NewEdge Advisors LLC Purchases 66,699 Shares of Commercial Metals Company $CMC

NewEdge Advisors LLC increased its stake in shares of Commercial Metals Company (NYSE:CMC - Free Report) by 1,847.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 70,309 shares of the basic materials company's stock after acquiring an additional 66,699 shares during the quarter. NewEdge Advisors LLC owned about 0.06% of Commercial Metals worth $4,412,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. USA Financial Formulas raised its position in Commercial Metals by 67.6% in the first quarter. USA Financial Formulas now owns 496 shares of the basic materials company's stock worth $30,000 after purchasing an additional 200 shares in the last quarter. Global Retirement Partners LLC acquired a new position in Commercial Metals during the 2nd quarter worth about $34,000. Caitong International Asset Management Co. Ltd grew its stake in shares of Commercial Metals by 617.2% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 832 shares of the basic materials company's stock valued at $58,000 after purchasing an additional 716 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of Commercial Metals by 105.0% in the first quarter. EverSource Wealth Advisors LLC now owns 1,222 shares of the basic materials company's stock valued at $75,000 after purchasing an additional 626 shares in the last quarter. Finally, Archer Investment Corp bought a new position in Commercial Metals in the 2nd quarter worth approximately $90,000. Institutional investors and hedge funds own 86.90% of the company's stock.

Insiders Place Their Bets

In other Commercial Metals news, Director John McPherson purchased 1,390 shares of the firm's stock in a transaction dated 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 purchase, the director owned 21,927 shares in the company, valued at approximately $1,576,989.84. This trade represents a 6.77% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Peter Matt purchased 8,230 shares of Commercial Metals stock in a transaction dated Friday, July 10th. The stock was 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 $11,127,298.60. This represents a 4.75% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 0.62% of the company's stock.

Commercial Metals Price Performance

Commercial Metals stock opened at $64.99 on Tuesday. The company has a current ratio of 2.33, a quick ratio of 1.54 and a debt-to-equity ratio of 0.73. The company has a market capitalization of $7.19 billion, a price-to-earnings ratio of 12.24, a PEG ratio of 0.35 and a beta of 1.52. The stock's 50 day moving average is $68.37 and its 200-day moving average is $68.49. Commercial Metals Company has a 12 month low of $53.08 and a 12 month high of $84.87.

Commercial Metals (NYSE:CMC - Get Free Report) last issued its quarterly earnings results on Thursday, June 25th. The basic materials company reported $1.73 EPS for the quarter, topping analysts' consensus estimates of $1.70 by $0.03. Commercial Metals had a return on equity of 15.69% and a net margin of 6.72%.The company had revenue of $2.48 billion for the quarter, compared to analysts' expectations of $2.40 billion. During the same quarter last year, the business earned $0.74 earnings per share. Commercial Metals's revenue was up 22.9% on a year-over-year basis. Equities research analysts expect that Commercial Metals Company will post 6.62 EPS for the current year.

Commercial Metals announced that its board has approved a share repurchase plan on Wednesday, August 5th that authorizes the company to repurchase $600.00 million in outstanding shares. This repurchase authorization authorizes the basic materials company to buy up to 7.5% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's management believes its stock is undervalued.

Commercial Metals Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Monday, July 6th were paid 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 is presently 15.07%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. The Goldman Sachs Group reiterated a "buy" rating and issued a $85.00 price target on shares of Commercial Metals in a report on Thursday, August 6th. Citigroup reduced their price objective on shares of Commercial Metals from $85.00 to $75.00 and set a "buy" rating on the stock in a research note on Tuesday, July 7th. Barclays lifted their target price on shares of Commercial Metals from $75.00 to $80.00 and gave the stock an "equal weight" rating in a report on Friday, August 7th. Jefferies Financial Group raised Commercial Metals from a "buy" rating to a "buy" rating in a research note on Friday, June 5th. Finally, Weiss Ratings raised Commercial Metals from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday. Ten research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Commercial Metals presently has a consensus rating of "Moderate Buy" and a consensus price target of $81.64.

About Commercial Metals

Commercial Metals Company NYSE: CMC is a steel and metals manufacturing and recycling company headquartered in Irving, Texas. Founded in 1915, the company began as a scrap-metal business and has grown into an integrated producer, recycler and fabricator serving construction and industrial markets.

CMC manufactures and distributes a range of steel products, including reinforcing bar, merchant bar, wire rod, structural products, wire mesh and other products used in concrete construction and infrastructure projects.

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