Norges Bank Takes $70.40 Million Position in Commercial Metals Company $CMC

Norges Bank purchased a new stake in Commercial Metals Company (NYSE:CMC) in the second quarter, HoldingsChannel.com reports. The firm purchased 1,439,411 shares of the basic materials company’s stock, valued at approximately $70,402,000.

Several other hedge funds have also recently modified their holdings of CMC. National Bank of Canada FI raised its stake in Commercial Metals by 80.3% in the 1st quarter. National Bank of Canada FI now owns 548 shares of the basic materials company’s stock worth $25,000 after acquiring an additional 244 shares during the last quarter. SBI Securities Co. Ltd. increased its holdings in shares of Commercial Metals by 282.3% in the second quarter. SBI Securities Co. Ltd. now owns 692 shares of the basic materials company’s stock valued at $34,000 after purchasing an additional 511 shares during the period. Signaturefd LLC raised its stake in shares of Commercial Metals by 51.4% in the second quarter. Signaturefd LLC now owns 890 shares of the basic materials company’s stock worth $44,000 after purchasing an additional 302 shares during the last quarter. UMB Bank n.a. lifted its holdings in shares of Commercial Metals by 77.8% during the second quarter. UMB Bank n.a. now owns 1,394 shares of the basic materials company’s stock worth $68,000 after purchasing an additional 610 shares during the period. Finally, Harbour Investments Inc. boosted its position in Commercial Metals by 17.5% in the second quarter. Harbour Investments Inc. now owns 1,830 shares of the basic materials company’s stock valued at $90,000 after buying an additional 273 shares during the last quarter. Institutional investors and hedge funds own 86.90% of the company’s stock.

Insider Buying and Selling at Commercial Metals

In other news, Director John R. Mcpherson acquired 1,722 shares of the company’s stock in a transaction dated Monday, October 20th. The stock was acquired at an average cost of $58.09 per share, with a total value of $100,030.98. Following the completion of the purchase, the director owned 6,722 shares of the company’s stock, valued at $390,480.98. This represents a 34.44% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Insiders own 0.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on CMC. Wells Fargo & Company raised their price target on shares of Commercial Metals from $64.00 to $68.00 and gave the stock an “overweight” rating in a research report on Thursday, November 6th. Citigroup raised shares of Commercial Metals from a “neutral” rating to a “buy” rating and raised their target price for the stock from $60.00 to $65.00 in a report on Friday, October 17th. Wall Street Zen upgraded shares of Commercial Metals from a “buy” rating to a “strong-buy” rating in a research report on Friday, November 28th. Morgan Stanley raised Commercial Metals from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $57.50 to $68.00 in a report on Friday, October 24th. Finally, The Goldman Sachs Group raised their price target on shares of Commercial Metals from $69.00 to $76.00 and gave the company a “buy” rating in a research report on Thursday, October 23rd. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Commercial Metals currently has an average rating of “Moderate Buy” and an average price target of $64.20.

Commercial Metals Price Performance

Shares of CMC stock opened at $65.19 on Friday. The company has a market capitalization of $7.24 billion, a PE ratio of 85.78, a price-to-earnings-growth ratio of 0.44 and a beta of 1.49. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.78 and a quick ratio of 2.03. The firm’s 50-day moving average is $59.75 and its two-hundred day moving average is $55.32. Commercial Metals Company has a 12 month low of $37.92 and a 12 month high of $65.94.

Commercial Metals (NYSE:CMC) last posted its earnings results on Thursday, October 16th. The basic materials company reported $1.37 EPS for the quarter, beating analysts’ consensus estimates of $1.32 by $0.05. Commercial Metals had a net margin of 1.09% and a return on equity of 8.76%. The company had revenue of $2.11 billion for the quarter, compared to analysts’ expectations of $2.10 billion. During the same quarter in the prior year, the company posted $0.90 earnings per share. Commercial Metals’s revenue for the quarter was up 5.9% compared to the same quarter last year. Analysts predict that Commercial Metals Company will post 3.09 earnings per share for the current year.

Commercial Metals Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, November 13th. Stockholders of record on Thursday, October 30th were given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 1.1%. The ex-dividend date was Thursday, October 30th. Commercial Metals’s dividend payout ratio (DPR) is currently 94.74%.

Commercial Metals Profile

Commercial Metals Company manufactures, recycles, and fabricates steel and metal products, and related materials and services in the United States, Poland, China, and internationally. It operates through two segments, North America and Europe. The company processes and sells ferrous and nonferrous scrap metals to steel mills and foundries, aluminum sheet and ingot manufacturers, brass and bronze ingot makers, copper refineries and mills, secondary lead smelters, specialty steel mills, high temperature alloy manufacturers, and other consumers.