Legal & General Group Plc Buys Shares of 163,261 Commercial Metals Company $CMC

Legal & General Group Plc purchased a new position in Commercial Metals Company (NYSE:CMC) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 163,261 shares of the basic materials company’s stock, valued at approximately $10,245,000.

A number of other hedge funds have also recently modified their holdings of the business. USA Financial Formulas increased its stake in shares of Commercial Metals by 67.6% in the 1st quarter. USA Financial Formulas now owns 496 shares of the basic materials company’s stock worth $30,000 after purchasing an additional 200 shares in the last quarter. Global Retirement Partners LLC purchased a new position in Commercial Metals during the second quarter valued at $34,000. Caitong International Asset Management Co. Ltd lifted its position in Commercial Metals by 617.2% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 832 shares of the basic materials company’s stock valued at $58,000 after purchasing an additional 716 shares in the last quarter. Los Angeles Capital Management LLC bought a new stake in Commercial Metals during the fourth quarter valued at about $59,000. Finally, EverSource Wealth Advisors LLC increased its position in Commercial Metals by 105.0% in the first quarter. EverSource Wealth Advisors LLC now owns 1,222 shares of the basic materials company’s stock worth $75,000 after buying an additional 626 shares in the last quarter. Institutional investors own 86.90% of the company’s stock.

Insider Activity at Commercial Metals

In related news, Director John R. Mcpherson bought 1,390 shares of the company’s stock in a transaction that occurred on Thursday, August 13th. The stock was purchased at an average price of $71.92 per share, for a total transaction of $99,968.80. Following the completion of the transaction, the director owned 21,927 shares in the company, valued at $1,576,989.84. The trade was a 6.77% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Peter R. Matt bought 8,230 shares of the business’s stock in a transaction that occurred on Friday, July 10th. The shares were bought at an average cost of $61.30 per share, with a total value of $504,499.00. Following the completion of the purchase, the chief executive officer directly owned 181,522 shares of the company’s stock, valued at $11,127,298.60. This represents a 4.75% increase in their position. The disclosure for this purchase is available in the SEC filing. Company insiders own 0.62% of the company’s stock.

Analysts Set New Price Targets

CMC has been the topic of several recent research reports. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $85.00 price objective on shares of Commercial Metals in a research note on Thursday, August 6th. Weiss Ratings lowered shares of Commercial Metals from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday. UBS Group upgraded shares of Commercial Metals from a “neutral” rating to a “buy” rating and raised their target price for the stock from $79.00 to $89.00 in a research note on Wednesday, May 13th. BMO Capital Markets lifted their price target on shares of Commercial Metals from $77.00 to $80.00 and gave the company a “market perform” rating in a report on Thursday, August 6th. Finally, Morgan Stanley upped their price target on shares of Commercial Metals from $83.00 to $88.00 and gave the stock an “overweight” rating in a research report on Monday, June 22nd. Nine research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $81.18.

Commercial Metals Price Performance

Shares of Commercial Metals stock opened at $67.48 on Tuesday. The company has a market capitalization of $7.46 billion, a price-to-earnings ratio of 12.71, a PEG ratio of 0.39 and a beta of 1.52. The company has a quick ratio of 1.54, a current ratio of 2.33 and a debt-to-equity ratio of 0.73. The stock’s 50-day simple moving average is $67.90 and its 200-day simple moving average is $69.19. Commercial Metals Company has a 52 week low of $53.08 and a 52 week high of $84.87.

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

Commercial Metals announced that its Board of Directors has approved a stock repurchase program on Wednesday, August 5th that authorizes the company to repurchase $600.00 million in outstanding shares. This repurchase authorization authorizes the basic materials company to reacquire up to 7.5% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Commercial Metals Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Monday, July 6th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis 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 15.07%.

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.