Prudential Financial Inc. Buys 139,803 Shares of Commercial Metals Company $CMC

Prudential Financial Inc. boosted its stake in Commercial Metals Company (NYSE:CMC) by 78.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 317,812 shares of the basic materials company’s stock after buying an additional 139,803 shares during the quarter. Prudential Financial Inc. owned approximately 0.28% of Commercial Metals worth $15,544,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. American Century Companies Inc. boosted its stake in shares of Commercial Metals by 7.8% in the 2nd quarter. American Century Companies Inc. now owns 1,711,656 shares of the basic materials company’s stock valued at $83,717,000 after purchasing an additional 124,397 shares in the last quarter. Rhumbline Advisers lifted its holdings in Commercial Metals by 1.3% during the 2nd quarter. Rhumbline Advisers now owns 393,334 shares of the basic materials company’s stock valued at $19,238,000 after purchasing an additional 5,147 shares during the last quarter. Franklin Resources Inc. lifted its holdings in Commercial Metals by 10.0% during the 2nd quarter. Franklin Resources Inc. now owns 3,193,930 shares of the basic materials company’s stock valued at $156,215,000 after purchasing an additional 290,256 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in Commercial Metals in the second quarter valued at about $242,000. Finally, LSV Asset Management grew its stake in Commercial Metals by 9.1% during the second quarter. LSV Asset Management now owns 278,200 shares of the basic materials company’s stock worth $13,607,000 after buying an additional 23,100 shares during the last quarter. 86.90% of the stock is currently owned by institutional investors and hedge funds.

Commercial Metals Trading Up 2.0%

CMC stock opened at $63.90 on Thursday. The company has a market cap of $7.09 billion, a P/E ratio of 84.08, a PEG ratio of 1.94 and a beta of 1.34. Commercial Metals Company has a twelve month low of $37.92 and a twelve month high of $64.53. The company has a quick ratio of 2.03, a current ratio of 2.78 and a debt-to-equity ratio of 0.31. The business has a fifty day moving average of $58.98 and a 200-day moving average of $54.70.

Commercial Metals (NYSE:CMC) last posted its quarterly earnings results on Thursday, October 16th. The basic materials company reported $1.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.32 by $0.05. The business had revenue of $2.11 billion for the quarter, compared to analysts’ expectations of $2.10 billion. Commercial Metals had a return on equity of 8.76% and a net margin of 1.09%.The firm’s quarterly revenue was up 5.9% compared to the same quarter last year. During the same quarter last year, the business earned $0.90 earnings per share. As a group, equities research analysts expect that Commercial Metals Company will post 3.09 EPS for the current year.

Commercial Metals Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 13th. Stockholders of record on Thursday, October 30th were given a dividend of $0.18 per share. The ex-dividend date was Thursday, October 30th. This represents a $0.72 annualized dividend and a dividend yield of 1.1%. Commercial Metals’s payout ratio is currently 94.74%.

Insider Buying and Selling at Commercial Metals

In other Commercial Metals news, Director John R. Mcpherson purchased 1,722 shares of the company’s stock in a transaction that occurred on Monday, October 20th. The stock was acquired at an average cost of $58.09 per share, with a total value of $100,030.98. Following the completion of the purchase, the director directly owned 6,722 shares in the company, valued at approximately $390,480.98. This represents a 34.44% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.46% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on CMC shares. Citigroup upgraded shares of Commercial Metals from a “neutral” rating to a “buy” rating and lifted their target price for the company from $60.00 to $65.00 in a research note on Friday, October 17th. UBS Group reaffirmed a “neutral” rating on shares of Commercial Metals in a report on Monday, October 27th. Wells Fargo & Company boosted their price objective on Commercial Metals from $64.00 to $68.00 and gave the stock an “overweight” rating in a research note on Thursday, November 6th. The Goldman Sachs Group increased their target price on Commercial Metals from $69.00 to $76.00 and gave the stock a “buy” rating in a report on Thursday, October 23rd. Finally, Zacks Research raised Commercial Metals from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 14th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, Commercial Metals has an average rating of “Moderate Buy” and a consensus target price of $64.20.

Commercial Metals Profile

Commercial Metals Company manufactures, recycles, and fabricates steel and metal products, and related materials and services in the United States, Poland, China, and internationally. It operates through two segments, North America and Europe. The company processes and sells ferrous and nonferrous 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.