Peter Matt Purchases 8,230 Shares of Commercial Metals (NYSE:CMC) Stock

Commercial Metals Company (NYSE:CMC) CEO Peter Matt purchased 8,230 shares of the business’s stock in a transaction on Friday, July 10th. The stock was purchased at an average cost of $61.30 per share, with a total value of $504,499.00. Following the acquisition, the chief executive officer 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 purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Commercial Metals Price Performance

Shares of NYSE:CMC opened at $66.14 on Wednesday. The firm has a market capitalization of $7.32 billion, a PE ratio of 12.46, a PEG ratio of 0.37 and a beta of 1.54. 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 $49.66 and a 1-year high of $84.87. The business’s 50 day moving average is $70.75 and its 200-day moving average is $70.67.

Commercial Metals (NYSE:CMC) last issued its earnings results on Thursday, June 25th. The basic materials company reported $1.73 EPS for the quarter, beating analysts’ consensus estimates of $1.70 by $0.03. The business had revenue of $2.48 billion during the quarter, compared to analyst estimates of $2.40 billion. Commercial Metals had a return on equity of 15.69% and a net margin of 6.72%.Commercial Metals’s revenue was up 22.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.74 earnings per share. Sell-side analysts predict that Commercial Metals Company will post 6.63 earnings per share for the current year.

Commercial Metals Announces Dividend

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

Analyst Upgrades and Downgrades

CMC has been the topic of several recent research reports. Zacks Research lowered shares of Commercial Metals from a “hold” rating to a “strong sell” rating in a research report on Friday, June 12th. The Goldman Sachs Group began coverage on shares of Commercial Metals in a research note on Wednesday, April 1st. They set a “neutral” rating and a $74.00 price target for the company. KeyCorp assumed coverage on Commercial Metals in a report on Wednesday, March 25th. They set a “sector weight” rating on the stock. Wells Fargo & Company upped their price objective on Commercial Metals from $77.00 to $80.00 and gave the company an “equal weight” rating in a research note on Friday, June 26th. Finally, Citigroup dropped their target price on Commercial Metals from $85.00 to $75.00 and set a “buy” rating for the company in a report on Tuesday, July 7th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $79.45.

Institutional Investors Weigh In On Commercial Metals

Hedge funds have recently made changes to their positions in the company. Global Retirement Partners LLC grew its stake in Commercial Metals by 110.7% during the fourth quarter. Global Retirement Partners LLC now owns 573 shares of the basic materials company’s stock worth $40,000 after buying an additional 301 shares during the last quarter. V Square Quantitative Management LLC acquired a new stake in shares of Commercial Metals during the fourth quarter worth approximately $54,000. Caitong International Asset Management Co. Ltd raised its stake in shares of Commercial Metals by 617.2% in 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 acquiring an additional 716 shares during the last quarter. Los Angeles Capital Management LLC bought a new position in shares of Commercial Metals in the fourth quarter valued at approximately $59,000. Finally, EverSource Wealth Advisors LLC boosted its holdings in shares of Commercial Metals by 105.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,222 shares of the basic materials company’s stock worth $75,000 after acquiring an additional 626 shares in the last quarter. Institutional investors and hedge funds own 86.90% of the company’s stock.

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.