Royal Bank of Canada Sells 8,473 Shares of Commercial Metals Company $CMC

Royal Bank of Canada lowered its stake in shares of Commercial Metals Company (NYSE:CMC) by 10.4% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 72,980 shares of the basic materials company’s stock after selling 8,473 shares during the period. Royal Bank of Canada’s holdings in Commercial Metals were worth $4,484,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the stock. Global Retirement Partners LLC raised its stake 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 buying an additional 301 shares in the last quarter. Caitong International Asset Management Co. Ltd increased its stake in Commercial Metals by 617.2% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 832 shares of the basic materials company’s stock valued at $58,000 after acquiring an additional 716 shares during the period. Los Angeles Capital Management LLC bought a new stake in Commercial Metals in the fourth quarter valued at about $59,000. Colonial Trust Co SC acquired a new position in Commercial Metals in the fourth quarter worth about $81,000. Finally, Advisors Asset Management Inc. raised its position in Commercial Metals by 160.0% in the fourth quarter. Advisors Asset Management Inc. now owns 1,178 shares of the basic materials company’s stock worth $82,000 after purchasing an additional 725 shares in the last quarter. Institutional investors own 86.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Morgan Stanley increased their target price on Commercial Metals from $83.00 to $88.00 and gave the stock an “overweight” rating in a report on Monday, June 22nd. Barclays upped their price target on Commercial Metals from $75.00 to $80.00 and gave the company an “equal weight” rating in a research report on Friday, August 7th. Citigroup dropped their price objective on Commercial Metals from $85.00 to $75.00 and set a “buy” rating for the company in a research note on Tuesday, July 7th. Zacks Research raised Commercial Metals from a “strong sell” rating to a “hold” rating in a report on Monday, July 13th. Finally, BMO Capital Markets boosted their target price on shares of Commercial Metals from $77.00 to $80.00 and gave the company a “market perform” rating in a research note on Thursday, August 6th. Ten investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Commercial Metals currently has an average rating of “Moderate Buy” and an average price target of $81.18.

Insider Activity at Commercial Metals

In related news, CEO Peter R. Matt bought 8,230 shares of the firm’s stock in a transaction dated Friday, July 10th. The stock was bought at an average cost of $61.30 per share, for a total transaction of $504,499.00. Following the transaction, the chief executive officer owned 181,522 shares of the company’s stock, valued at $11,127,298.60. This represents a 4.75% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.62% of the stock is currently owned by company insiders.

Commercial Metals Price Performance

Commercial Metals stock opened at $72.21 on Friday. The business’s fifty day moving average is $69.48 and its two-hundred day moving average is $70.16. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.54 and a current ratio of 2.33. The firm has a market cap of $7.99 billion, a P/E ratio of 13.60, a P/E/G ratio of 0.42 and a beta of 1.52. Commercial Metals Company has a 52 week low of $53.08 and a 52 week high of $84.87.

Commercial Metals (NYSE:CMC) last announced its earnings results on Thursday, June 25th. The basic materials company reported $1.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.70 by $0.03. The company had revenue of $2.48 billion for the quarter, compared to analyst estimates of $2.40 billion. Commercial Metals had a net margin of 6.72% and a return on equity of 15.69%. Commercial Metals’s quarterly revenue was up 22.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.74 earnings per share. Equities research analysts forecast that Commercial Metals Company will post 6.64 earnings per share for the current fiscal year.

Commercial Metals Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Monday, July 6th were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, July 6th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.1%. Commercial Metals’s payout ratio is 15.07%.

Commercial Metals announced that its Board of Directors has approved a stock buyback program on Wednesday, August 5th that allows the company to buyback $600.00 million in outstanding shares. This buyback authorization allows the basic materials company to buy up to 7.5% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

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.