Commercial Metals Company $CMC Shares Sold by Royal Bank of Canada

Royal Bank of Canada lowered its position in shares of Commercial Metals Company (NYSE:CMC) by 10.4% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 72,980 shares of the basic materials company’s stock after selling 8,473 shares during the quarter. Royal Bank of Canada owned 0.07% of Commercial Metals worth $4,484,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Empowered Funds LLC boosted its position in shares of Commercial Metals by 105.4% during the 1st quarter. Empowered Funds LLC now owns 8,111 shares of the basic materials company’s stock valued at $498,000 after purchasing an additional 4,163 shares in the last quarter. Quantinno Capital Management LP raised its holdings in shares of Commercial Metals by 200.8% in the 1st quarter. Quantinno Capital Management LP now owns 72,613 shares of the basic materials company’s stock worth $4,461,000 after purchasing an additional 48,470 shares in the last quarter. Lazard Asset Management LLC lifted its stake in Commercial Metals by 26.9% during the first quarter. Lazard Asset Management LLC now owns 29,436 shares of the basic materials company’s stock valued at $1,808,000 after purchasing an additional 6,237 shares during the last quarter. Cannell & Spears LLC acquired a new stake in Commercial Metals during the first quarter valued at approximately $3,768,000. Finally, Renaissance Technologies LLC bought a new stake in Commercial Metals during the first quarter worth approximately $3,600,000. 86.90% of the stock is owned by institutional investors and hedge funds.

Commercial Metals Stock Down 0.2%

CMC stock opened at $72.21 on Friday. The firm has a market cap of $7.99 billion, a PE ratio of 13.60, a PEG ratio of 0.42 and a beta of 1.52. Commercial Metals Company has a 1 year low of $53.08 and a 1 year high of $84.87. The company has a fifty day simple moving average of $69.48 and a 200 day simple moving average of $70.16. The company has a current ratio of 2.33, a quick ratio of 1.54 and a debt-to-equity ratio of 0.73.

Commercial Metals (NYSE:CMC) last posted its earnings results on Thursday, June 25th. The basic materials company reported $1.73 EPS for the quarter, topping 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 firm had revenue of $2.48 billion for the quarter, compared to the consensus estimate of $2.40 billion. During the same period in the prior year, the business posted $0.74 earnings per share. The business’s quarterly revenue was up 22.9% on a year-over-year basis. Sell-side analysts anticipate that Commercial Metals Company will post 6.64 EPS for the current fiscal year.

Commercial Metals announced that its Board of Directors has authorized a share buyback program on Wednesday, August 5th that permits the company to repurchase $600.00 million in shares. This repurchase authorization permits the basic materials company to repurchase up to 7.5% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Commercial Metals Dividend Announcement

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

Insider Buying and Selling at Commercial Metals

In related news, CEO Peter R. Matt acquired 8,230 shares of the business’s stock in a transaction that occurred on Friday, July 10th. The shares were acquired at an average cost of $61.30 per share, with a total value of $504,499.00. Following the purchase, the chief executive officer owned 181,522 shares of the company’s stock, valued at approximately $11,127,298.60. The trade was a 4.75% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.62% of the company’s stock.

Analyst Ratings Changes

Several research analysts have issued reports on the company. BNP Paribas Exane raised Commercial Metals from a “neutral” rating to an “outperform” rating and set a $75.00 price target on the stock in a report on Wednesday, July 8th. Morgan Stanley raised their price objective on Commercial Metals from $83.00 to $88.00 and gave the stock an “overweight” rating in a research note on Monday, June 22nd. BMO Capital Markets lifted their target price on Commercial Metals from $77.00 to $80.00 and gave the stock a “market perform” rating in a report on Thursday, August 6th. Zacks Research raised Commercial Metals from a “strong sell” rating to a “hold” rating in a research report on Monday, July 13th. Finally, Deutsche Bank Aktiengesellschaft raised Commercial Metals to a “buy” rating in a report on Friday, May 22nd. Ten research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $81.18.

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.