Commercial Metals Company $CMC Shares Newly Purchased by Evergreen Capital Management LLC

Evergreen Capital Management LLC bought a new position in shares of Commercial Metals Company (NYSE:CMC) in the third quarter, HoldingsChannel.com reports. The institutional investor bought 11,818 shares of the basic materials company’s stock, valued at approximately $734,000.

Several other hedge funds have also recently bought and sold shares of CMC. NewEdge Advisors LLC grew its stake in Commercial Metals by 4.2% during the first quarter. NewEdge Advisors LLC now owns 3,610 shares of the basic materials company’s stock worth $222,000 after buying an additional 147 shares during the period. Envestnet Portfolio Solutions Inc. raised its stake in shares of Commercial Metals by 0.8% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 20,436 shares of the basic materials company’s stock valued at $1,282,000 after acquiring an additional 168 shares during the period. Isthmus Partners LLC raised its stake in shares of Commercial Metals by 3.0% in the 3rd quarter. Isthmus Partners LLC now owns 6,301 shares of the basic materials company’s stock valued at $391,000 after acquiring an additional 181 shares during the period. USA Financial Formulas lifted its holdings in shares of Commercial Metals by 67.6% during the 1st quarter. USA Financial Formulas now owns 496 shares of the basic materials company’s stock valued at $30,000 after acquiring an additional 200 shares in the last quarter. Finally, Koshinski Asset Management Inc. lifted its holdings in shares of Commercial Metals by 8.5% during the 1st quarter. Koshinski Asset Management Inc. now owns 3,301 shares of the basic materials company’s stock valued at $203,000 after acquiring an additional 258 shares in the last quarter. Hedge funds and other institutional investors own 86.90% of the company’s stock.

Commercial Metals Trading Up 2.2%

NYSE CMC opened at $65.54 on Friday. The stock has a market cap of $7.21 billion, a P/E ratio of 11.17, a PEG ratio of 3.80 and a beta of 1.53. The company’s fifty day simple moving average is $65.44 and its 200-day simple moving average is $69.26. The company has a current ratio of 2.34, a quick ratio of 1.66 and a debt-to-equity ratio of 0.71. Commercial Metals Company has a 52 week low of $55.97 and a 52 week high of $84.87.

Commercial Metals (NYSE:CMC) last released its quarterly earnings results on Thursday, October 15th. The basic materials company reported $2.09 earnings per share for the quarter, beating analysts’ consensus estimates of $1.95 by $0.14. Commercial Metals had a net margin of 6.98% and a return on equity of 17.00%. The business had revenue of $2.66 billion during the quarter, compared to analyst estimates of $2.56 billion. During the same period last year, the business earned $1.37 EPS. The business’s revenue was up 25.7% on a year-over-year basis. Equities research analysts predict that Commercial Metals Company will post 6.95 EPS for the current fiscal year.

Commercial Metals announced that its board has initiated a stock repurchase program on Wednesday, August 5th that allows the company to buy back $600 million in shares. This buyback authorization allows the basic materials company to purchase up to 7.5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Commercial Metals Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 11th. Shareholders of record on Wednesday, October 28th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend is Wednesday, October 28th. Commercial Metals’s dividend payout ratio is presently 13.63%.

Insider Buying and Selling at Commercial Metals

In other Commercial Metals news, Director John McPherson bought 1,390 shares of the stock in a transaction dated Thursday, August 13th. The stock was bought at an average cost of $71.92 per share, for a total transaction of $99,968.80. Following the completion of the purchase, the director directly owned 21,927 shares of the company’s stock, valued at approximately $1,576,989.84. The trade was a 6.77% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.62% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Weiss Ratings upgraded Commercial Metals from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, October 16th. Barclays cut their price objective on Commercial Metals from $80.00 to $72.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 20th. BMO Capital Markets reduced their price objective on Commercial Metals from $75.00 to $73.00 and set a “market perform” rating on the stock in a research note on Monday, October 19th. Citigroup decreased their target price on Commercial Metals from $85.00 to $75.00 and set a “buy” rating for the company in a research report on Tuesday, July 7th. Finally, The Goldman Sachs Group reiterated a “buy” rating and issued a $85.00 target price on shares of Commercial Metals in a research note on Thursday, August 6th. Ten analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Commercial Metals has a consensus rating of “Moderate Buy” and an average target price of $78.73.

Commercial Metals Company Profile

Commercial Metals Company (NYSE:CMC) is a steel and metals manufacturer, recycler and fabricator headquartered in Irving, Texas. The company produces and sells steel products used in construction, infrastructure and industrial applications, including reinforcing bar, wire rod, merchant bar, structural steel and related products.

CMC operates an integrated recycling and manufacturing model. Its recycling facilities collect and process ferrous and nonferrous scrap metal, which is used as raw material in the company’s electric-arc-furnace steel mills.