Glenmede Trust Co. NA Has $1.46 Million Stake in Commercial Metals Company $CMC

Glenmede Trust Co. NA cut its position in Commercial Metals Company (NYSE:CMC) by 22.0% in the 1st quarter, HoldingsChannel.com reports. The firm owned 23,715 shares of the basic materials company’s stock after selling 6,684 shares during the period. Glenmede Trust Co. NA’s holdings in Commercial Metals were worth $1,457,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CMC. Lazard Asset Management LLC lifted its holdings in shares of Commercial Metals by 0.6% during the fourth quarter. Lazard Asset Management LLC now owns 23,199 shares of the basic materials company’s stock worth $1,606,000 after buying an additional 133 shares in the last quarter. Ashton Thomas Private Wealth LLC grew its stake in shares of Commercial Metals by 3.1% in the fourth quarter. Ashton Thomas Private Wealth LLC now owns 4,904 shares of the basic materials company’s stock valued at $339,000 after acquiring an additional 149 shares in the last quarter. Corient Private Wealth LLC grew its stake in shares of Commercial Metals by 0.7% in the fourth quarter. Corient Private Wealth LLC now owns 23,554 shares of the basic materials company’s stock valued at $1,630,000 after acquiring an additional 155 shares in the last quarter. Fifth Third Wealth Advisors LLC increased its position in Commercial Metals by 4.0% during the first quarter. Fifth Third Wealth Advisors LLC now owns 4,164 shares of the basic materials company’s stock worth $256,000 after acquiring an additional 160 shares during the period. Finally, Quadrant Capital Group LLC raised its stake in Commercial Metals by 2.9% in the 3rd quarter. Quadrant Capital Group LLC now owns 6,626 shares of the basic materials company’s stock worth $380,000 after purchasing an additional 188 shares in the last quarter. 86.90% of the stock is owned by institutional investors and hedge funds.

Commercial Metals Trading Up 4.3%

Shares of Commercial Metals stock opened at $75.78 on Thursday. The company has a quick ratio of 1.54, a current ratio of 2.33 and a debt-to-equity ratio of 0.73. Commercial Metals Company has a 12-month low of $51.52 and a 12-month high of $84.87. The company has a market capitalization of $8.38 billion, a price-to-earnings ratio of 14.27, a PEG ratio of 0.42 and a beta of 1.52. The firm’s 50-day moving average price is $69.88 and its two-hundred day moving average price is $70.29.

Commercial Metals (NYSE:CMC) last issued its earnings results on Thursday, June 25th. The basic materials company reported $1.73 EPS for the quarter, beating the consensus estimate of $1.70 by $0.03. Commercial Metals had a net margin of 6.72% and a return on equity of 15.69%. The company had revenue of $2.48 billion during the quarter, compared to analysts’ expectations of $2.40 billion. During the same period in the previous year, the company earned $0.74 EPS. The business’s revenue for the quarter was up 22.9% compared to the same quarter last year. On average, analysts forecast that Commercial Metals Company will post 6.64 earnings per share for the current fiscal year.

Commercial Metals declared that its board has approved a share repurchase program on Wednesday, August 5th that allows the company to buyback $600.00 million in shares. This buyback authorization allows the basic materials company to buy up to 7.5% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Commercial Metals Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Monday, July 6th were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.1%. The ex-dividend date was Monday, July 6th. Commercial Metals’s payout ratio is currently 15.07%.

Insider Buying and Selling

In other Commercial Metals news, CEO Peter R. Matt bought 8,230 shares of the business’s stock in a transaction on Friday, July 10th. The stock was purchased at an average cost of $61.30 per share, for a total transaction of $504,499.00. Following the completion of the purchase, the chief executive officer directly owned 181,522 shares of the company’s stock, valued at approximately $11,127,298.60. This trade represents a 4.75% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 0.62% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have issued reports on CMC. Weiss Ratings raised shares of Commercial Metals from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, July 30th. BNP Paribas Exane upgraded shares of Commercial Metals from a “neutral” rating to an “outperform” rating and set a $75.00 price target for the company in a research report on Wednesday, July 8th. Zacks Research upgraded shares of Commercial Metals from a “strong sell” rating to a “hold” rating in a research report on Monday, July 13th. Citigroup cut their price target on Commercial Metals from $85.00 to $75.00 and set a “buy” rating for the company in a research note on Tuesday, July 7th. Finally, Jefferies Financial Group raised Commercial Metals from a “buy” rating to a “buy” rating in a research report on Friday, June 5th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $79.45.

Commercial Metals 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.