Investors Buy High Volume of Put Options on Commercial Metals (NYSE:CMC)

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Commercial Metals (NYSE:CMC) saw some unusual options trading on Monday. Investors acquired 1,208 put options on the company. This represents an increase of approximately 969% compared to the typical daily volume of 113 put options.

Shares of CMC stock opened at $17.60 on Tuesday. The company has a fifty day moving average price of $16.10. The company has a quick ratio of 1.86, a current ratio of 3.00 and a debt-to-equity ratio of 0.84. The stock has a market cap of $2.08 billion, a price-to-earnings ratio of 11.81, a P/E/G ratio of 2.29 and a beta of 1.68. Commercial Metals has a fifty-two week low of $13.27 and a fifty-two week high of $22.87.

Commercial Metals (NYSE:CMC) last posted its quarterly earnings results on Thursday, June 20th. The basic materials company reported $0.67 EPS for the quarter, topping the consensus estimate of $0.63 by $0.04. Commercial Metals had a return on equity of 14.34% and a net margin of 2.92%. The business had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.60 billion. During the same quarter in the previous year, the firm earned $0.41 EPS. The company’s quarterly revenue was up 33.3% compared to the same quarter last year. As a group, equities research analysts predict that Commercial Metals will post 2.04 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 18th. Stockholders of record on Friday, July 5th will be issued a dividend of $0.12 per share. The ex-dividend date is Wednesday, July 3rd. This represents a $0.48 annualized dividend and a dividend yield of 2.73%. Commercial Metals’s dividend payout ratio is presently 32.21%.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Public Employees Retirement System of Ohio acquired a new stake in shares of Commercial Metals during the 4th quarter worth about $1,056,000. Penn Capital Management Co. Inc. increased its position in shares of Commercial Metals by 15.6% during the 4th quarter. Penn Capital Management Co. Inc. now owns 27,919 shares of the basic materials company’s stock worth $1,135,000 after purchasing an additional 3,778 shares during the last quarter. Rhumbline Advisers increased its position in shares of Commercial Metals by 1.2% during the 1st quarter. Rhumbline Advisers now owns 359,510 shares of the basic materials company’s stock worth $6,140,000 after purchasing an additional 4,131 shares during the last quarter. Rothschild & Co. Asset Management US Inc. increased its position in shares of Commercial Metals by 3.2% during the 1st quarter. Rothschild & Co. Asset Management US Inc. now owns 880,264 shares of the basic materials company’s stock worth $15,035,000 after purchasing an additional 27,597 shares during the last quarter. Finally, First Dallas Securities Inc. increased its position in shares of Commercial Metals by 58.1% during the 1st quarter. First Dallas Securities Inc. now owns 304,706 shares of the basic materials company’s stock worth $5,204,000 after purchasing an additional 111,958 shares during the last quarter. Institutional investors and hedge funds own 90.56% of the company’s stock.

CMC has been the topic of a number of research reports. Cowen set a $27.00 price objective on Schnitzer Steel Industries and gave the company a “hold” rating in a report on Tuesday, April 9th. Citigroup set a $74.00 price objective on Realty Income and gave the company a “hold” rating in a report on Tuesday, June 11th. ValuEngine upgraded Xylem from a “hold” rating to a “buy” rating in a report on Friday, June 21st. TheStreet lowered Wayside Technology Group from a “b-” rating to a “c” rating in a report on Wednesday, May 22nd. Finally, Macquarie restated a “buy” rating on shares of Neo Lithium in a report on Friday, March 22nd. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. Commercial Metals currently has a consensus rating of “Hold” and a consensus price target of $19.10.

Commercial Metals Company Profile

Commercial Metals Company manufactures, recycles, and markets steel and metal products, and related materials and services in the United States and internationally. It operates through four segments: Americas Recycling, Americas Mills, Americas Fabrication, and International Mill. The Americas Recycling segment processes and sells 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.

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