Commercial Metals Company $CMC Holdings Decreased by Tidal Investments LLC

Tidal Investments LLC trimmed its holdings in shares of Commercial Metals Company (NYSE:CMC) by 19.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 51,521 shares of the basic materials company’s stock after selling 12,650 shares during the period. Tidal Investments LLC’s holdings in Commercial Metals were worth $3,233,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the business. NewEdge Advisors LLC grew its stake in Commercial Metals by 4.2% during the 1st quarter. NewEdge Advisors LLC now owns 3,610 shares of the basic materials company’s stock valued at $222,000 after acquiring an additional 147 shares in the last quarter. Fifth Third Wealth Advisors LLC lifted its position in shares of Commercial Metals by 4.0% in the first quarter. Fifth Third Wealth Advisors LLC now owns 4,164 shares of the basic materials company’s stock worth $256,000 after purchasing an additional 160 shares in the last quarter. USA Financial Formulas boosted its holdings in shares of Commercial Metals by 67.6% during 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 during the period. Corient Private Wealth LLC boosted its holdings in shares of Commercial Metals by 0.9% during the fourth quarter. Corient Private Wealth LLC now owns 23,615 shares of the basic materials company’s stock worth $1,635,000 after purchasing an additional 216 shares during the period. Finally, Koshinski Asset Management Inc. grew its position in Commercial Metals by 8.5% during the first quarter. Koshinski Asset Management Inc. now owns 3,301 shares of the basic materials company’s stock valued at $203,000 after purchasing an additional 258 shares in the last quarter. 86.90% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Peter R. Matt bought 8,230 shares of the business’s stock in a transaction on Friday, July 10th. The shares were bought at an average cost of $61.30 per share, for a total transaction of $504,499.00. Following the completion of the acquisition, 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 ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John R. Mcpherson purchased 1,390 shares of Commercial Metals stock in a transaction on Thursday, August 13th. The stock was bought at an average cost of $71.92 per share, with a total value of $99,968.80. Following the transaction, the director directly owned 21,927 shares of the company’s stock, valued at approximately $1,576,989.84. The trade was a 6.77% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Corporate insiders own 0.62% of the company’s stock.

Commercial Metals Price Performance

Shares of CMC opened at $65.25 on Wednesday. The firm has a market cap of $7.22 billion, a PE ratio of 12.29, a PEG ratio of 0.34 and a beta of 1.52. The firm’s 50 day moving average price is $68.44 and its 200 day moving average price is $68.42. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.54 and a current ratio of 2.33. Commercial Metals Company has a twelve month low of $53.08 and a twelve month high of $84.87.

Commercial Metals (NYSE:CMC) last posted its 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. 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 the consensus estimate of $2.40 billion. During the same period in the previous year, the firm posted $0.74 earnings per share. The company’s revenue for the quarter was up 22.9% compared to the same quarter last year. As a group, research analysts expect that Commercial Metals Company will post 6.62 EPS for the current fiscal year.

Commercial Metals announced that its board has authorized a stock buyback program on Wednesday, August 5th that authorizes the company to repurchase $600.00 million in shares. This repurchase authorization authorizes the basic materials company to purchase up to 7.5% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its shares are undervalued.

Commercial Metals Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Monday, July 6th were paid a $0.20 dividend. 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 payout ratio is presently 15.07%.

Wall Street Analyst Weigh In

CMC has been the topic of several research reports. Deutsche Bank Aktiengesellschaft upgraded shares of Commercial Metals to a “buy” rating in a research note on Friday, May 22nd. Barclays lifted their target price on shares of Commercial Metals from $75.00 to $80.00 and gave the company an “equal weight” rating in a research note on Friday, August 7th. Morgan Stanley upped their price target on shares of Commercial Metals from $83.00 to $88.00 and gave the stock an “overweight” rating in a research note on Monday, June 22nd. BMO Capital Markets increased their price objective on Commercial Metals from $77.00 to $80.00 and gave the stock a “market perform” rating in a report on Thursday, August 6th. Finally, Citigroup reduced their price objective on Commercial Metals from $85.00 to $75.00 and set a “buy” rating for the company in a research report on Tuesday, July 7th. Ten analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Commercial Metals has an average rating of “Moderate Buy” and a consensus target price 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.