Commercial Metals (NYSE:CMC) CEO Peter Matt Purchases 8,230 Shares

Commercial Metals Company (NYSE:CMC) CEO Peter Matt purchased 8,230 shares of the company’s stock in a transaction that occurred on Friday, July 10th. The stock was bought at an average price of $61.30 per share, for a total transaction of $504,499.00. Following the transaction, the chief executive officer directly owned 181,522 shares in the company, valued at $11,127,298.60. This trade represents a 4.75% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Commercial Metals Stock Up 1.6%

CMC opened at $63.62 on Tuesday. Commercial Metals Company has a 52 week low of $49.66 and a 52 week high of $84.87. The business has a 50 day moving average price of $70.82 and a two-hundred day moving average price of $70.70. The company has a quick ratio of 1.54, a current ratio of 2.33 and a debt-to-equity ratio of 0.73. The company has a market cap of $7.04 billion, a PE ratio of 11.98, a P/E/G ratio of 0.36 and a beta of 1.54.

Commercial Metals (NYSE:CMC) last announced its earnings results on Thursday, June 25th. The basic materials company reported $1.73 earnings per share for the quarter, beating the consensus estimate of $1.70 by $0.03. The company had revenue of $2.48 billion for the quarter, compared to the consensus estimate of $2.40 billion. Commercial Metals had a return on equity of 15.69% and a net margin of 6.72%.The company’s revenue was up 22.9% on a year-over-year basis. During the same period last year, the business posted $0.74 EPS. As a group, research analysts anticipate that Commercial Metals Company will post 6.63 EPS for the current year.

Commercial Metals Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Monday, July 6th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date is Monday, July 6th. Commercial Metals’s dividend payout ratio (DPR) is 15.07%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. KeyCorp assumed coverage on shares of Commercial Metals in a research note on Wednesday, March 25th. They issued a “sector weight” rating for the company. Bank of America dropped their price target on shares of Commercial Metals from $84.00 to $78.00 and set a “buy” rating on the stock in a research note on Thursday, July 9th. BNP Paribas Exane raised shares of Commercial Metals from a “neutral” rating to an “outperform” rating and set a $75.00 price target for the company in a report on Wednesday, July 8th. The Goldman Sachs Group assumed coverage on shares of Commercial Metals in a research report on Wednesday, April 1st. They issued a “neutral” rating and a $74.00 price objective for the company. Finally, JPMorgan Chase & Co. lowered their price objective on Commercial Metals from $83.00 to $78.00 and set an “overweight” rating on the stock in a report on Tuesday, April 14th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $79.45.

Institutional Investors Weigh In On Commercial Metals

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Artemis Investment Management LLP acquired a new position in shares of Commercial Metals during the 4th quarter worth $103,962,000. Norges Bank acquired a new stake in shares of Commercial Metals in the fourth quarter valued at about $97,983,000. Bank of America Corp DE lifted its stake in shares of Commercial Metals by 87.4% in the first quarter. Bank of America Corp DE now owns 1,631,213 shares of the basic materials company’s stock valued at $100,205,000 after purchasing an additional 760,985 shares during the period. Encompass Capital Advisors LLC purchased a new stake in Commercial Metals during the fourth quarter worth about $41,523,000. Finally, Merewether Investment Management LP purchased a new stake in Commercial Metals during the third quarter worth about $26,847,000. Institutional investors and hedge funds own 86.90% of the company’s stock.

Commercial Metals Company 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.