Penn Capital Management Company LLC Sells 85,473 Shares of Commercial Metals Company $CMC

Penn Capital Management Company LLC decreased its position in Commercial Metals Company (NYSE:CMC) by 37.1% in the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 144,924 shares of the basic materials company’s stock after selling 85,473 shares during the period. Penn Capital Management Company LLC owned 0.13% of Commercial Metals worth $8,333,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. Drummond Knight Asset Management Pty Ltd purchased a new stake in shares of Commercial Metals in the 3rd quarter worth approximately $15,579,000. Allspring Global Investments Holdings LLC lifted its holdings in Commercial Metals by 11.1% during the third quarter. Allspring Global Investments Holdings LLC now owns 225,817 shares of the basic materials company’s stock worth $13,312,000 after buying an additional 22,587 shares during the period. Mitsubishi UFJ Trust & Banking Corp boosted its position in Commercial Metals by 430.9% during the 3rd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 29,247 shares of the basic materials company’s stock valued at $1,675,000 after acquiring an additional 23,738 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in shares of Commercial Metals by 6.9% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 29,033 shares of the basic materials company’s stock worth $1,420,000 after acquiring an additional 1,868 shares in the last quarter. Finally, Rhumbline Advisers boosted its position in Commercial Metals by 1.3% during the second quarter. Rhumbline Advisers now owns 393,334 shares of the basic materials company’s stock valued at $19,238,000 after purchasing an additional 5,147 shares in the last quarter. 86.90% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Commercial Metals

In related news, Director Dennis V. Arriola acquired 2,000 shares of the firm’s stock in a transaction dated Tuesday, January 20th. The stock was acquired at an average price of $74.69 per share, with a total value of $149,380.00. Following the acquisition, the director directly owned 9,238 shares in the company, valued at $689,986.22. This represents a 27.63% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Jennifer J. Durbin sold 25,050 shares of the company’s stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $79.97, for a total value of $2,003,248.50. Following the completion of the sale, the insider owned 52,880 shares in the company, valued at $4,228,813.60. The trade was a 32.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.62% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts recently commented on CMC shares. Zacks Research lowered shares of Commercial Metals from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 3rd. Wells Fargo & Company increased their price objective on Commercial Metals from $79.00 to $80.00 and gave the company an “overweight” rating in a report on Monday, March 2nd. JPMorgan Chase & Co. upgraded Commercial Metals from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $64.00 to $78.00 in a research note on Friday, December 5th. Jefferies Financial Group set a $85.00 price target on Commercial Metals and gave the stock a “buy” rating in a report on Thursday, January 8th. Finally, Wall Street Zen upgraded shares of Commercial Metals from a “buy” rating to a “strong-buy” rating in a research note on Friday, November 28th. Eight equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Commercial Metals has a consensus rating of “Moderate Buy” and a consensus target price of $72.80.

Commercial Metals Price Performance

Shares of NYSE CMC opened at $61.96 on Wednesday. Commercial Metals Company has a 52 week low of $37.92 and a 52 week high of $84.87. The business’s 50 day moving average price is $74.59 and its 200 day moving average price is $66.45. The company has a quick ratio of 3.70, a current ratio of 4.47 and a debt-to-equity ratio of 0.77. The firm has a market cap of $6.87 billion, a P/E ratio of 15.97, a P/E/G ratio of 0.33 and a beta of 1.47.

Commercial Metals (NYSE:CMC) last announced its quarterly earnings data on Thursday, January 8th. The basic materials company reported $1.84 EPS for the quarter, beating the consensus estimate of $1.55 by $0.29. The business had revenue of $2.12 billion during the quarter, compared to analysts’ expectations of $2.06 billion. Commercial Metals had a net margin of 5.46% and a return on equity of 11.43%. The business’s quarterly revenue was up 11.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.78 EPS. On average, sell-side analysts expect that Commercial Metals Company will post 3.09 earnings per share for the current year.

Commercial Metals Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, February 2nd. Investors of record on Monday, January 19th were given a dividend of $0.18 per share. The ex-dividend date was Friday, January 16th. This represents a $0.72 dividend on an annualized basis and a yield of 1.2%. Commercial Metals’s payout ratio is currently 18.56%.

Commercial Metals Company Profile

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.