Avidian Wealth Solutions LLC Takes Position in Commercial Metals (NYSE:CMC)

Avidian Wealth Solutions LLC acquired a new stake in Commercial Metals (NYSE:CMC) in the 4th quarter, HoldingsChannel reports. The fund acquired 10,433 shares of the basic materials company’s stock, valued at approximately $522,000.

Several other institutional investors and hedge funds have also modified their holdings of CMC. SummerHaven Investment Management LLC raised its stake in shares of Commercial Metals by 1.8% during the 4th quarter. SummerHaven Investment Management LLC now owns 13,154 shares of the basic materials company’s stock worth $658,000 after buying an additional 228 shares during the period. Janney Montgomery Scott LLC grew its position in shares of Commercial Metals by 1.1% in the third quarter. Janney Montgomery Scott LLC now owns 23,471 shares of the basic materials company’s stock valued at $1,160,000 after purchasing an additional 247 shares during the period. Inspire Investing LLC increased its stake in shares of Commercial Metals by 4.4% during the third quarter. Inspire Investing LLC now owns 6,237 shares of the basic materials company’s stock worth $308,000 after purchasing an additional 261 shares in the last quarter. Diversified Trust Co raised its position in shares of Commercial Metals by 1.2% during the 3rd quarter. Diversified Trust Co now owns 23,810 shares of the basic materials company’s stock worth $1,176,000 after purchasing an additional 292 shares during the last quarter. Finally, Oliver Luxxe Assets LLC lifted its stake in Commercial Metals by 2.2% in the 3rd quarter. Oliver Luxxe Assets LLC now owns 14,211 shares of the basic materials company’s stock valued at $702,000 after buying an additional 304 shares in the last quarter. Institutional investors and hedge funds own 86.90% of the company’s stock.

Insider Buying and Selling

In other Commercial Metals news, Chairman Barbara Smith sold 35,704 shares of the business’s stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $57.88, for a total value of $2,066,547.52. Following the transaction, the chairman now directly owns 36,196 shares in the company, valued at approximately $2,095,024.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.00% of the stock is owned by company insiders.

Analysts Set New Price Targets

CMC has been the subject of several research reports. BMO Capital Markets boosted their price objective on Commercial Metals from $52.00 to $60.00 and gave the stock a “market perform” rating in a research note on Friday, March 22nd. UBS Group assumed coverage on Commercial Metals in a research report on Tuesday, January 16th. They set a “buy” rating and a $65.00 price target for the company. Finally, StockNews.com lowered Commercial Metals from a “buy” rating to a “hold” rating in a report on Thursday, April 18th.

Commercial Metals Price Performance

CMC traded up $0.11 during trading on Monday, reaching $56.01. The company’s stock had a trading volume of 206,106 shares, compared to its average volume of 963,259. The company has a market cap of $6.48 billion, a price-to-earnings ratio of 9.70 and a beta of 1.35. The firm has a fifty day simple moving average of $55.47 and a two-hundred day simple moving average of $50.78. Commercial Metals has a 1 year low of $39.85 and a 1 year high of $59.81. The company has a quick ratio of 2.69, a current ratio of 4.19 and a debt-to-equity ratio of 0.27.

Commercial Metals (NYSE:CMC) last announced its quarterly earnings data on Thursday, March 21st. The basic materials company reported $0.88 EPS for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.05). The company had revenue of $1.85 billion for the quarter, compared to analysts’ expectations of $1.80 billion. Commercial Metals had a return on equity of 17.72% and a net margin of 8.09%. The business’s quarterly revenue was down 8.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.44 EPS. As a group, analysts anticipate that Commercial Metals will post 5.34 EPS for the current year.

Commercial Metals Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 10th. Stockholders of record on Monday, April 1st were given a dividend of $0.18 per share. This is a boost from Commercial Metals’s previous quarterly dividend of $0.16. The ex-dividend date was Thursday, March 28th. This represents a $0.72 annualized dividend and a dividend yield of 1.29%. Commercial Metals’s payout ratio is presently 12.50%.

Commercial Metals Company 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. It operates through two segments, North America and Europe. 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.