Anthony A. Massaro Sells 2,421 Shares of Commercial Metals Co. (CMC) Stock
Commercial Metals Co. (NYSE:CMC) Director Anthony A. Massaro sold 2,421 shares of the firm’s stock in a transaction on Friday, November 11th. The stock was sold at an average price of $20.52, for a total value of $49,678.92. Following the completion of the transaction, the director now owns 69,398 shares in the company, valued at $1,424,046.96. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.
Shares of Commercial Metals Co. (NYSE:CMC) opened at 21.52 on Wednesday. The company has a market capitalization of $2.48 billion, a PE ratio of 45.98 and a beta of 1.18. The firm’s 50-day moving average price is $16.40 and its 200-day moving average price is $16.58. Commercial Metals Co. has a 12-month low of $12.44 and a 12-month high of $21.54.
Commercial Metals (NYSE:CMC) last released its earnings results on Thursday, October 27th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by $0.29. Commercial Metals had a net margin of 1.19% and a return on equity of 7.66%. The firm earned $1.20 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same period in the previous year, the company earned ($0.05) earnings per share. Commercial Metals’s revenue was down 14.4% on a year-over-year basis. On average, analysts expect that Commercial Metals Co. will post $1.01 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 23rd. Investors of record on Wednesday, November 9th will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 2.23%. The ex-dividend date is Monday, November 7th. Commercial Metals’s payout ratio is 102.13%.
Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Commercial Metals by 29.4% in the second quarter. Vanguard Group Inc. now owns 12,720,314 shares of the company’s stock valued at $214,973,000 after buying an additional 2,888,816 shares during the last quarter. Acadian Asset Management LLC increased its position in Commercial Metals by 451.8% in the second quarter. Acadian Asset Management LLC now owns 2,412,060 shares of the company’s stock valued at $40,762,000 after buying an additional 1,974,925 shares during the last quarter. Mesirow Financial Investment Management Equity Management purchased a new position in Commercial Metals during the second quarter valued at about $18,396,000. Renaissance Technologies LLC increased its position in Commercial Metals by 760.9% in the first quarter. Renaissance Technologies LLC now owns 1,225,000 shares of the company’s stock valued at $20,788,000 after buying an additional 1,082,700 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in Commercial Metals by 27.1% in the third quarter. Bank of New York Mellon Corp now owns 3,647,418 shares of the company’s stock valued at $59,052,000 after buying an additional 777,588 shares during the last quarter. 91.08% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities analysts have recently issued reports on CMC shares. Macquarie downgraded Commercial Metals from an “outperform” rating to a “neutral” rating in a research note on Monday, October 31st. Citigroup Inc. started coverage on Commercial Metals in a research note on Monday, August 22nd. They issued a “neutral” rating and a $16.00 price target on the stock. Bank of America Corp. downgraded Commercial Metals to a “neutral” rating in a research note on Wednesday, July 20th. Clarkson Capital upgraded Commercial Metals from a “sell” rating to a “neutral” rating in a research note on Friday, November 4th. Finally, Zacks Investment Research downgraded Commercial Metals from a “hold” rating to a “sell” rating in a research report on Tuesday, November 1st. One research analyst has rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the stock. Commercial Metals has an average rating of “Hold” and a consensus price target of $18.00.
About Commercial Metals
Commercial Metals Company (CMC) manufactures, recycles and markets steel and metal products, related materials and services. CMC has a network of steel mills (minimills), steel fabrication and processing facilities, warehouses, metal recycling facilities. It has five business segments: Americas Recycling, Americas Mills, Americas Fabrication, International Mill, and International Marketing and Distribution.
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