Merit Financial Group LLC Acquires Shares of 14,333 Commercial Metals Company $CMC

Merit Financial Group LLC bought a new position in shares of Commercial Metals Company (NYSE:CMC) in the third quarter, HoldingsChannel reports. The firm bought 14,333 shares of the basic materials company’s stock, valued at approximately $821,000.

Other large investors also recently modified their holdings of the company. Root Financial Partners LLC bought a new position in Commercial Metals during the 3rd quarter valued at approximately $25,000. Spire Wealth Management raised its holdings in shares of Commercial Metals by 42.4% during the third quarter. Spire Wealth Management now owns 615 shares of the basic materials company’s stock valued at $35,000 after acquiring an additional 183 shares in the last quarter. SBI Securities Co. Ltd. lifted its stake 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 worth $34,000 after acquiring an additional 511 shares during the period. EverSource Wealth Advisors LLC increased its position in Commercial Metals by 84.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,550 shares of the basic materials company’s stock valued at $76,000 after purchasing an additional 708 shares during the period. Finally, Harbour Investments Inc. raised its holdings in Commercial Metals by 17.5% in the 2nd quarter. Harbour Investments Inc. now owns 1,830 shares of the basic materials company’s stock worth $90,000 after purchasing an additional 273 shares in the last quarter. 86.90% of the stock is owned by institutional investors.

Commercial Metals Trading Down 0.7%

Commercial Metals stock opened at $78.70 on Thursday. Commercial Metals Company has a 12 month low of $37.92 and a 12 month high of $84.87. The company has a market capitalization of $8.73 billion, a price-to-earnings ratio of 20.28, a price-to-earnings-growth ratio of 0.42 and a beta of 1.49. The business’s fifty day simple moving average is $75.05 and its two-hundred day simple moving average is $64.55. The company has a current ratio of 4.47, a quick ratio of 3.70 and a debt-to-equity ratio of 0.77.

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

Commercial Metals Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, February 2nd. Stockholders of record on Monday, January 19th were issued a dividend of $0.18 per share. The ex-dividend date was Friday, January 16th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 0.9%. Commercial Metals’s dividend payout ratio is presently 18.56%.

Analysts Set New Price Targets

CMC has been the topic of several research analyst reports. Wells Fargo & Company boosted their price target on shares of Commercial Metals from $68.00 to $79.00 and gave the company an “overweight” rating in a research report on Monday, December 15th. Jefferies Financial Group set a $85.00 target price on Commercial Metals and gave the company a “buy” rating in a research note on Thursday, January 8th. Weiss Ratings restated a “hold (c)” rating on shares of Commercial Metals in a research report on Wednesday, January 21st. Morgan Stanley increased their price objective on Commercial Metals from $68.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday, January 9th. Finally, Citigroup boosted their target price on shares of Commercial Metals from $65.00 to $85.00 and gave the company a “buy” rating in a report on Monday, January 12th. Eight investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, Commercial Metals has an average rating of “Moderate Buy” and a consensus target price of $72.70.

Insider Activity at Commercial Metals

In other Commercial Metals news, insider Jennifer J. Durbin sold 25,050 shares of Commercial Metals stock in a transaction on Tuesday, February 3rd. The stock was 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 of the company’s stock, valued at approximately $4,228,813.60. This trade represents a 32.14% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Dennis V. Arriola purchased 2,000 shares of the stock in a transaction dated Tuesday, January 20th. The shares were acquired at an average cost of $74.69 per share, for a total transaction of $149,380.00. Following the completion of the acquisition, the director owned 9,238 shares of the company’s stock, valued at approximately $689,986.22. This represents a 27.63% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 0.62% of the stock is owned by company insiders.

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.