Drummond Knight Asset Management Pty Ltd Invests $15.58 Million in Commercial Metals Company $CMC

Drummond Knight Asset Management Pty Ltd purchased a new stake in shares of Commercial Metals Company (NYSE:CMC) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 271,985 shares of the basic materials company’s stock, valued at approximately $15,579,000. Commercial Metals accounts for approximately 4.8% of Drummond Knight Asset Management Pty Ltd’s investment portfolio, making the stock its 10th largest holding.

Several other institutional investors have also bought and sold shares of CMC. Hodges Capital Management Inc. increased its stake in Commercial Metals by 3.4% during the 2nd quarter. Hodges Capital Management Inc. now owns 251,468 shares of the basic materials company’s stock valued at $12,299,000 after buying an additional 8,267 shares during the period. Rhumbline Advisers lifted its holdings in Commercial Metals by 1.3% in the 2nd quarter. Rhumbline Advisers now owns 393,334 shares of the basic materials company’s stock valued at $19,238,000 after acquiring an additional 5,147 shares during the last quarter. Nordea Investment Management AB grew its holdings in shares of Commercial Metals by 28.9% in the 2nd quarter. Nordea Investment Management AB now owns 318,575 shares of the basic materials company’s stock worth $15,830,000 after acquiring an additional 71,350 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in shares of Commercial Metals by 6.9% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 29,033 shares of the basic materials company’s stock worth $1,420,000 after purchasing an additional 1,868 shares during the period. Finally, Thomist Capital Management LP purchased a new stake in shares of Commercial Metals during the second quarter valued at $14,950,000. Institutional investors and hedge funds own 86.90% of the company’s stock.

Commercial Metals Stock Down 0.1%

CMC opened at $70.39 on Wednesday. The company has a market capitalization of $7.82 billion, a PE ratio of 92.62, a price-to-earnings-growth ratio of 0.39 and a beta of 1.49. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.78 and a quick ratio of 2.03. Commercial Metals Company has a fifty-two week low of $37.92 and a fifty-two week high of $71.99. The business has a 50-day moving average of $62.59 and a 200-day moving average of $57.42.

Commercial Metals (NYSE:CMC) last released its quarterly earnings data on Thursday, October 16th. The basic materials company reported $1.37 EPS for the quarter, topping analysts’ consensus estimates of $1.32 by $0.05. The firm had revenue of $2.11 billion for the quarter, compared to the consensus estimate of $2.10 billion. Commercial Metals had a return on equity of 8.76% and a net margin of 1.09%.The firm’s revenue was up 5.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.90 earnings per share. Equities research analysts forecast that Commercial Metals Company will post 3.09 EPS for the current fiscal year.

Commercial Metals Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 13th. Investors of record on Thursday, October 30th were paid a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend was Thursday, October 30th. Commercial Metals’s payout ratio is presently 94.74%.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. Wall Street Zen raised Commercial Metals from a “buy” rating to a “strong-buy” rating in a research note on Friday, November 28th. Morgan Stanley raised shares of Commercial Metals from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $57.50 to $68.00 in a research report on Friday, October 24th. UBS Group restated a “neutral” rating on shares of Commercial Metals in a research report on Monday, October 27th. Citigroup raised shares of Commercial Metals from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $60.00 to $65.00 in a research note on Friday, October 17th. Finally, Wells Fargo & Company boosted their target price on shares of Commercial Metals from $68.00 to $79.00 and gave the company an “overweight” rating in a research note on Monday, December 15th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $67.50.

Insider Transactions at Commercial Metals

In other Commercial Metals news, Director John R. Mcpherson bought 1,722 shares of the stock in a transaction on Monday, October 20th. The shares were purchased at an average cost of $58.09 per share, with a total value of $100,030.98. Following the completion of the transaction, the director directly owned 6,722 shares of the company’s stock, valued at $390,480.98. This represents a 34.44% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.62% of the company’s stock.

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.