Allianz Asset Management GmbH acquired a new stake in Commercial Metals (NYSE: CMC – Get Rating) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 18,031 shares of the basic materials company stock, valued at approximately $ 654,000.
A number of other hedge funds have also made changes to their positions in CMC. First Trust Advisors LP boosted its stake in Commercial Metals by 101.6% in the first quarter. First Trust Advisors LP now owns 106,923 shares of the basic materials company stock valued at $ 1,826,000 after acquiring an additional 53,885 shares during the last quarter. Morgan Stanley boosted its position in shares of Commercial Metals by 76.8% during the second quarter. Morgan Stanley now owns 846,328 shares of the basic materials company stock worth $ 25,999,000 after purchasing an additional 367,685 shares in the last quarter. Advisor Group Holdings Inc. grew its holdings in shares of Commercial Metals by 3.5% in the 3rd quarter. Advisor Group Holdings Inc. now owns 12,485 shares of the basic materials company stock valued at $ 381,000 after buying an additional 427 shares during the period. Citigroup Inc. increased its position in shares of Commercial Metals by 12.5% in the 3rd quarter. Citigroup Inc. now owns 46,832 shares of the basic materials company stock valued at $ 1,426,000 after buying an additional 5,198 shares in the last quarter. Finally, Credit Suisse AG increased its position in shares of Commercial Metals by 8.7% in the 3rd quarter. Credit Suisse AG now owns 113,135 shares of the basic materials company stock valued at $ 3,445,000 after buying an additional 9,041 shares in the last quarter. 85.01% of the stock is currently owned by hedge funds and other institutional investors.
In other Commercial Metals news, Director John R. Mcpherson purchased 5,000 shares of Commercial Metals stock in a transaction that occurred on Tuesday, April 26th. The stock was acquired at an average price of $ 40.55 per share, for a total transaction of $ 202,750.00. Following the completion of the acquisition, the director now owns 5,000 shares of the company stock, valued at approximately $ 202,750. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Barbara Smith sold 4,101 shares of Commercial Metals stock in a transaction dated Tuesday, April 12th. The stock was sold at an average price of $ 43.45, for a total value of $ 178,188.45. Following the transaction, the chief executive officer now owns 533,785 shares of the company stock, valued at approximately $ 23,192,958.25. The disclosure for this sale can be found here. Insiders sold a total of 38,582 shares of company stock valued at $ 1,718,106 in the last 90 days. 1.20% of the stock is owned by corporate insiders.
CMC opened at $ 40.00 on Friday. The business’s 50-day moving average price is $ 40.56 and its two-hundred day moving average price is $ 37.65. Commercial Metals has a 1 year low of $ 28.76 and a 1 year high of $ 46.68. The company has a market capitalization of $ 4.86 billion, a price-to-earnings ratio of 5.46 and a beta of 1.14. The company has a debt-to-equity ratio of 0.50, a current ratio of 4.23 and a quick ratio of 2.85.
Commercial Metals (NYSE: CMC – Get Rating) last released its quarterly earnings results on Thursday, March 17th. The basic materials company reported $ 1.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $ 1.28 by $ 0.25. The firm had revenue of $ 2.01 billion for the quarter, compared to the consensus estimate of $ 1.92 billion. Commercial Metals had a return on equity of 27.25% and a net margin of 11.43%. The company revenue for the quarter was up 37.4% on a year-over-year basis. During the same quarter last year, the business posted $ 0.66 EPS. Sell-side analysts anticipate that Commercial Metals will post 7 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 13th. Stockholders of record on Wednesday, March 30th were issued a $ 0.14 dividend. This represents a $ 0.56 annualized dividend and a dividend yield of 1.40%. The ex-dividend date of this dividend was Tuesday, March 29th. Commercial Metals’s payout ratio is 7.64%.
CMC has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. upped their price objective on shares of Commercial Metals from $ 47.00 to $ 55.00 and gave the company an “overweight” rating in a research report on Thursday, March 24th. BMO Capital Markets upped their price target on shares of Commercial Metals from $ 40.00 to $ 45.00 and gave the company a “market perform” rating in a research report on Friday, March 18th. The Goldman Sachs Group lowered their price target on shares of Commercial Metals from $ 42.00 to $ 38.00 in a research report on Tuesday. KeyCorp lowered their price objective on shares of Commercial Metals from $ 50.00 to $ 48.00 and set an “overweight” rating for the company in a research report on Thursday, May 19th. Finally, StockNews.com assumed coverage on shares of Commercial Metals in a research report on Thursday, March 31st. They issued a “buy” rating for the company. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Commercial Metals currently has a consensus rating of “Buy” and a consensus target price of $ 43.00.
About Commercial Metals: (Get Rating)
Commercial Metals Company manufactures, recycles, and fabricates steel and metal products, and related materials and services in the United States, Poland, China, and internationally. 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.
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