AXQ Capital LP Acquires New Holdings in Commercial Metals Company $CMC

AXQ Capital LP bought a new stake in Commercial Metals Company (NYSE:CMC) during the third quarter, Holdings Channel.com reports. The institutional investor bought 10,261 shares of the basic materials company’s stock, valued at approximately $588,000.

Several other hedge funds also recently bought and sold shares of CMC. Root Financial Partners LLC purchased a new stake in shares of Commercial Metals in the 3rd quarter valued at approximately $25,000. Rothschild Investment LLC increased its holdings in Commercial Metals by 169.6% in the 3rd quarter. Rothschild Investment LLC now owns 515 shares of the basic materials company’s stock valued at $29,000 after purchasing an additional 324 shares during the last quarter. SBI Securities Co. Ltd. raised its position in Commercial Metals by 282.3% in the second quarter. SBI Securities Co. Ltd. now owns 692 shares of the basic materials company’s stock valued at $34,000 after purchasing an additional 511 shares during the period. Spire Wealth Management raised its position in Commercial Metals by 42.4% in the third quarter. Spire Wealth Management now owns 615 shares of the basic materials company’s stock valued at $35,000 after purchasing an additional 183 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its stake in Commercial Metals by 84.1% during the second quarter. EverSource Wealth Advisors LLC now owns 1,550 shares of the basic materials company’s stock worth $76,000 after purchasing an additional 708 shares in the last quarter. Hedge funds and other institutional investors own 86.90% of the company’s stock.

Commercial Metals Price Performance

CMC stock opened at $74.16 on Wednesday. The business’s 50-day moving average is $75.46 and its two-hundred day moving average is $65.31. The company has a debt-to-equity ratio of 0.77, a current ratio of 4.47 and a quick ratio of 3.70. The firm has a market capitalization of $8.23 billion, a P/E ratio of 19.11, a P/E/G ratio of 0.40 and a beta of 1.49. Commercial Metals Company has a 1 year low of $37.92 and a 1 year high of $84.87.

Commercial Metals (NYSE:CMC) last released its earnings results on Thursday, January 8th. The basic materials company reported $1.84 earnings per share for the quarter, topping analysts’ consensus estimates of $1.55 by $0.29. The firm had revenue of $2.12 billion for the quarter, compared to analyst estimates of $2.06 billion. Commercial Metals had a net margin of 5.46% and a return on equity of 11.43%. The business’s quarterly revenue was up 11.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.78 earnings per share. Analysts anticipate that Commercial Metals Company will post 3.09 earnings per share for the current fiscal year.

Commercial Metals Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, February 2nd. Shareholders of record on Monday, January 19th were given a $0.18 dividend. The ex-dividend date of this dividend was Friday, January 16th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.0%. Commercial Metals’s dividend payout ratio is currently 18.56%.

Insiders Place Their Bets

In other Commercial Metals news, Director Dennis V. Arriola bought 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 20th. The shares were purchased at an average price of $74.69 per share, with a total value of $149,380.00. Following the completion of the acquisition, the director directly owned 9,238 shares of the company’s stock, valued at $689,986.22. This represents a 27.63% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jennifer J. Durbin sold 25,050 shares of the firm’s stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $79.97, for a total value of $2,003,248.50. Following the completion of the sale, the insider owned 52,880 shares in the company, valued at approximately $4,228,813.60. This represents a 32.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.62% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of brokerages have recently weighed in on CMC. Zacks Research cut Commercial Metals from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 3rd. The Goldman Sachs Group restated a “buy” rating and set a $84.00 target price on shares of Commercial Metals in a report on Tuesday, December 30th. JPMorgan Chase & Co. raised Commercial Metals from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $64.00 to $78.00 in a research report on Friday, December 5th. Morgan Stanley boosted their price target on shares of Commercial Metals from $68.00 to $85.00 and gave the stock an “overweight” rating in a research note on Friday, January 9th. Finally, Citigroup raised their price objective on shares of Commercial Metals from $65.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, January 12th. Eight research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $72.70.

Commercial Metals Profile

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.