SummitTX Capital L.P. Sells 51,672 Shares of Commercial Metals Company $CMC

SummitTX Capital L.P. decreased its holdings in shares of Commercial Metals Company (NYSE:CMC) by 90.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,284 shares of the basic materials company’s stock after selling 51,672 shares during the quarter. SummitTX Capital L.P.’s holdings in Commercial Metals were worth $325,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Qsemble Capital Management LP increased its position in Commercial Metals by 118.6% during the 4th quarter. Qsemble Capital Management LP now owns 49,885 shares of the basic materials company’s stock worth $3,453,000 after purchasing an additional 27,062 shares in the last quarter. California Public Employees Retirement System boosted its position in Commercial Metals by 11.5% in the first quarter. California Public Employees Retirement System now owns 277,877 shares of the basic materials company’s stock valued at $17,070,000 after buying an additional 28,693 shares in the last quarter. Tudor Investment Corp ET AL boosted its position in Commercial Metals by 45.5% in the third quarter. Tudor Investment Corp ET AL now owns 217,082 shares of the basic materials company’s stock valued at $12,434,000 after buying an additional 67,864 shares in the last quarter. NFJ Investment Group LLC bought a new stake in shares of Commercial Metals during the fourth quarter worth $12,600,000. Finally, Artemis Investment Management LLP bought a new stake in shares of Commercial Metals during the fourth quarter worth $103,962,000. Institutional investors own 86.90% of the company’s stock.

Analysts Set New Price Targets

CMC has been the subject of a number of research reports. Jefferies Financial Group upgraded Commercial Metals from a “buy” rating to a “buy” rating in a research note on Friday, June 5th. Zacks Research upgraded Commercial Metals from a “strong sell” rating to a “hold” rating in a research report on Monday, July 13th. BMO Capital Markets reduced their price objective on Commercial Metals from $80.00 to $77.00 and set a “market perform” rating on the stock in a research report on Monday, June 29th. Weiss Ratings raised Commercial Metals from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday. Finally, Wall Street Zen downgraded Commercial Metals from a “strong-buy” rating to a “buy” rating in a research report on Saturday, April 4th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, Commercial Metals currently has a consensus rating of “Moderate Buy” and an average target price of $79.45.

Commercial Metals Trading Up 0.6%

Shares of NYSE CMC opened at $68.81 on Friday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.54 and a current ratio of 2.33. Commercial Metals Company has a 52-week low of $49.66 and a 52-week high of $84.87. The firm has a 50 day moving average price of $69.95 and a two-hundred day moving average price of $70.35. The stock has a market cap of $7.61 billion, a P/E ratio of 12.96, a price-to-earnings-growth ratio of 0.39 and a beta of 1.54.

Commercial Metals (NYSE:CMC) last released its quarterly earnings results on Thursday, June 25th. The basic materials company reported $1.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.70 by $0.03. The firm had revenue of $2.48 billion during the quarter, compared to the consensus estimate of $2.40 billion. Commercial Metals had a net margin of 6.72% and a return on equity of 15.69%. The company’s revenue for the quarter was up 22.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.74 earnings per share. As a group, equities analysts forecast that Commercial Metals Company will post 6.64 EPS for the current year.

Commercial Metals Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Monday, July 6th were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend was Monday, July 6th. Commercial Metals’s dividend payout ratio (DPR) is currently 15.07%.

Insider Transactions at Commercial Metals

In related news, CEO Peter R. Matt bought 8,230 shares of the stock in a transaction that occurred on Friday, July 10th. The stock was acquired at an average cost of $61.30 per share, with a total value of $504,499.00. Following the transaction, the chief executive officer directly owned 181,522 shares in the company, valued at approximately $11,127,298.60. This trade represents a 4.75% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.62% of the stock is currently owned by corporate insiders.

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.