Man Group plc Buys Shares of 52,362 Commercial Metals Company $CMC

Man Group plc acquired a new stake in Commercial Metals Company (NYSE:CMC) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 52,362 shares of the basic materials company’s stock, valued at approximately $3,286,000.

Other institutional investors have also made changes to their positions in the company. USA Financial Formulas grew its position in Commercial Metals by 67.6% in the first quarter. USA Financial Formulas now owns 496 shares of the basic materials company’s stock valued at $30,000 after purchasing an additional 200 shares in the last quarter. Global Retirement Partners LLC bought a new stake in Commercial Metals during the 2nd quarter worth about $34,000. Caitong International Asset Management Co. Ltd boosted its stake in shares of Commercial Metals by 617.2% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 832 shares of the basic materials company’s stock worth $58,000 after buying an additional 716 shares during the last quarter. Los Angeles Capital Management LLC bought a new position in shares of Commercial Metals in the 4th quarter valued at about $59,000. Finally, EverSource Wealth Advisors LLC increased its position in shares of 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 valued at $75,000 after acquiring an additional 626 shares during the last quarter. Institutional investors own 86.90% of the company’s stock.

Commercial Metals Price Performance

Shares of NYSE CMC opened at $67.48 on Tuesday. The firm has a market cap of $7.46 billion, a P/E ratio of 12.71, a price-to-earnings-growth ratio of 0.39 and a beta of 1.52. The business’s 50 day moving average is $67.90 and its 200-day moving average is $69.19. The company has a current ratio of 2.33, a quick ratio of 1.54 and a debt-to-equity ratio of 0.73. Commercial Metals Company has a 1-year low of $53.08 and a 1-year high of $84.87.

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. Commercial Metals had a return on equity of 15.69% and a net margin of 6.72%.The business had revenue of $2.48 billion during the quarter, compared to the consensus estimate of $2.40 billion. During the same period in the previous year, the company posted $0.74 EPS. The firm’s quarterly revenue was up 22.9% on a year-over-year basis. Equities research analysts predict that Commercial Metals Company will post 6.64 earnings per share for the current year.

Commercial Metals Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Monday, July 6th were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Monday, July 6th. Commercial Metals’s payout ratio is presently 15.07%.

Commercial Metals announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, August 5th that authorizes the company to repurchase $600.00 million in shares. This repurchase authorization authorizes the basic materials company to purchase up to 7.5% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

CMC has been the subject of a number of analyst reports. Citigroup decreased their price target on Commercial Metals from $85.00 to $75.00 and set a “buy” rating for the company in a research note on Tuesday, July 7th. Bank of America cut their price objective on Commercial Metals from $84.00 to $78.00 and set a “buy” rating for the company in a report on Thursday, July 9th. Jefferies Financial Group raised shares of Commercial Metals from a “buy” rating to a “buy” rating in a research note on Friday, June 5th. Weiss Ratings lowered shares of Commercial Metals from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday. Finally, UBS Group upgraded shares of Commercial Metals from a “neutral” rating to a “buy” rating and increased their price target for the company from $79.00 to $89.00 in a research note on Wednesday, May 13th. Nine analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, Commercial Metals presently has an average rating of “Moderate Buy” and a consensus price target of $81.18.

Insider Activity

In other Commercial Metals news, Director John R. Mcpherson purchased 1,390 shares of the firm’s stock in a transaction that occurred on Thursday, August 13th. The shares were acquired at an average cost of $71.92 per share, for a total transaction of $99,968.80. Following the completion of the purchase, the director owned 21,927 shares of the company’s stock, valued at approximately $1,576,989.84. The trade was a 6.77% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Peter R. Matt acquired 8,230 shares of the company’s stock in a transaction on Friday, July 10th. The stock was acquired at an average price of $61.30 per share, with a total value of $504,499.00. Following the purchase, the chief executive officer directly owned 181,522 shares in the company, valued at approximately $11,127,298.60. This represents a 4.75% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Corporate insiders own 0.62% of the company’s stock.

About Commercial Metals

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.