Millennium Management LLC bought a new position in shares of Commercial Metals (NYSE:CMC) during the fourth quarter, HoldingsChannel.com reports. The firm bought 1,612,276 shares of the basic materials company’s stock, valued at approximately $34,374,000.
A number of other large investors have also recently added to or reduced their stakes in CMC. BlueCrest Capital Management Ltd lifted its holdings in Commercial Metals by 1,334.4% during the 4th quarter. BlueCrest Capital Management Ltd now owns 649,676 shares of the basic materials company’s stock worth $13,851,000 after buying an additional 604,384 shares during the last quarter. Systematic Financial Management LP bought a new position in Commercial Metals during the 4th quarter worth approximately $12,477,000. Russell Investments Group Ltd. lifted its holdings in Commercial Metals by 4,203.2% during the 3rd quarter. Russell Investments Group Ltd. now owns 589,535 shares of the basic materials company’s stock worth $11,218,000 after buying an additional 575,835 shares during the last quarter. Janus Henderson Group PLC lifted its holdings in Commercial Metals by 36.3% during the 3rd quarter. Janus Henderson Group PLC now owns 2,035,305 shares of the basic materials company’s stock worth $38,732,000 after buying an additional 541,829 shares during the last quarter. Finally, 3G Capital Partners LP bought a new position in Commercial Metals during the 3rd quarter worth approximately $9,515,000. 88.23% of the stock is currently owned by institutional investors.
Shares of CMC stock opened at $20.39 on Friday. The company has a debt-to-equity ratio of 0.55, a current ratio of 3.11 and a quick ratio of 2.07. The stock has a market capitalization of $2,438.77, a P/E ratio of 41.61, a P/E/G ratio of 0.34 and a beta of 1.21. Commercial Metals has a 1-year low of $17.05 and a 1-year high of $26.72.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 19th. Shareholders of record on Wednesday, April 4th will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 2.35%. The ex-dividend date of this dividend is Tuesday, April 3rd. Commercial Metals’s payout ratio is currently 97.96%.
Several brokerages recently issued reports on CMC. Jefferies Group reissued a “buy” rating on shares of Commercial Metals in a report on Friday. Goldman Sachs began coverage on Commercial Metals in a report on Tuesday. They issued a “sell” rating and a $25.00 price target on the stock. ValuEngine downgraded Commercial Metals from a “buy” rating to a “hold” rating in a report on Friday. JPMorgan Chase & Co. raised Commercial Metals from a “neutral” rating to an “overweight” rating in a report on Friday, March 9th. Finally, Bank of America downgraded Commercial Metals from a “buy” rating to a “neutral” rating and raised their price target for the stock from $25.36 to $28.00 in a report on Wednesday, March 14th. They noted that the move was a valuation call. Four analysts have rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $22.63.
In other Commercial Metals news, CAO Adam R. Hickey sold 20,000 shares of Commercial Metals stock in a transaction on Monday, February 26th. The stock was sold at an average price of $25.50, for a total transaction of $510,000.00. Following the sale, the chief accounting officer now owns 15,632 shares of the company’s stock, valued at approximately $398,616. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Tracy L. Porter sold 6,935 shares of Commercial Metals stock in a transaction on Tuesday, January 16th. The shares were sold at an average price of $25.14, for a total value of $174,345.90. Following the sale, the executive vice president now directly owns 10 shares in the company, valued at approximately $251.40. The disclosure for this sale can be found here. Insiders have sold a total of 60,536 shares of company stock worth $1,541,915 in the last ninety days. 1.50% of the stock is owned by company insiders.
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Commercial Metals Company Profile
Commercial Metals Company, together with its subsidiaries, manufactures, recycles and markets steel and metal products, related materials and services through a network. The Company’s Americas Recycling segment processes scrap metals for use as a raw material by manufacturers of new metal products. The Americas Mills segment consists of steel mills, commonly referred to as minimills that produce reinforcing bar (rebar), angles, flats and rounds.
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