, missing the consensus estimate of $1.28 by ($0.12). Commercial Metals had a net margin of 6.02% and a return on equity of 13.54%. The business had revenue of $2.13 billion for the quarter, compared to analyst estimates of $2.10 billion. During the same quarter in the prior year, the business earned $0.26 earnings per share. The firm's revenue was up 21.5% on a year-over-year basis. As a group, analysts predict that Commercial Metals Company will post 6.75 EPS for the current year.

Commercial Metals Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Monday, April 6th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.2%. The ex-dividend date was Monday, April 6th. This is a positive change from Commercial Metals's previous quarterly dividend of $0.18. Commercial Metals's payout ratio is 16.04%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.