Van ECK Associates Corp lowered its holdings in Commercial Metals (NYSE:CMC – Get Rating) by 19.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 106,146 shares of the basic materials company’s stock after selling 26,012 shares during the quarter. Van ECK Associates Corp owned about 0.09% of Commercial Metals worth $3,766,000 at the end of the most recent quarter.
Several other hedge funds have also bought and sold shares of CMC. Ronald Blue Trust Inc. acquired a new stake in Commercial Metals in the 2nd quarter valued at $30,000. Baldwin Brothers LLC MA acquired a new stake in Commercial Metals in the 2nd quarter valued at $33,000. Triasima Portfolio Management inc. grew its position in Commercial Metals by 48.3% in the 2nd quarter. Triasima Portfolio Management inc. now owns 1,075 shares of the basic materials company’s stock valued at $35,000 after purchasing an additional 350 shares during the period. Investors Asset Management of Georgia Inc. GA ADV acquired a new stake in Commercial Metals in the 2nd quarter valued at $35,000. Finally, National Bank of Canada FI grew its position in Commercial Metals by 32.8% in the 2nd quarter. National Bank of Canada FI now owns 1,062 shares of the basic materials company’s stock valued at $36,000 after purchasing an additional 262 shares during the period. Institutional investors and hedge funds own 84.30% of the company’s stock.
Insider Activity at Commercial Metals
In related news, SVP Ty L. Garrison sold 696 shares of the business’s stock in a transaction dated Thursday, October 20th. The stock was sold at an average price of $43.75, for a total value of $30,450.00. Following the sale, the senior vice president now directly owns 133,939 shares in the company, valued at approximately $5,859,831.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Barbara Smith sold 150,000 shares of the company’s stock in a transaction dated Tuesday, January 3rd. The stock was sold at an average price of $48.11, for a total transaction of $7,216,500.00. Following the sale, the chief executive officer now directly owns 227,651 shares in the company, valued at $10,952,289.61. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Ty L. Garrison sold 696 shares of the company’s stock in a transaction dated Thursday, October 20th. The shares were sold at an average price of $43.75, for a total value of $30,450.00. Following the sale, the senior vice president now owns 133,939 shares in the company, valued at $5,859,831.25. The disclosure for this sale can be found here. In the last three months, insiders have sold 177,400 shares of company stock worth $8,461,778. Company insiders own 1.20% of the company’s stock.
Analyst Upgrades and Downgrades
A number of equities analysts have issued reports on CMC shares. Bank of America started coverage on shares of Commercial Metals in a report on Wednesday, January 4th. They set a “neutral” rating and a $55.00 price objective on the stock. KeyCorp lifted their price objective on shares of Commercial Metals from $50.00 to $57.00 and gave the stock an “overweight” rating in a report on Wednesday. The Goldman Sachs Group lifted their price objective on shares of Commercial Metals from $48.00 to $53.00 and gave the stock a “neutral” rating in a report on Tuesday. StockNews.com downgraded shares of Commercial Metals from a “buy” rating to a “hold” rating in a report on Tuesday, January 3rd. Finally, BMO Capital Markets lifted their price objective on shares of Commercial Metals from $49.00 to $56.00 and gave the stock a “market perform” rating in a report on Tuesday. Six analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $49.78.
Commercial Metals Price Performance
Shares of NYSE:CMC opened at $55.88 on Friday. The company’s 50-day moving average is $48.67 and its 200 day moving average is $42.55. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.67 and a current ratio of 2.54. The company has a market capitalization of $6.56 billion, a P/E ratio of 5.61 and a beta of 1.29. Commercial Metals has a fifty-two week low of $31.47 and a fifty-two week high of $56.60.
Commercial Metals (NYSE:CMC – Get Rating) last announced its quarterly earnings data on Thursday, October 13th. The basic materials company reported $2.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.23 by $0.22. Commercial Metals had a return on equity of 34.01% and a net margin of 13.66%. The business had revenue of $2.41 billion for the quarter, compared to analysts’ expectations of $2.38 billion. On average, equities research analysts forecast that Commercial Metals will post 6.93 earnings per share for the current year.
Commercial Metals Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 2nd. Investors of record on Thursday, January 19th will be paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 1.15%. The ex-dividend date of this dividend is Wednesday, January 18th. Commercial Metals’s dividend payout ratio is currently 6.43%.
Commercial Metals Profile
Commercial Metals Company manufactures, recycles, and fabricates steel and metal products, and related materials and services in the United States, Poland, China, and internationally. The company processes and sells ferrous and nonferrous scrap metals to steel mills and foundries, aluminum sheet and ingot manufacturers, brass and bronze ingot makers, copper refineries and mills, secondary lead smelters, specialty steel mills, high temperature alloy manufacturers, and other consumers.
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