Commercial Metals Company $CMC Shares Bought by Edgestream Partners L.P.

Key Points

• Edgestream Partners L.P. increased its Commercial Metals stake by 2,356.3% in the first quarter, purchasing 147,906 additional shares to own 154,183 shares valued at approximately $9.47 million.
• Commercial Metals reported quarterly adjusted earnings of $1.73 per share and revenue of $2.48 billion, exceeding analyst estimates, while revenue rose 22.9% year over year.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $79.45, compared with the stock’s reported opening price of $67.95; the company also pays a quarterly dividend of $0.20 per share.

Edgestream Partners L.P. raised its stake in shares of Commercial Metals Company (NYSE:CMC - Free Report) by 2,356.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 154,183 shares of the basic materials company's stock after purchasing an additional 147,906 shares during the period. Edgestream Partners L.P. owned 0.14% of Commercial Metals worth $9,471,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of CMC. Artemis Investment Management LLP purchased a new position in Commercial Metals in the 4th quarter valued at about $103,962,000. Norges Bank acquired a new position in shares of Commercial Metals during the fourth quarter valued at approximately $97,983,000. Encompass Capital Advisors LLC acquired a new position in shares of Commercial Metals during the fourth quarter valued at approximately $41,523,000. Merewether Investment Management LP purchased a new position in shares of Commercial Metals in the third quarter valued at approximately $26,847,000. Finally, UBS Group AG lifted its position in shares of Commercial Metals by 41.8% in 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 acquiring an additional 448,083 shares in the last quarter. Hedge funds and other institutional investors own 86.90% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently commented on CMC. Wall Street Zen cut Commercial Metals from a "strong-buy" rating to a "buy" rating in a research report on Saturday, April 4th. Wells Fargo & Company upped their target price on shares of Commercial Metals from $77.00 to $80.00 and gave the stock an "equal weight" rating in a report on Friday, June 26th. BNP Paribas Exane raised shares of Commercial Metals from a "neutral" rating to an "outperform" rating and set a $75.00 price target on the stock in a research note on Wednesday, July 8th. Citigroup lowered their price target on shares of Commercial Metals from $85.00 to $75.00 and set a "buy" rating on the stock in a research report on Tuesday, July 7th. Finally, The Goldman Sachs Group started coverage on shares of Commercial Metals in a research note on Wednesday, April 1st. They set a "neutral" rating and a $74.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Commercial Metals presently has an average rating of "Moderate Buy" and an average target price of $79.45.

Commercial Metals Stock Down 3.6%

Shares of NYSE:CMC opened at $67.95 on Thursday. 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 business has a fifty day moving average of $70.06 and a two-hundred day moving average of $70.39. The stock has a market cap of $7.52 billion, a P/E ratio of 12.80, a PEG ratio of 0.41 and a beta of 1.54. Commercial Metals Company has a 52-week low of $49.66 and a 52-week high of $84.87.

Commercial Metals (NYSE:CMC - Get Free Report) last posted its quarterly earnings results on Thursday, June 25th. The basic materials company reported $1.73 EPS for the quarter, topping the consensus estimate of $1.70 by $0.03. The business had revenue of $2.48 billion for the quarter, compared to analyst estimates of $2.40 billion. Commercial Metals had a return on equity of 15.69% and a net margin of 6.72%.The company's quarterly revenue was up 22.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.74 EPS. On average, research analysts expect that Commercial Metals Company will post 6.64 earnings per share for the current year.

Commercial Metals Dividend Announcement

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

Insider Buying and Selling

In other news, CEO Peter R. Matt bought 8,230 shares of Commercial Metals stock in a transaction on Friday, July 10th. The shares were bought at an average cost of $61.30 per share, with a total value of $504,499.00. Following the completion of the purchase, the chief executive officer directly owned 181,522 shares of the company's stock, valued at approximately $11,127,298.60. This trade represents a 4.75% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.62% of the stock is owned by company insiders.

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.

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