NewEdge Advisors LLC Has $4.41 Million Holdings in Commercial Metals Company $CMC

NewEdge Advisors LLC lifted its stake in shares of Commercial Metals Company (NYSE:CMC) by 1,847.6% during the second quarter, Holdings Channel.com reports. The firm owned 70,309 shares of the basic materials company’s stock after acquiring an additional 66,699 shares during the period. NewEdge Advisors LLC’s holdings in Commercial Metals were worth $4,412,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Squarepoint Ops LLC bought a new position in Commercial Metals during the 2nd quarter valued at $18,917,000. Nykredit A S bought a new stake in shares of Commercial Metals during the 2nd quarter worth $150,000. Amundi increased its holdings in shares of Commercial Metals by 12.7% in the second quarter. Amundi now owns 23,040 shares of the basic materials company’s stock worth $1,446,000 after buying an additional 2,597 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Commercial Metals in the second quarter worth $2,354,000. Finally, California State Teachers Retirement System boosted its holdings in shares of Commercial Metals by 6,004.4% during the 2nd quarter. California State Teachers Retirement System now owns 8,168,168 shares of the basic materials company’s stock valued at $512,553,000 after buying an additional 8,034,360 shares in the last quarter. 86.90% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have commented on CMC. Citigroup cut their target price on shares of Commercial Metals from $85.00 to $75.00 and set a “buy” rating for the company in a research report on Tuesday, July 7th. Barclays upped their price objective on Commercial Metals from $75.00 to $80.00 and gave the stock an “equal weight” rating in a research note on Friday, August 7th. JPMorgan Chase & Co. cut their target price on shares of Commercial Metals from $86.00 to $83.00 and set an “overweight” rating for the company in a research note on Wednesday, September 9th. Weiss Ratings upgraded Commercial Metals from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday. Finally, Morgan Stanley lifted their price objective on shares of Commercial Metals from $83.00 to $88.00 and gave the stock an “overweight” rating in a research note on Monday, June 22nd. Ten analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, Commercial Metals currently has an average rating of “Moderate Buy” and an average target price of $81.64.

Insider Transactions at Commercial Metals

In related news, CEO Peter Matt acquired 8,230 shares of the firm’s stock in a transaction dated Friday, July 10th. The stock was acquired at an average price of $61.30 per share, with a total value of $504,499.00. Following the acquisition, the chief executive officer directly owned 181,522 shares in the company, valued at $11,127,298.60. This represents a 4.75% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director John McPherson bought 1,390 shares of the company’s stock in a transaction that occurred on Thursday, August 13th. The shares were bought at an average cost of $71.92 per share, for a total transaction of $99,968.80. Following the completion of the acquisition, the director owned 21,927 shares of the company’s stock, valued at $1,576,989.84. This trade represents a 6.77% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 0.62% of the company’s stock.

Commercial Metals Trading Down 3.2%

Shares of NYSE:CMC opened at $64.99 on Tuesday. The business’s 50-day moving average is $68.37 and its 200 day moving average is $68.49. 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 Company has a 1 year low of $53.08 and a 1 year high of $84.87. The firm has a market capitalization of $7.19 billion, a P/E ratio of 12.24, a P/E/G ratio of 0.35 and a beta of 1.52.

Commercial Metals (NYSE:CMC) last released its earnings results on Thursday, June 25th. The basic materials company reported $1.73 EPS for the quarter, topping analysts’ consensus estimates of $1.70 by $0.03. The firm had revenue of $2.48 billion during the quarter, compared to the consensus estimate of $2.40 billion. Commercial Metals had a return on equity of 15.69% and a net margin of 6.72%.The company’s revenue was up 22.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.74 earnings per share. On average, research analysts predict that Commercial Metals Company will post 6.62 earnings per share for the current fiscal year.

Commercial Metals Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Monday, July 6th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend was Monday, July 6th. Commercial Metals’s dividend payout ratio is presently 15.07%.

Commercial Metals declared that its Board of Directors has authorized a share buyback plan on Wednesday, August 5th that authorizes the company to repurchase $600.00 million in outstanding shares. This repurchase authorization authorizes the basic materials company to buy up to 7.5% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Commercial Metals Profile

Commercial Metals Company (NYSE: CMC) is a steel and metals manufacturing and recycling company headquartered in Irving, Texas. Founded in 1915, the company began as a scrap-metal business and has grown into an integrated producer, recycler and fabricator serving construction and industrial markets.

CMC manufactures and distributes a range of steel products, including reinforcing bar, merchant bar, wire rod, structural products, wire mesh and other products used in concrete construction and infrastructure projects.