Commercial Metals Sees Unusually Large Options Volume (CMC)
Commercial Metals Company (NYSE:CMC) was the target of unusually large options trading activity on Thursday. Investors acquired 1,425 put options on the company. This represents an increase of approximately Infinity compared to the typical daily volume of 0 put options.
Large investors have recently bought and sold shares of the company. Comerica Bank grew its holdings in shares of Commercial Metals by 30.7% during the second quarter. Comerica Bank now owns 153,530 shares of the basic materials company’s stock valued at $3,071,000 after buying an additional 36,049 shares during the last quarter. Bank of America Corp DE grew its holdings in shares of Commercial Metals by 42.5% during the first quarter. Bank of America Corp DE now owns 545,774 shares of the basic materials company’s stock valued at $10,440,000 after buying an additional 162,791 shares during the last quarter. Arizona State Retirement System grew its holdings in shares of Commercial Metals by 1.5% during the second quarter. Arizona State Retirement System now owns 48,800 shares of the basic materials company’s stock valued at $948,000 after buying an additional 700 shares during the last quarter. Koch Industries Inc. purchased a new stake in shares of Commercial Metals during the second quarter valued at approximately $270,000. Finally, Royce & Associates LP grew its holdings in shares of Commercial Metals by 10.8% during the second quarter. Royce & Associates LP now owns 1,651,577 shares of the basic materials company’s stock valued at $32,090,000 after buying an additional 161,000 shares during the last quarter. Hedge funds and other institutional investors own 90.17% of the company’s stock.
A number of equities research analysts have weighed in on CMC shares. Zacks Investment Research cut shares of Commercial Metals from a “buy” rating to a “hold” rating in a report on Friday, October 27th. Macquarie started coverage on shares of Commercial Metals in a report on Wednesday, September 6th. They issued an “underperform” rating and a $16.00 price objective on the stock. Jefferies Group LLC cut their price objective on shares of Commercial Metals from $26.00 to $24.00 and set a “buy” rating on the stock in a report on Monday, October 30th. Bank of America Corporation restated a “neutral” rating and issued a $21.00 price objective (up previously from $20.00) on shares of Commercial Metals in a report on Tuesday, September 5th. Finally, Citigroup Inc. cut their price objective on shares of Commercial Metals from $22.00 to $21.00 and set a “buy” rating on the stock in a report on Friday, September 15th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $21.50.
Shares of Commercial Metals (CMC) opened at $18.72 on Tuesday. Commercial Metals has a fifty-two week low of $17.05 and a fifty-two week high of $24.64. The company has a current ratio of 2.82, a quick ratio of 1.81 and a debt-to-equity ratio of 0.58. The company has a market cap of $2,124.51, a P/E ratio of 24.13, a PEG ratio of 0.68 and a beta of 1.26.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 22nd. Stockholders of record on Wednesday, November 8th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.56%. The ex-dividend date is Tuesday, November 7th. Commercial Metals’s payout ratio is 120.00%.
About Commercial Metals
Commercial Metals Company, together with its subsidiaries, manufactures, recycles and markets steel and metal products, related materials and services through a network. The Company’s Americas Recycling segment processes scrap metals for use as a raw material by manufacturers of new metal products. The Americas Mills segment consists of steel mills, commonly referred to as minimills that produce reinforcing bar (rebar), angles, flats and rounds.
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