Swiss National Bank Reduces Stock Position in Commercial Metals (NYSE:CMC)
Swiss National Bank lowered its holdings in shares of Commercial Metals (NYSE:CMC – Free Report) by 12.9% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 253,300 shares of the basic materials company’s stock after selling 37,600 shares during the quarter. Swiss National Bank owned 0.22% of Commercial Metals worth $12,386,000 as of its most recent SEC filing.
A number of other large investors also recently bought and sold shares of the business. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Commercial Metals during the 1st quarter valued at $469,000. Mitsubishi UFJ Trust & Banking Corp raised its position in Commercial Metals by 13.5% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 13,793 shares of the basic materials company’s stock valued at $674,000 after purchasing an additional 1,644 shares in the last quarter. Sawgrass Asset Management LLC raised its position in Commercial Metals by 4.1% during the 1st quarter. Sawgrass Asset Management LLC now owns 7,675 shares of the basic materials company’s stock valued at $375,000 after purchasing an additional 304 shares in the last quarter. Principal Financial Group Inc. raised its position in Commercial Metals by 1.2% during the 1st quarter. Principal Financial Group Inc. now owns 1,754,612 shares of the basic materials company’s stock valued at $85,801,000 after purchasing an additional 20,239 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its position in Commercial Metals by 17.3% during the 1st quarter. Russell Investments Group Ltd. now owns 181,613 shares of the basic materials company’s stock valued at $8,872,000 after purchasing an additional 26,834 shares in the last quarter. Hedge funds and other institutional investors own 82.96% of the company’s stock.
Insider Buying and Selling at Commercial Metals
In other Commercial Metals news, SVP Ty L. Garrison sold 5,000 shares of the business’s stock in a transaction dated Monday, July 10th. The stock was sold at an average price of $52.96, for a total transaction of $264,800.00. Following the sale, the senior vice president now owns 111,408 shares in the company, valued at approximately $5,900,167.68. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CEO Barbara Smith sold 32,243 shares of the company’s stock in a transaction dated Thursday, June 29th. The stock was sold at an average price of $52.47, for a total value of $1,691,790.21. Following the sale, the chief executive officer now owns 401,542 shares in the company, valued at $21,068,908.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Ty L. Garrison sold 5,000 shares of the company’s stock in a transaction dated Monday, July 10th. The stock was sold at an average price of $52.96, for a total value of $264,800.00. Following the completion of the sale, the senior vice president now owns 111,408 shares in the company, valued at approximately $5,900,167.68. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 174,247 shares of company stock worth $9,332,716. 1.20% of the stock is currently owned by insiders.
Commercial Metals Stock Down 1.2 %
Shares of CMC stock opened at $54.05 on Friday. Commercial Metals has a 1-year low of $35.22 and a 1-year high of $58.09. The stock’s fifty day moving average price is $54.24 and its 200 day moving average price is $50.25. The company has a debt-to-equity ratio of 0.27, a current ratio of 3.68 and a quick ratio of 2.34. The company has a market cap of $6.31 billion, a price-to-earnings ratio of 6.68 and a beta of 1.31.
Commercial Metals (NYSE:CMC – Get Free Report) last announced its earnings results on Thursday, June 22nd. The basic materials company reported $2.02 earnings per share for the quarter, topping the consensus estimate of $1.84 by $0.18. Commercial Metals had a return on equity of 26.49% and a net margin of 10.72%. The firm had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.32 billion. During the same period in the previous year, the business earned $2.61 EPS. The firm’s revenue for the quarter was down 6.8% on a year-over-year basis. On average, research analysts expect that Commercial Metals will post 7.7 earnings per share for the current fiscal year.
Commercial Metals Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Wednesday, July 12th. Shareholders of record on Monday, July 3rd were paid a dividend of $0.16 per share. The ex-dividend date was Friday, June 30th. This represents a $0.64 annualized dividend and a yield of 1.18%. Commercial Metals’s payout ratio is presently 7.91%.
Analyst Ratings Changes
A number of equities research analysts have weighed in on CMC shares. StockNews.com started coverage on Commercial Metals in a research report on Thursday, August 17th. They set a “buy” rating for the company. BMO Capital Markets lifted their target price on Commercial Metals from $56.00 to $58.00 in a research report on Friday, June 23rd. Finally, UBS Group began coverage on Commercial Metals in a research report on Tuesday, July 11th. They set a “buy” rating and a $63.00 target price for the company. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Commercial Metals has a consensus rating of “Moderate Buy” and a consensus target price of $57.83.
Get Our Latest Report on Commercial Metals
Commercial Metals Profile
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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