ARP Americas LP lessened its stake in shares of Commercial Metals (NYSE:CMC) by 65.6% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 15,129 shares of the basic materials company’s stock after selling 28,887 shares during the period. ARP Americas LP’s holdings in Commercial Metals were worth $309,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. State of Alaska Department of Revenue raised its holdings in Commercial Metals by 4.6% during the first quarter. State of Alaska Department of Revenue now owns 20,404 shares of the basic materials company’s stock worth $322,000 after acquiring an additional 903 shares in the last quarter. Louisiana State Employees Retirement System increased its stake in shares of Commercial Metals by 3.5% during the second quarter. Louisiana State Employees Retirement System now owns 29,700 shares of the basic materials company’s stock worth $606,000 after purchasing an additional 1,000 shares during the period. Raymond James & Associates increased its stake in shares of Commercial Metals by 3.4% during the first quarter. Raymond James & Associates now owns 35,792 shares of the basic materials company’s stock worth $565,000 after purchasing an additional 1,169 shares during the period. Ellevest Inc. increased its stake in shares of Commercial Metals by 79.9% during the first quarter. Ellevest Inc. now owns 2,779 shares of the basic materials company’s stock worth $44,000 after purchasing an additional 1,234 shares during the period. Finally, M&T Bank Corp increased its stake in shares of Commercial Metals by 6.5% during the first quarter. M&T Bank Corp now owns 20,369 shares of the basic materials company’s stock worth $321,000 after purchasing an additional 1,235 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.
A number of equities research analysts recently issued reports on CMC shares. TheStreet raised Commercial Metals from a “c” rating to a “b-” rating in a research report on Monday, June 1st. ValuEngine downgraded Commercial Metals from a “sell” rating to a “strong sell” rating in a research report on Friday, May 1st. BMO Capital Markets increased their price target on Commercial Metals from $15.00 to $22.00 and gave the stock a “market perform” rating in a research report on Friday, June 19th. Citigroup downgraded Commercial Metals from a “buy” rating to a “neutral” rating and reduced their target price for the company from $22.00 to $21.00 in a report on Monday, June 8th. Finally, Deutsche Bank raised their target price on Commercial Metals from $20.00 to $24.00 in a report on Monday, June 22nd. One research analyst has rated the stock with a sell rating, four have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $20.44.
Commercial Metals (NYSE:CMC) last announced its earnings results on Thursday, June 18th. The basic materials company reported $0.59 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.22. Commercial Metals had a return on equity of 18.16% and a net margin of 5.31%. The firm had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter in the previous year, the business earned $0.67 EPS. The company’s revenue was down 16.5% compared to the same quarter last year. On average, analysts anticipate that Commercial Metals will post 2.37 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, July 20th. Stockholders of record on Monday, July 6th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 2.32%. The ex-dividend date of this dividend was Thursday, July 2nd. Commercial Metals’s dividend payout ratio (DPR) is 23.08%.
In other news, COO Tracy L. Porter sold 52,045 shares of the company’s stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $20.14, for a total transaction of $1,048,186.30. Following the completion of the transaction, the chief operating officer now directly owns 10 shares of the company’s stock, valued at $201.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.20% of the company’s stock.
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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