163,261 Shares in Commercial Metals Company $CMC Acquired by Legal & General Group Plc

Legal & General Group Plc acquired a new stake in shares of Commercial Metals Company (NYSE:CMC) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 163,261 shares of the basic materials company’s stock, valued at approximately $10,245,000. Legal & General Group Plc owned approximately 0.15% of Commercial Metals as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. Royal Bank of Canada increased its holdings in shares of Commercial Metals by 1.4% during the first quarter. Royal Bank of Canada now owns 90,989 shares of the basic materials company’s stock valued at $4,186,000 after acquiring an additional 1,219 shares in the last quarter. Amundi boosted its stake in Commercial Metals by 13.3% in the 1st quarter. Amundi now owns 2,480 shares of the basic materials company’s stock worth $114,000 after purchasing an additional 291 shares in the last quarter. Jones Financial Companies Lllp grew its position in Commercial Metals by 614.9% during the 1st quarter. Jones Financial Companies Lllp now owns 11,767 shares of the basic materials company’s stock valued at $541,000 after purchasing an additional 10,121 shares during the last quarter. Goldman Sachs Group Inc. grew its position in Commercial Metals by 5.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,033,514 shares of the basic materials company’s stock valued at $47,552,000 after purchasing an additional 56,875 shares during the last quarter. Finally, Empowered Funds LLC increased its stake in Commercial Metals by 1.8% during the 1st quarter. Empowered Funds LLC now owns 53,305 shares of the basic materials company’s stock valued at $2,453,000 after purchasing an additional 941 shares in the last quarter. Hedge funds and other institutional investors own 86.90% of the company’s stock.

Insiders Place Their Bets

In other news, Director John R. Mcpherson acquired 1,390 shares of Commercial Metals stock in a transaction that occurred on Thursday, August 13th. The stock was bought at an average price of $71.92 per share, for a total transaction of $99,968.80. Following the completion of the transaction, the director owned 21,927 shares in the company, valued at $1,576,989.84. The trade was a 6.77% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Peter R. Matt bought 8,230 shares of the stock in a transaction on Friday, July 10th. The stock was purchased at an average cost of $61.30 per share, for a total transaction 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 trade represents a 4.75% increase in their position. The SEC filing for this purchase provides additional information. Company insiders own 0.62% of the company’s stock.

Commercial Metals Stock Performance

Shares of CMC stock opened at $67.48 on Tuesday. The company has a quick ratio of 1.54, a current ratio of 2.33 and a debt-to-equity ratio of 0.73. The company has a 50 day moving average price of $67.90 and a 200-day moving average price of $69.19. Commercial Metals Company has a 52 week low of $53.08 and a 52 week high of $84.87. The firm has a market capitalization of $7.46 billion, a PE ratio of 12.71, a P/E/G ratio of 0.39 and a beta of 1.52.

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

Commercial Metals announced that its board has approved a stock buyback plan on Wednesday, August 5th that allows the company to buyback $600.00 million in shares. This buyback authorization allows the basic materials company to buy up to 7.5% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are undervalued.

Commercial Metals Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Monday, July 6th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend was Monday, July 6th. Commercial Metals’s dividend payout ratio is presently 15.07%.

Analyst Upgrades and Downgrades

CMC has been the topic of several analyst reports. BMO Capital Markets upped their target price on shares of Commercial Metals from $77.00 to $80.00 and gave the stock a “market perform” rating in a research note on Thursday, August 6th. BNP Paribas Exane raised shares of Commercial Metals from a “neutral” rating to an “outperform” rating and set a $75.00 price target for the company in a research report on Wednesday, July 8th. Morgan Stanley boosted their price objective on shares of Commercial Metals from $83.00 to $88.00 and gave the stock an “overweight” rating in a report on Monday, June 22nd. Bank of America lowered their price objective on Commercial Metals from $84.00 to $78.00 and set a “buy” rating on the stock in a research report on Thursday, July 9th. Finally, The Goldman Sachs Group reissued a “buy” rating and issued a $85.00 target price on shares of Commercial Metals in a report 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. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $81.18.

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.