SummerHaven Investment Management LLC Boosts Stock Position in Commercial Metals (NYSE:CMC)

SummerHaven Investment Management LLC raised its position in shares of Commercial Metals (NYSE:CMC) by 1.8% during the 4th quarter, Holdings Channel.com reports. The firm owned 13,154 shares of the basic materials company’s stock after purchasing an additional 228 shares during the period. SummerHaven Investment Management LLC’s holdings in Commercial Metals were worth $658,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of CMC. HM Payson & Co. bought a new position in shares of Commercial Metals during the third quarter worth $25,000. Daiwa Securities Group Inc. purchased a new stake in Commercial Metals during the 4th quarter valued at $30,000. Headlands Technologies LLC bought a new stake in Commercial Metals in the third quarter worth $51,000. GAMMA Investing LLC bought a new position in Commercial Metals during the fourth quarter valued at $74,000. Finally, Planned Solutions Inc. bought a new stake in shares of Commercial Metals in the 4th quarter worth about $73,000. Hedge funds and other institutional investors own 86.90% of the company’s stock.

Commercial Metals Stock Up 2.6 %

NYSE:CMC opened at $54.89 on Tuesday. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.19 and a quick ratio of 2.69. Commercial Metals has a 1-year low of $39.85 and a 1-year high of $59.81. The company has a 50-day moving average of $55.41 and a 200 day moving average of $50.42. The firm has a market cap of $6.35 billion, a PE ratio of 9.53 and a beta of 1.33.

Commercial Metals (NYSE:CMC) last released its quarterly earnings data on Thursday, March 21st. The basic materials company reported $0.88 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.05). The business had revenue of $1.85 billion for the quarter, compared to the consensus estimate of $1.80 billion. Commercial Metals had a net margin of 8.09% and a return on equity of 17.72%. Commercial Metals’s revenue for the quarter was down 8.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.44 earnings per share. As a group, research analysts anticipate that Commercial Metals will post 5.34 EPS for the current fiscal year.

Commercial Metals Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 10th. Investors of record on Monday, April 1st were given a dividend of $0.18 per share. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $0.72 dividend on an annualized basis and a yield of 1.31%. This is an increase from Commercial Metals’s previous quarterly dividend of $0.16. Commercial Metals’s dividend payout ratio (DPR) is presently 12.50%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on CMC. StockNews.com lowered shares of Commercial Metals from a “buy” rating to a “hold” rating in a research report on Thursday, April 18th. BMO Capital Markets increased their target price on Commercial Metals from $52.00 to $60.00 and gave the stock a “market perform” rating in a research note on Friday, March 22nd. Finally, UBS Group started coverage on shares of Commercial Metals in a report on Tuesday, January 16th. They issued a “buy” rating and a $65.00 price target on the stock.

Insider Buying and Selling at Commercial Metals

In other news, Chairman Barbara Smith sold 35,704 shares of Commercial Metals stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $57.88, for a total value of $2,066,547.52. Following the transaction, the chairman now owns 36,196 shares of the company’s stock, valued at approximately $2,095,024.48. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have sold 119,489 shares of company stock worth $6,371,781 over the last quarter. Insiders own 1.00% of the company’s stock.

About Commercial Metals

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.