Commercial Metals (NYSE:CMC) CEO Purchases $504,499.00 in Stock

Commercial Metals Company (NYSE:CMC) CEO Peter Matt purchased 8,230 shares of Commercial Metals stock in a transaction that occurred on Friday, July 10th. The shares were bought at an average price of $61.30 per share, with a total value of $504,499.00. Following the completion of the transaction, the chief executive officer owned 181,522 shares of the company’s stock, valued at $11,127,298.60. This represents a 4.75% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Commercial Metals Trading Up 1.9%

Commercial Metals stock opened at $67.44 on Thursday. The firm has a market cap of $7.46 billion, a PE ratio of 12.70, a P/E/G ratio of 0.38 and a beta of 1.54. Commercial Metals Company has a 12 month low of $49.66 and a 12 month high of $84.87. The stock’s 50 day simple moving average is $70.65 and its two-hundred day simple moving average is $70.65. The company has a current ratio of 2.33, a quick ratio of 1.54 and a debt-to-equity ratio of 0.73.

Commercial Metals (NYSE:CMC) last posted its earnings results on Thursday, June 25th. The basic materials company reported $1.73 earnings per share for the quarter, beating the consensus estimate of $1.70 by $0.03. Commercial Metals had a net margin of 6.72% and a return on equity of 15.69%. The firm had revenue of $2.48 billion during the quarter, compared to analyst estimates of $2.40 billion. During the same period in the previous year, the firm earned $0.74 EPS. The business’s quarterly revenue was up 22.9% on a year-over-year basis. Analysts anticipate that Commercial Metals Company will post 6.63 earnings per share for the current year.

Commercial Metals Announces Dividend

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

Institutional Trading of Commercial Metals

A number of institutional investors and hedge funds have recently modified their holdings of CMC. Artemis Investment Management LLP purchased a new stake in Commercial Metals during the 4th quarter worth approximately $103,962,000. Norges Bank purchased a new position in shares of Commercial Metals in the fourth quarter valued at approximately $97,983,000. Bank of America Corp DE lifted its position in shares of Commercial Metals by 87.4% in the first 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 acquiring an additional 760,985 shares in the last quarter. Encompass Capital Advisors LLC acquired a new stake in shares of Commercial Metals in the fourth quarter worth approximately $41,523,000. Finally, Merewether Investment Management LP acquired a new stake in shares of Commercial Metals in the third quarter worth approximately $26,847,000. Hedge funds and other institutional investors own 86.90% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on CMC shares. Barclays started coverage on shares of Commercial Metals in a research note on Thursday, May 21st. They set an “equal weight” rating and a $75.00 target price on the stock. Wells Fargo & Company lifted their price target 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. Bank of America reduced their price target on Commercial Metals from $84.00 to $78.00 and set a “buy” rating for the company in a report on Thursday, July 9th. Deutsche Bank Aktiengesellschaft upgraded Commercial Metals to a “buy” rating in a research report on Friday, May 22nd. Finally, Jefferies Financial Group raised Commercial Metals from a “buy” rating to a “buy” rating in a report on Friday, June 5th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $79.45.

About Commercial Metals

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.