Jupiter Topco LLC Makes New Investment in Commercial Metals Company $CMC

Jupiter Topco LLC acquired a new stake in Commercial Metals Company (NYSE:CMC) in the second quarter, Holdings Channel reports. The fund acquired 586,474 shares of the basic materials company’s stock, valued at approximately $36,800,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of CMC. BlackRock Inc. bought a new position in shares of Commercial Metals in the 2nd quarter worth $954,989,000. Artemis Investment Management LLP acquired a new position in Commercial Metals during the fourth quarter worth $103,962,000. Norges Bank acquired a new position in Commercial Metals during the fourth quarter worth $97,983,000. Bank of New York Mellon Corp bought a new position in shares of Commercial Metals in the second quarter valued at $59,572,000. Finally, Bank of America Corp DE lifted its stake in shares of Commercial Metals by 87.4% in the first quarter. Bank of America Corp DE now owns 1,631,213 shares of the basic materials company’s stock valued at $100,205,000 after buying an additional 760,985 shares in the last quarter. Institutional investors own 86.90% of the company’s stock.

Insider Buying and Selling at Commercial Metals

In related news, CEO Peter R. Matt purchased 8,230 shares of the business’s stock in a transaction that occurred on Friday, July 10th. The shares were bought at an average cost of $61.30 per share, with a total value of $504,499.00. Following the acquisition, the chief executive officer owned 181,522 shares of the company’s stock, valued at $11,127,298.60. This represents a 4.75% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director John R. Mcpherson purchased 1,390 shares of Commercial Metals stock in a transaction that occurred on Thursday, August 13th. The shares were bought at an average price of $71.92 per share, with a total value of $99,968.80. Following the transaction, the director owned 21,927 shares of the company’s stock, valued at $1,576,989.84. This trade represents a 6.77% increase in their position. The SEC filing for this purchase provides additional information. Company insiders own 0.62% of the company’s stock.

Wall Street Analyst Weigh In

CMC has been the subject of a number of analyst reports. Jefferies Financial Group upgraded shares of Commercial Metals from a “buy” rating to a “buy” rating in a report on Friday, June 5th. Deutsche Bank Aktiengesellschaft raised shares of Commercial Metals to a “buy” rating in a research report on Friday, May 22nd. The Goldman Sachs Group reiterated a “buy” rating and set a $85.00 price target on shares of Commercial Metals in a research note on Thursday, August 6th. BNP Paribas Exane raised Commercial Metals from a “neutral” rating to an “outperform” rating and set a $75.00 price objective for the company in a report on Wednesday, July 8th. Finally, BMO Capital Markets increased their price objective on Commercial Metals from $77.00 to $80.00 and gave the stock a “market perform” rating in a research note on Thursday, August 6th. Nine research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $81.18.

Commercial Metals Trading Down 1.8%

NYSE:CMC opened at $67.55 on Friday. Commercial Metals Company has a 52 week low of $53.08 and a 52 week high of $84.87. The firm has a 50-day moving average price of $68.02 and a two-hundred day moving average price of $69.40. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.54 and a current ratio of 2.33. The firm has a market cap of $7.47 billion, a price-to-earnings ratio of 12.72, a price-to-earnings-growth ratio of 0.40 and a beta of 1.52.

Commercial Metals (NYSE:CMC) last announced its earnings results on Thursday, June 25th. The basic materials company reported $1.73 earnings per share for the quarter, topping analysts’ consensus estimates of $1.70 by $0.03. The firm had revenue of $2.48 billion for the quarter, compared to the consensus estimate of $2.40 billion. Commercial Metals had a return on equity of 15.69% and a net margin of 6.72%.The company’s revenue was up 22.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.74 EPS. On average, equities analysts expect that Commercial Metals Company will post 6.64 earnings per share for the current fiscal year.

Commercial Metals declared that its board has authorized a share buyback plan on Wednesday, August 5th that authorizes the company to repurchase $600.00 million in outstanding shares. This repurchase authorization authorizes the basic materials company to repurchase up to 7.5% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Commercial Metals Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Monday, July 6th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date was Monday, July 6th. Commercial Metals’s dividend payout ratio is 15.07%.

Commercial Metals Profile

Commercial Metals Company (NYSE: CMC) is a leading global steel and metal recycler, manufacturer and fabricator based in Irving, Texas. The company operates an integrated network of scrap recycling facilities, electric arc furnace steel mills, metal fabrication plants and distribution centers. Through these operations, Commercial Metals collects and processes ferrous scrap to produce finished steel products and provides recycled metal to a variety of end markets.

In its steelmaking segment, CMC uses electric arc furnace technology to transform recycled scrap into reinforcing bar (rebar), merchant bar, coil and structural products.