Commercial Metals (NYSE:CMC) CEO Peter Matt Acquires 8,230 Shares of Stock

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

Commercial Metals Stock Performance

Shares of CMC stock traded up $1.18 during trading on Monday, reaching $63.82. 351,312 shares of the company’s stock traded hands, compared to its average volume of 1,235,273. The firm’s 50-day moving average is $70.93 and its 200 day moving average is $70.75. The company has a market capitalization of $7.06 billion, a P/E ratio of 12.00, a PEG ratio of 0.36 and a beta of 1.54. Commercial Metals Company has a 1 year low of $49.66 and a 1 year 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.

Commercial Metals (NYSE:CMC) last released its quarterly earnings data on Thursday, June 25th. The basic materials company reported $1.73 earnings per share 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 during the quarter, compared to analyst estimates of $2.40 billion. During the same period in the previous year, the business earned $0.74 EPS. Commercial Metals’s revenue was up 22.9% compared to the same quarter last year. Equities research analysts expect that Commercial Metals Company will post 6.63 EPS for the current year.

Commercial Metals Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Investors 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 yield of 1.3%. Commercial Metals’s dividend payout ratio is 15.07%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CMC. Morgan Stanley lifted their target price on Commercial Metals from $83.00 to $88.00 and gave the company an “overweight” rating in a report on Monday, June 22nd. Citigroup cut their price objective on shares of Commercial Metals from $85.00 to $75.00 and set a “buy” rating for the company in a research report on Tuesday, July 7th. Jefferies Financial Group raised shares of Commercial Metals from a “buy” rating to a “buy” rating in a research note on Friday, June 5th. Bank of America decreased their target price on shares of Commercial Metals from $84.00 to $78.00 and set a “buy” rating on the stock in a report on Thursday. Finally, JPMorgan Chase & Co. cut their price target on shares of Commercial Metals from $83.00 to $78.00 and set an “overweight” rating for the company in a report on Tuesday, April 14th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Commercial Metals presently has an average rating of “Moderate Buy” and a consensus target price of $79.45.

Institutional Investors Weigh In On Commercial Metals

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Qsemble Capital Management LP lifted its stake in shares of Commercial Metals by 118.6% in the 4th quarter. Qsemble Capital Management LP now owns 49,885 shares of the basic materials company’s stock valued at $3,453,000 after acquiring an additional 27,062 shares during the last quarter. JPMorgan Chase & Co. grew its position in Commercial Metals by 7.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 884,604 shares of the basic materials company’s stock worth $50,670,000 after acquiring an additional 64,491 shares during the last quarter. Moore Capital Management LP increased its stake in Commercial Metals by 47.7% in the 3rd quarter. Moore Capital Management LP now owns 163,348 shares of the basic materials company’s stock worth $9,357,000 after purchasing an additional 52,736 shares during the period. Tudor Investment Corp ET AL increased its stake in Commercial Metals by 45.5% in the 3rd quarter. Tudor Investment Corp ET AL now owns 217,082 shares of the basic materials company’s stock worth $12,434,000 after purchasing an additional 67,864 shares during the period. Finally, Vaughan Nelson Investment Management L.P. lifted its position in Commercial Metals by 2.9% in the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 977,385 shares of the basic materials company’s stock valued at $67,655,000 after purchasing an additional 27,775 shares during the last quarter. 86.90% of the stock is owned by hedge funds and other institutional investors.

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.