Capstone Investment Advisors LLC acquired a new position in Commercial Metals Company (NYSE:CMC - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 22,199 shares of the basic materials company's stock, valued at approximately $1,393,000.
Other large investors have also added to or reduced their stakes in the company. Qsemble Capital Management LP grew its stake in Commercial Metals by 118.6% in the fourth quarter. Qsemble Capital Management LP now owns 49,885 shares of the basic materials company's stock valued at $3,453,000 after purchasing an additional 27,062 shares in the last quarter. California Public Employees Retirement System raised its stake in shares of Commercial Metals by 11.5% during the 1st quarter. California Public Employees Retirement System now owns 277,877 shares of the basic materials company's stock worth $17,070,000 after purchasing an additional 28,693 shares in the last quarter. NFJ Investment Group LLC bought a new stake in shares of Commercial Metals during the 4th quarter worth approximately $12,600,000. Bank of America Corp DE boosted its holdings in shares of Commercial Metals by 87.4% in the 1st quarter. Bank of America Corp DE now owns 1,631,213 shares of the basic materials company's stock valued at $100,205,000 after buying an additional 760,985 shares during the last quarter. Finally, Kettle Hill Capital Management LLC acquired a new stake in shares of Commercial Metals in the 4th quarter valued at approximately $11,457,000. Institutional investors and hedge funds own 86.90% of the company's stock.
Insider Buying and Selling
In other news, CEO Peter R. Matt bought 8,230 shares of the stock in a transaction dated Friday, July 10th. The shares were bought at an average price of $61.30 per share, for a total transaction of $504,499.00. Following the completion of the purchase, the chief executive officer owned 181,522 shares in the company, valued at approximately $11,127,298.60. This trade represents a 4.75% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John R. Mcpherson purchased 1,390 shares of the company's stock in a transaction that occurred on Thursday, August 13th. The shares were purchased at an average cost of $71.92 per share, with a total value of $99,968.80. Following the completion of the acquisition, the director owned 21,927 shares in the company, valued at $1,576,989.84. The trade was a 6.77% increase in their position. The SEC filing for this purchase provides additional information. Insiders own 0.62% of the company's stock.
Commercial Metals Price Performance
NYSE:CMC opened at $68.78 on Friday. The company has a market cap of $7.61 billion, a P/E ratio of 12.95, a P/E/G ratio of 0.39 and a beta of 1.52. The firm's fifty day moving average price is $68.12 and its two-hundred day moving average price is $69.41. Commercial Metals Company has a one year low of $53.08 and a one year high of $84.87. The company has a debt-to-equity ratio of 0.73, a current ratio of 2.33 and a quick ratio of 1.54.
Commercial Metals (NYSE:CMC - Get Free Report) last posted its earnings results on Thursday, June 25th. The basic materials company reported $1.73 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analysts' expectations of $2.40 billion. During the same quarter last year, the company posted $0.74 EPS. Commercial Metals's quarterly revenue was up 22.9% compared to the same quarter last year. Equities analysts expect that Commercial Metals Company will post 6.64 earnings per share for the current 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 stock through open market purchases. Stock buyback programs are often a sign that the company's board of directors believes its shares are undervalued.
Commercial Metals Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Monday, July 6th were given a dividend of $0.20 per share. The ex-dividend date 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 Upgrades and Downgrades
A number of brokerages recently weighed in on CMC. Deutsche Bank Aktiengesellschaft upgraded shares of Commercial Metals to a "buy" rating in a report on Friday, May 22nd. Jefferies Financial Group raised shares of Commercial Metals from a "buy" rating to a "buy" rating in a research report on Friday, June 5th. Weiss Ratings upgraded shares of Commercial Metals from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, July 30th. Zacks Research upgraded shares of Commercial Metals from a "strong sell" rating to a "hold" rating in a research note on Monday, July 13th. Finally, Morgan Stanley lifted their price target on Commercial Metals from $83.00 to $88.00 and gave the stock an "overweight" rating in a report on Monday, June 22nd. Ten equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $81.18.
Check Out Our Latest Report on CMC
Commercial Metals Company Profile
(
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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