Cannell & Spears LLC Invests $3.77 Million in Commercial Metals Company $CMC

Key Points

• Cannell & Spears LLC initiated a new position in Commercial Metals, buying 61,344 shares worth about $3.77 million in the first quarter and holding roughly 0.06% of the company.
• Commercial Metals reported strong quarterly results, with earnings of $1.73 per share beating estimates and revenue rising 22.9% year over year to $2.48 billion.
• The company remains active on shareholder returns and market sentiment, paying a quarterly dividend of $0.20 per share and receiving a consensus analyst rating of Moderate Buy with a $79.45 price target.

Cannell & Spears LLC purchased a new position in Commercial Metals Company (NYSE:CMC - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 61,344 shares of the basic materials company's stock, valued at approximately $3,768,000. Cannell & Spears LLC owned about 0.06% of Commercial Metals at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of CMC. Artemis Investment Management LLP purchased a new stake in Commercial Metals during the 4th quarter valued at about $103,962,000. Norges Bank purchased a new position in Commercial Metals in the fourth quarter worth about $97,983,000. Encompass Capital Advisors LLC bought a new position in shares of Commercial Metals in the fourth quarter worth approximately $41,523,000. Merewether Investment Management LP purchased a new stake in shares of Commercial Metals during the third quarter valued at approximately $26,847,000. Finally, UBS Group AG grew its holdings in shares of Commercial Metals by 41.8% during the third quarter. UBS Group AG now owns 1,521,130 shares of the basic materials company's stock valued at $87,130,000 after buying an additional 448,083 shares during the last quarter. Institutional investors own 86.90% of the company's stock.

Insider Buying and Selling at Commercial Metals

In other news, CEO Peter R. Matt purchased 8,230 shares of the company's stock in a transaction dated Friday, July 10th. The shares were purchased at an average cost of $61.30 per share, for a total transaction of $504,499.00. Following the purchase, the chief executive officer directly owned 181,522 shares in the company, valued at approximately $11,127,298.60. This represents a 4.75% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.62% of the stock is owned by insiders.

Commercial Metals Stock Up 1.3%

CMC opened at $68.91 on Friday. The company has a quick ratio of 1.54, a current ratio of 2.33 and a debt-to-equity ratio of 0.73. The firm has a 50 day moving average price of $70.14 and a 200-day moving average price of $70.49. Commercial Metals Company has a twelve month low of $49.66 and a twelve month high of $84.87. The stock has a market capitalization of $7.62 billion, a price-to-earnings ratio of 12.98, a PEG ratio of 0.40 and a beta of 1.54.

Commercial Metals (NYSE:CMC - Get Free Report) last issued its quarterly earnings data 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 net margin of 6.72% and a return on equity of 15.69%. The company had revenue of $2.48 billion for the quarter, compared to the consensus estimate of $2.40 billion. During the same quarter in the prior year, the firm earned $0.74 earnings per share. The firm's revenue for the quarter was up 22.9% compared to the same quarter last year. Equities research analysts forecast that Commercial Metals Company will post 6.64 earnings per share for the current year.

Commercial Metals Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Monday, July 6th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend was Monday, July 6th. Commercial Metals's dividend payout ratio is presently 15.07%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. BNP Paribas Exane raised shares of Commercial Metals from a "neutral" rating to an "outperform" rating and set a $75.00 price target for the company in a research report on Wednesday, July 8th. Wells Fargo & Company increased their target price on Commercial Metals from $77.00 to $80.00 and gave the company an "equal weight" rating in a research note on Friday, June 26th. Deutsche Bank Aktiengesellschaft raised Commercial Metals to a "buy" rating in a report on Friday, May 22nd. Zacks Research upgraded Commercial Metals from a "strong sell" rating to a "hold" rating in a research note on Monday, July 13th. Finally, Barclays began coverage on Commercial Metals in a report on Thursday, May 21st. They set an "equal weight" rating and a $75.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat, Commercial Metals presently has an average rating of "Moderate Buy" and a consensus price target of $79.45.

Commercial Metals 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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