Y Intercept Hong Kong Ltd Purchases Shares of 124,996 Commercial Metals Company $CMC

Y Intercept Hong Kong Ltd acquired a new stake in Commercial Metals Company (NYSE:CMC) in the first quarter, HoldingsChannel reports. The fund acquired 124,996 shares of the basic materials company’s stock, valued at approximately $7,679,000.

Several other institutional investors also recently modified their holdings of CMC. Global Retirement Partners LLC raised its holdings in shares of Commercial Metals by 110.7% in the 4th quarter. Global Retirement Partners LLC now owns 573 shares of the basic materials company’s stock valued at $40,000 after purchasing an additional 301 shares during the period. V Square Quantitative Management LLC bought a new position in Commercial Metals during the fourth quarter worth about $54,000. Caitong International Asset Management Co. Ltd increased its position in Commercial Metals by 617.2% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 832 shares of the basic materials company’s stock worth $58,000 after buying an additional 716 shares during the last quarter. Los Angeles Capital Management LLC acquired a new position in Commercial Metals during the fourth quarter worth approximately $59,000. Finally, EverSource Wealth Advisors LLC raised its stake in Commercial Metals by 84.1% in the second quarter. EverSource Wealth Advisors LLC now owns 1,550 shares of the basic materials company’s stock valued at $76,000 after buying an additional 708 shares during the period. 86.90% of the stock is currently owned by institutional investors and hedge funds.

Commercial Metals Price Performance

Shares of NYSE:CMC opened at $61.58 on Friday. The firm has a 50 day moving average of $71.59 and a 200-day moving average of $71.04. Commercial Metals Company has a 12 month low of $49.66 and a 12 month high of $84.87. The company has a current ratio of 2.33, a quick ratio of 1.54 and a debt-to-equity ratio of 0.73. The stock has a market capitalization of $6.81 billion, a PE ratio of 11.60, a PEG ratio of 0.35 and a beta of 1.54.

Commercial Metals (NYSE:CMC) last announced its quarterly earnings data on Thursday, June 25th. The basic materials company reported $1.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.70 by $0.03. Commercial Metals had a net margin of 6.72% and a return on equity of 15.69%. The business had revenue of $2.48 billion for the quarter, compared to analysts’ expectations of $2.40 billion. During the same period last year, the firm posted $0.74 earnings per share. The firm’s quarterly revenue was up 22.9% compared to the same quarter last year. On average, equities research analysts predict that Commercial Metals Company will post 6.54 EPS for the current fiscal year.

Commercial Metals Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Monday, July 6th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, July 6th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.3%. Commercial Metals’s payout ratio is 15.07%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. BMO Capital Markets cut their price objective on Commercial Metals from $80.00 to $77.00 and set a “market perform” rating for the company in a research report on Monday. Barclays initiated coverage on shares of Commercial Metals in a report on Thursday, May 21st. They issued an “equal weight” rating and a $75.00 price target on the stock. UBS Group raised shares of Commercial Metals from a “neutral” rating to a “buy” rating and boosted their target price for the company from $79.00 to $89.00 in a research report on Wednesday, May 13th. Morgan Stanley boosted their price target on Commercial Metals from $83.00 to $88.00 and gave the company an “overweight” rating in a research note on Monday, June 22nd. Finally, Jefferies Financial Group upgraded Commercial Metals from a “buy” rating to a “buy” rating in a research report on Friday, June 5th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Commercial Metals currently has an average rating of “Moderate Buy” and an average price target of $80.10.

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.