Mid Atlantic Financial Management Inc. ADV cut its position in Commercial Metals (NYSE:CMC) by 19.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,730 shares of the basic materials company’s stock after selling 2,760 shares during the period. Mid Atlantic Financial Management Inc. ADV’s holdings in Commercial Metals were worth $239,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of the company. State of Alaska Department of Revenue grew its stake in shares of Commercial Metals by 4.6% in the 1st quarter. State of Alaska Department of Revenue now owns 20,404 shares of the basic materials company’s stock valued at $322,000 after buying an additional 903 shares during the period. Louisiana State Employees Retirement System grew its stake in shares of Commercial Metals by 3.5% in the 2nd quarter. Louisiana State Employees Retirement System now owns 29,700 shares of the basic materials company’s stock valued at $606,000 after buying an additional 1,000 shares during the period. Islay Capital Management LLC grew its stake in shares of Commercial Metals by 11.5% in the 2nd quarter. Islay Capital Management LLC now owns 10,513 shares of the basic materials company’s stock valued at $214,000 after buying an additional 1,085 shares during the period. Ameritas Investment Partners Inc. grew its stake in shares of Commercial Metals by 2.6% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 44,751 shares of the basic materials company’s stock valued at $913,000 after buying an additional 1,113 shares during the period. Finally, Raymond James & Associates grew its stake in shares of Commercial Metals by 3.4% in the 1st quarter. Raymond James & Associates now owns 35,792 shares of the basic materials company’s stock valued at $565,000 after buying an additional 1,169 shares during the period. Institutional investors own 88.03% of the company’s stock.
In related news, COO Tracy L. Porter sold 52,045 shares of Commercial Metals stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $20.14, for a total value of $1,048,186.30. Following the sale, the chief operating officer now owns 10 shares of the company’s stock, valued at approximately $201.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.20% of the company’s stock.
Several analysts have recently commented on the company. Credit Suisse Group raised their target price on Commercial Metals from $24.00 to $25.00 and gave the company an “outperform” rating in a research note on Friday, June 19th. TheStreet raised shares of Commercial Metals from a “c” rating to a “b-” rating in a research report on Monday, June 1st. BMO Capital Markets raised their price target on shares of Commercial Metals from $15.00 to $22.00 and gave the company a “market perform” rating in a research report on Friday, June 19th. ValuEngine raised shares of Commercial Metals from a “strong sell” rating to a “sell” rating in a research report on Tuesday, August 11th. Finally, Cowen raised their price target on shares of Commercial Metals from $20.00 to $22.00 and gave the company a “market perform” rating in a research report on Monday. One analyst has rated the stock with a sell rating, four have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Commercial Metals currently has a consensus rating of “Buy” and an average price target of $20.67.
Commercial Metals stock opened at $21.90 on Wednesday. The company has a quick ratio of 2.39, a current ratio of 3.42 and a debt-to-equity ratio of 0.64. The stock has a market cap of $2.62 billion, a P/E ratio of 8.42, a P/E/G ratio of 4.86 and a beta of 1.42. The company’s 50 day moving average price is $20.74 and its two-hundred day moving average price is $18.25. Commercial Metals has a 52 week low of $10.76 and a 52 week high of $24.04.
Commercial Metals (NYSE:CMC) last posted its quarterly earnings results on Thursday, June 18th. The basic materials company reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.22. The company had revenue of $1.34 billion for the quarter, compared to analysts’ expectations of $1.25 billion. Commercial Metals had a net margin of 5.31% and a return on equity of 18.16%. Commercial Metals’s revenue was down 16.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.67 EPS. On average, equities analysts anticipate that Commercial Metals will post 2.39 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Monday, July 20th. Investors of record on Monday, July 6th were issued a $0.12 dividend. The ex-dividend date was Thursday, July 2nd. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.19%. Commercial Metals’s dividend payout ratio (DPR) is presently 23.08%.
About Commercial Metals
Commercial Metals Company manufactures, recycles, and markets steel and metal products, and related materials and services in the United States and internationally. It operates through four segments: Americas Recycling, Americas Mills, Americas Fabrication, and International Mill. The Americas Recycling segment processes and sells 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.
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