SummerHaven Investment Management LLC Acquires 228 Shares of Commercial Metals (NYSE:CMC)

SummerHaven Investment Management LLC raised its holdings in shares of Commercial Metals (NYSE:CMC) by 1.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 13,154 shares of the basic materials company’s stock after buying an additional 228 shares during the quarter. SummerHaven Investment Management LLC’s holdings in Commercial Metals were worth $658,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of CMC. Vanguard Group Inc. increased its position in Commercial Metals by 4.1% during the third quarter. Vanguard Group Inc. now owns 12,450,082 shares of the basic materials company’s stock worth $615,159,000 after acquiring an additional 487,792 shares during the period. Fuller & Thaler Asset Management Inc. raised its position in shares of Commercial Metals by 26.7% during the third quarter. Fuller & Thaler Asset Management Inc. now owns 2,506,247 shares of the basic materials company’s stock valued at $123,834,000 after buying an additional 527,709 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Commercial Metals by 32.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,385,435 shares of the basic materials company’s stock valued at $68,454,000 after buying an additional 335,926 shares during the period. American Century Companies Inc. grew its position in Commercial Metals by 2.8% during the third quarter. American Century Companies Inc. now owns 1,182,690 shares of the basic materials company’s stock worth $58,437,000 after buying an additional 32,217 shares in the last quarter. Finally, AQR Capital Management LLC increased its stake in Commercial Metals by 31.3% during the third quarter. AQR Capital Management LLC now owns 703,881 shares of the basic materials company’s stock valued at $34,779,000 after acquiring an additional 167,865 shares during the period. 86.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. UBS Group assumed coverage on Commercial Metals in a report on Tuesday, January 16th. They set a “buy” rating and a $65.00 price objective on the stock. BMO Capital Markets lifted their price target on shares of Commercial Metals from $52.00 to $60.00 and gave the stock a “market perform” rating in a research note on Friday, March 22nd. Finally, StockNews.com cut shares of Commercial Metals from a “buy” rating to a “hold” rating in a research note on Thursday, April 18th.

Insider Buying and Selling at Commercial Metals

In related news, Chairman Barbara Smith sold 23,619 shares of Commercial Metals stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $51.65, for a total value of $1,219,921.35. Following the completion of the transaction, the chairman now directly owns 72,400 shares of the company’s stock, valued at $3,739,460. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last quarter, insiders sold 119,489 shares of company stock worth $6,371,781. 1.00% of the stock is currently owned by insiders.

Commercial Metals Stock Up 2.6 %

Shares of NYSE CMC opened at $54.89 on Tuesday. Commercial Metals has a 52-week low of $39.85 and a 52-week high of $59.81. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.69 and a current ratio of 4.19. The business has a fifty day moving average of $55.41 and a two-hundred day moving average of $50.42. The stock has a market cap of $6.35 billion, a PE ratio of 9.53 and a beta of 1.33.

Commercial Metals (NYSE:CMC) last announced its quarterly earnings results on Thursday, March 21st. The basic materials company reported $0.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.93 by ($0.05). The firm had revenue of $1.85 billion for the quarter, compared to the consensus estimate of $1.80 billion. Commercial Metals had a net margin of 8.09% and a return on equity of 17.72%. The company’s revenue for the quarter was down 8.4% on a year-over-year basis. During the same period in the prior year, the business earned $1.44 earnings per share. As a group, equities research analysts expect that Commercial Metals will post 5.34 earnings per share for the current fiscal year.

Commercial Metals Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 10th. Stockholders of record on Monday, April 1st were issued a $0.18 dividend. This is an increase from Commercial Metals’s previous quarterly dividend of $0.16. This represents a $0.72 annualized dividend and a dividend yield of 1.31%. The ex-dividend date of this dividend was Thursday, March 28th. 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.