Traders Buy Large Volume of Commercial Metals Put Options (CMC)
Commercial Metals Company (NYSE:CMC) was the recipient of unusually large options trading on Thursday. Traders bought 1,425 put options on the stock. This represents an increase of Infinity compared to the average daily volume of 0 put options.
Several research firms have recently commented on CMC. Jefferies Group LLC reduced their price objective on Commercial Metals from $26.00 to $24.00 and set a “buy” rating for the company in a research note on Monday, October 30th. Zacks Investment Research lowered Commercial Metals from a “buy” rating to a “hold” rating in a research note on Friday, October 27th. Citigroup Inc. reduced their price objective on Commercial Metals from $22.00 to $21.00 and set a “buy” rating for the company in a research note on Friday, September 15th. Macquarie began coverage on Commercial Metals in a research note on Wednesday, September 6th. They issued an “underperform” rating and a $16.00 price objective for the company. Finally, Bank of America Corporation restated a “neutral” rating and issued a $21.00 price objective (up from $20.00) on shares of Commercial Metals in a research note on Tuesday, September 5th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company’s stock. Commercial Metals currently has an average rating of “Hold” and an average target price of $21.50.
Shares of Commercial Metals (CMC) opened at $18.34 on Friday. Commercial Metals has a 12 month low of $17.05 and a 12 month high of $24.64. The company has a quick ratio of 1.81, a current ratio of 2.82 and a debt-to-equity ratio of 0.58. The stock has a market capitalization of $2,124.51, a price-to-earnings ratio of 24.13, a price-to-earnings-growth ratio of 0.68 and a beta of 1.26.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 22nd. Shareholders of record on Wednesday, November 8th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Tuesday, November 7th. This represents a $0.48 dividend on an annualized basis and a yield of 2.62%. Commercial Metals’s payout ratio is presently 120.00%.
Hedge funds have recently modified their holdings of the business. Comerica Bank increased its stake in Commercial Metals by 30.7% in the 2nd quarter. Comerica Bank now owns 153,530 shares of the basic materials company’s stock worth $3,071,000 after buying an additional 36,049 shares in the last quarter. Bank of America Corp DE increased its stake in Commercial Metals by 42.5% in the 1st quarter. Bank of America Corp DE now owns 545,774 shares of the basic materials company’s stock worth $10,440,000 after buying an additional 162,791 shares in the last quarter. Arizona State Retirement System increased its stake in Commercial Metals by 1.5% in the 2nd quarter. Arizona State Retirement System now owns 48,800 shares of the basic materials company’s stock worth $948,000 after buying an additional 700 shares in the last quarter. Koch Industries Inc. purchased a new stake in Commercial Metals in the 2nd quarter worth $270,000. Finally, Royce & Associates LP increased its stake in Commercial Metals by 10.8% in the 2nd quarter. Royce & Associates LP now owns 1,651,577 shares of the basic materials company’s stock worth $32,090,000 after buying an additional 161,000 shares in the last quarter. Institutional investors and hedge funds own 91.30% of the company’s stock.
COPYRIGHT VIOLATION NOTICE: “Traders Buy Large Volume of Commercial Metals Put Options (CMC)” was reported by The Cerbat Gem and is owned by of The Cerbat Gem. If you are viewing this piece on another website, it was stolen and reposted in violation of US and international copyright laws. The correct version of this piece can be accessed at https://www.thecerbatgem.com/2017/11/19/traders-buy-large-volume-of-commercial-metals-put-options-cmc.html.
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.
Receive News & Stock Ratings for Commercial Metals Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Commercial Metals Company and related stocks with our FREE daily email newsletter.