Avidian Wealth Solutions LLC Purchases Shares of 10,433 Commercial Metals (NYSE:CMC)

Avidian Wealth Solutions LLC purchased a new stake in Commercial Metals (NYSE:CMC) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 10,433 shares of the basic materials company’s stock, valued at approximately $522,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CMC. SummerHaven Investment Management LLC grew its holdings in shares of Commercial Metals by 1.8% during the 4th quarter. SummerHaven Investment Management LLC now owns 13,154 shares of the basic materials company’s stock worth $658,000 after purchasing an additional 228 shares during the period. Janney Montgomery Scott LLC lifted its position in Commercial Metals by 1.1% during the 3rd quarter. Janney Montgomery Scott LLC now owns 23,471 shares of the basic materials company’s stock worth $1,160,000 after acquiring an additional 247 shares in the last quarter. Inspire Investing LLC lifted its position in Commercial Metals by 4.4% during the 3rd quarter. Inspire Investing LLC now owns 6,237 shares of the basic materials company’s stock worth $308,000 after acquiring an additional 261 shares in the last quarter. Diversified Trust Co raised its position in shares of Commercial Metals by 1.2% in the 3rd quarter. Diversified Trust Co now owns 23,810 shares of the basic materials company’s stock valued at $1,176,000 after purchasing an additional 292 shares in the last quarter. Finally, Oliver Luxxe Assets LLC raised its position in shares of Commercial Metals by 2.2% in the 3rd quarter. Oliver Luxxe Assets LLC now owns 14,211 shares of the basic materials company’s stock valued at $702,000 after purchasing an additional 304 shares in the last quarter. Hedge funds and other institutional investors own 86.90% of the company’s stock.

Insiders Place Their Bets

In related news, Chairman Barbara Smith sold 35,704 shares of Commercial Metals stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $57.88, for a total transaction of $2,066,547.52. Following the completion of the sale, 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 Securities & Exchange Commission, which is accessible through this link. Insiders own 1.00% of the company’s stock.

Commercial Metals Price Performance

Shares of Commercial Metals stock traded up $0.11 during midday trading on Monday, hitting $56.01. 206,106 shares of the company were exchanged, compared to its average volume of 963,259. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.19 and a quick ratio of 2.69. The firm has a market cap of $6.48 billion, a P/E ratio of 9.70 and a beta of 1.35. Commercial Metals has a 52 week low of $39.85 and a 52 week high of $59.81. The firm has a 50 day simple moving average of $55.47 and a 200-day simple moving average of $50.78.

Commercial Metals (NYSE:CMC) last announced 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). Commercial Metals had a net margin of 8.09% and a return on equity of 17.72%. The business had revenue of $1.85 billion during the quarter, compared to the consensus estimate of $1.80 billion. During the same period in the previous year, the business posted $1.44 earnings per share. Commercial Metals’s revenue was down 8.4% compared to the same quarter last year. Research analysts forecast that Commercial Metals will post 5.34 earnings per share for the current year.

Commercial Metals Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 10th. Shareholders of record on Monday, April 1st were paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.29%. This is an increase from Commercial Metals’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend was Thursday, March 28th. Commercial Metals’s dividend payout ratio (DPR) is currently 12.50%.

Analysts Set New Price Targets

A number of research analysts recently commented on CMC shares. StockNews.com downgraded Commercial Metals from a “buy” rating to a “hold” rating in a research note on Thursday, April 18th. UBS Group started coverage on Commercial Metals in a report on Tuesday, January 16th. They set a “buy” rating and a $65.00 target price for the company. Finally, BMO Capital Markets increased their price objective 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.

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.