Russell Investments Group Ltd. boosted its stake in Commercial Metals (NYSE:CMC – Get Rating) by 18.2% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 172,545 shares of the basic materials company’s stock after purchasing an additional 26,510 shares during the quarter. Russell Investments Group Ltd. owned about 0.15% of Commercial Metals worth $6,119,000 as of its most recent SEC filing.
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Several other hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in Commercial Metals by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 13,226,374 shares of the basic materials company’s stock worth $550,481,000 after purchasing an additional 142,062 shares in the last quarter. FMR LLC raised its position in shares of Commercial Metals by 5.1% during the 2nd quarter. FMR LLC now owns 10,124,695 shares of the basic materials company’s stock valued at $335,128,000 after buying an additional 493,455 shares in the last quarter. State Street Corp raised its position in shares of Commercial Metals by 22.3% during the 1st quarter. State Street Corp now owns 7,494,116 shares of the basic materials company’s stock valued at $312,971,000 after buying an additional 1,367,997 shares in the last quarter. Berkley W R Corp raised its position in shares of Commercial Metals by 14.4% during the 2nd quarter. Berkley W R Corp now owns 2,869,104 shares of the basic materials company’s stock valued at $94,967,000 after buying an additional 361,600 shares in the last quarter. Finally, Principal Financial Group Inc. raised its position in shares of Commercial Metals by 21.3% during the 2nd quarter. Principal Financial Group Inc. now owns 1,831,408 shares of the basic materials company’s stock valued at $60,620,000 after buying an additional 322,143 shares in the last quarter. Hedge funds and other institutional investors own 84.30% of the company’s stock.
Wall Street Analyst Weigh In
Several analysts have recently issued reports on CMC shares. Citigroup upped their target price on shares of Commercial Metals from $42.00 to $44.00 and gave the company a “neutral” rating in a research report on Friday, October 14th. BMO Capital Markets increased their price objective on shares of Commercial Metals from $49.00 to $56.00 and gave the stock a “market perform” rating in a research report on Tuesday, January 10th. Bank of America started coverage on shares of Commercial Metals in a research report on Wednesday, January 4th. They issued a “neutral” rating and a $55.00 price objective on the stock. KeyCorp increased their price objective on shares of Commercial Metals from $50.00 to $57.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 11th. Finally, StockNews.com raised shares of Commercial Metals from a “hold” rating to a “buy” rating in a research report on Wednesday, January 18th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $51.14.
Insider Activity
In other news, CEO Barbara Smith sold 150,000 shares of the stock in a transaction that occurred on Tuesday, January 3rd. The shares were sold at an average price of $48.11, for a total transaction of $7,216,500.00. Following the transaction, the chief executive officer now directly owns 227,651 shares in the company, valued at $10,952,289.61. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 1.20% of the company’s stock.
Commercial Metals Price Performance
Shares of CMC stock opened at $56.01 on Thursday. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.99 and a quick ratio of 1.97. The company has a market capitalization of $6.57 billion, a P/E ratio of 5.46 and a beta of 1.30. The company’s 50-day simple moving average is $50.61 and its two-hundred day simple moving average is $44.56. Commercial Metals has a one year low of $31.47 and a one year high of $56.88.
Commercial Metals (NYSE:CMC – Get Rating) last released its quarterly earnings data on Monday, January 9th. The basic materials company reported $2.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.99 by $0.25. Commercial Metals had a net margin of 13.61% and a return on equity of 33.19%. The firm had revenue of $2.23 billion for the quarter, compared to the consensus estimate of $2.16 billion. As a group, equities analysts anticipate that Commercial Metals will post 7.64 EPS for the current year.
Commercial Metals Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, February 2nd. Stockholders of record on Thursday, January 19th will be paid a dividend of $0.16 per share. The ex-dividend date is Wednesday, January 18th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.14%. Commercial Metals’s dividend payout ratio is presently 6.24%.
About Commercial Metals
Commercial Metals Co engages in the manufacture, recycling, and marketing of steel and metal products. It operates through the following segments: North America and Europe. The North America segment is a vertically integrated network of recycling facilities, steel mills and fabrication operations. The Europe segment is a vertically integrated network of recycling facilities, an EAF mini mill and fabrication operations located in Poland.
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