Key Points
- CEO Peter Matt bought 8,230 shares of Commercial Metals at an average price of $61.30, spending about $504,499 and boosting his direct ownership by 4.75% to 181,522 shares.
- Commercial Metals recently beat quarterly earnings estimates, reporting EPS of $1.73 versus $1.70 expected and revenue of $2.48 billion versus $2.40 billion expected. Revenue rose 22.9% year over year.
- The company also declared a quarterly dividend of $0.20 per share, payable July 15, representing an annualized yield of about 1.3% and a payout ratio of 15.07%.
Commercial Metals Company (NYSE:CMC - Get Free Report) CEO Peter Matt purchased 8,230 shares of the firm's stock in a transaction dated Friday, July 10th. The shares were purchased at an average cost of $61.30 per share, for a total transaction 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.
Commercial Metals Stock Performance
NYSE CMC opened at $63.62 on Tuesday. Commercial Metals Company has a 1-year low of $49.66 and a 1-year high of $84.87. The company has a market capitalization of $7.04 billion, a P/E ratio of 11.98, a PEG ratio of 0.36 and a beta of 1.54. The business has a 50 day moving average price of $70.82 and a 200 day moving average price of $70.70. The company has a debt-to-equity ratio of 0.73, a current ratio of 2.33 and a quick ratio of 1.54.
Commercial Metals (NYSE:CMC - Get Free Report) last issued its quarterly earnings data on Thursday, June 25th. The basic materials company reported $1.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.70 by $0.03. The firm had revenue of $2.48 billion during the quarter, compared to analysts' expectations 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 previous year, the firm posted $0.74 earnings per share. Sell-side analysts expect that Commercial Metals Company will post 6.63 EPS for the current fiscal year.
Commercial Metals Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Monday, July 6th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend is Monday, July 6th. Commercial Metals's payout ratio is 15.07%.
Analyst Ratings Changes
A number of equities research analysts recently commented on CMC shares. Zacks Research cut shares of Commercial Metals from a "hold" rating to a "strong sell" rating in a research note on Friday, June 12th. KeyCorp assumed coverage on shares of Commercial Metals in a research report on Wednesday, March 25th. They set a "sector weight" rating for the company. Weiss Ratings raised shares of Commercial Metals from a "hold (c)" rating to a "hold (c+)" rating in a report on Tuesday, June 30th. Barclays initiated coverage on shares of Commercial Metals in a report on Thursday, May 21st. They issued an "equal weight" rating and a $75.00 price target on the stock. Finally, BMO Capital Markets dropped their price objective on shares of Commercial Metals from $80.00 to $77.00 and set a "market perform" rating for the company in a research note on Monday, June 29th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $79.45.
Read Our Latest Report on CMC
Institutional Trading of Commercial Metals
Large investors have recently made changes to their positions in the stock. Lazard Asset Management LLC increased its position in Commercial Metals by 0.6% during the 4th quarter. Lazard Asset Management LLC now owns 23,199 shares of the basic materials company's stock worth $1,606,000 after purchasing an additional 133 shares in the last quarter. NewEdge Advisors LLC lifted its holdings in Commercial Metals by 4.2% in the 1st quarter. NewEdge Advisors LLC now owns 3,610 shares of the basic materials company's stock valued at $222,000 after purchasing an additional 147 shares in the last quarter. Ashton Thomas Private Wealth LLC boosted its stake in shares of Commercial Metals by 3.1% during the 4th quarter. Ashton Thomas Private Wealth LLC now owns 4,904 shares of the basic materials company's stock worth $339,000 after purchasing an additional 149 shares during the last quarter. Corient Private Wealth LLC boosted its stake in shares of Commercial Metals by 0.7% during the 4th quarter. Corient Private Wealth LLC now owns 23,554 shares of the basic materials company's stock worth $1,630,000 after purchasing an additional 155 shares during the last quarter. Finally, Fifth Third Wealth Advisors LLC boosted its stake in shares of Commercial Metals by 4.0% during the 1st quarter. Fifth Third Wealth Advisors LLC now owns 4,164 shares of the basic materials company's stock worth $256,000 after purchasing an additional 160 shares during the last quarter. Institutional investors and hedge funds own 86.90% of the company's stock.
Commercial Metals Company Profile
(
Get Free Report)
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.
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