Artemis Investment Management LLP Sells 230,109 Shares of Commercial Metals Company $CMC

Key Points

• Artemis Investment Management cut its Commercial Metals stake by 42.7%, selling 230,109 shares and retaining 308,619 shares valued at approximately $19.2 million.
• Analysts maintain a generally positive outlook, with nine Buy ratings and six Holds, producing a consensus “Moderate Buy” rating and an average price target of $80.55.
• Commercial Metals authorized a $600 million share-repurchase program, allowing it to buy back up to 7.5% of outstanding shares, while the stock recently traded at $63.12.

Artemis Investment Management LLP decreased its holdings in Commercial Metals Company (NYSE:CMC - Free Report) by 42.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 308,619 shares of the basic materials company's stock after selling 230,109 shares during the period. Artemis Investment Management LLP owned about 0.28% of Commercial Metals worth $19,165,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also modified their holdings of CMC. BlackRock Inc. purchased a new stake in shares of Commercial Metals in the 2nd quarter valued at approximately $954,989,000. Bank of America Corp DE acquired a new position in shares of Commercial Metals during the second quarter worth $84,320,000. Bank of New York Mellon Corp purchased a new position in Commercial Metals in the second quarter valued at $59,572,000. Encompass Capital Advisors LLC acquired a new stake in Commercial Metals in the fourth quarter valued at $41,523,000. Finally, Jupiter Topco LLC purchased a new stake in Commercial Metals during the 2nd quarter worth about $36,800,000. Hedge funds and other institutional investors own 86.90% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. JPMorgan Chase & Co. reduced their target price on Commercial Metals from $86.00 to $83.00 and set an "overweight" rating for the company in a report on Wednesday, September 9th. Wells Fargo & Company cut their price target on Commercial Metals from $80.00 to $68.00 and set an "equal weight" rating on the stock in a research report on Tuesday. Citigroup decreased their price objective on Commercial Metals from $85.00 to $75.00 and set a "buy" rating for the company in a report on Tuesday, July 7th. The Goldman Sachs Group reiterated a "buy" rating and issued a $85.00 price target on shares of Commercial Metals in a research report on Thursday, August 6th. Finally, Weiss Ratings downgraded Commercial Metals from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Friday, October 2nd. Nine research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, Commercial Metals has a consensus rating of "Moderate Buy" and an average price target of $80.55.

Commercial Metals Trading Down 0.2%

Shares of CMC opened at $63.12 on Friday. Commercial Metals Company has a fifty-two week low of $53.08 and a fifty-two week high of $84.87. The company has a market capitalization of $6.98 billion, a PE ratio of 11.89, a price-to-earnings-growth ratio of 0.32 and a beta of 1.53. The stock has a fifty day moving average of $67.76 and a two-hundred day moving average of $68.20. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.54 and a current ratio of 2.33.

Commercial Metals declared that its Board of Directors has initiated a share buyback plan on Wednesday, August 5th that allows the company to repurchase $600.00 million in outstanding shares. This repurchase authorization allows the basic materials company to repurchase up to 7.5% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's leadership believes its stock is undervalued.

Insider Activity

In related news, Director John McPherson acquired 1,390 shares of Commercial Metals stock in a transaction on Thursday, August 13th. The shares were bought 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 $1,576,989.84. This trade represents a 6.77% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.62% of the stock is owned by insiders.

About Commercial Metals

Commercial Metals Company NYSE: CMC is a steel and metals manufacturer, fabricator and recycler headquartered in Irving, Texas. Founded in 1915, the company operates a vertically integrated business that collects and processes ferrous scrap, produces steel and supplies products used in construction and infrastructure projects.

CMC's product portfolio includes reinforcing bar, merchant bar, wire rod, structural components and other steel products. Through its fabrication and construction services, the company also processes and prepares reinforcing steel for commercial, industrial, transportation and other building projects.

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