Moore Capital Management LP Boosts Stake in Commercial Metals Company $CMC

Moore Capital Management LP increased its holdings in shares of Commercial Metals Company (NYSE:CMC) by 47.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 163,348 shares of the basic materials company’s stock after acquiring an additional 52,736 shares during the quarter. Moore Capital Management LP owned about 0.15% of Commercial Metals worth $9,357,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Royal Bank of Canada lifted its stake in Commercial Metals by 1.4% in the 1st quarter. Royal Bank of Canada now owns 90,989 shares of the basic materials company’s stock worth $4,186,000 after purchasing an additional 1,219 shares in the last quarter. Amundi grew its position in shares of Commercial Metals by 13.3% in the first quarter. Amundi now owns 2,480 shares of the basic materials company’s stock valued at $114,000 after purchasing an additional 291 shares in the last quarter. Jones Financial Companies Lllp increased its holdings in shares of Commercial Metals by 614.9% in the first quarter. Jones Financial Companies Lllp now owns 11,767 shares of the basic materials company’s stock valued at $541,000 after purchasing an additional 10,121 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Commercial Metals by 5.8% in the first quarter. Goldman Sachs Group Inc. now owns 1,033,514 shares of the basic materials company’s stock valued at $47,552,000 after purchasing an additional 56,875 shares during the last quarter. Finally, Empowered Funds LLC lifted its position in Commercial Metals by 1.8% during the first quarter. Empowered Funds LLC now owns 53,305 shares of the basic materials company’s stock worth $2,453,000 after buying an additional 941 shares in the last quarter. Hedge funds and other institutional investors own 86.90% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on CMC shares. Zacks Research lowered Commercial Metals from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 3rd. Wall Street Zen raised Commercial Metals from a “buy” rating to a “strong-buy” rating in a research note on Friday, November 28th. Wells Fargo & Company lifted their price target on Commercial Metals from $79.00 to $80.00 and gave the stock an “overweight” rating in a report on Monday, March 2nd. Jefferies Financial Group set a $85.00 price target on shares of Commercial Metals and gave the company a “buy” rating in a research report on Thursday, January 8th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Commercial Metals in a report on Wednesday, January 21st. Eight investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $72.80.

Commercial Metals Price Performance

CMC stock opened at $61.60 on Tuesday. Commercial Metals Company has a 52-week low of $37.92 and a 52-week high of $84.87. 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 stock has a market cap of $6.83 billion, a price-to-earnings ratio of 15.88, a price-to-earnings-growth ratio of 0.33 and a beta of 1.47. The business has a fifty day moving average of $74.85 and a two-hundred day moving average of $66.42.

Commercial Metals (NYSE:CMC) last announced its quarterly earnings results 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 for the quarter, compared to analyst estimates of $2.06 billion. Commercial Metals had a return on equity of 11.43% and a net margin of 5.46%.The company’s quarterly revenue was up 11.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.78 EPS. As a group, research analysts anticipate that Commercial Metals Company will post 3.09 earnings per share for the current year.

Commercial Metals Dividend Announcement

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

Insider Activity

In related news, Director Dennis V. Arriola bought 2,000 shares of the stock in a transaction on Tuesday, January 20th. The stock was bought at an average price of $74.69 per share, with a total value of $149,380.00. Following the completion of the purchase, 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 acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Jennifer J. Durbin sold 25,050 shares of Commercial Metals stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $79.97, for a total transaction of $2,003,248.50. Following the sale, the insider owned 52,880 shares of the company’s stock, valued at approximately $4,228,813.60. This represents a 32.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.62% of the company’s stock.

About Commercial Metals

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.