Man Group plc Acquires Shares of 52,362 Commercial Metals Company $CMC

Man Group plc acquired a new stake in Commercial Metals Company (NYSE:CMC) during the second quarter, according to its most recent filing with the SEC. The firm acquired 52,362 shares of the basic materials company’s stock, valued at approximately $3,286,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Lazard Asset Management LLC boosted its holdings in Commercial Metals by 0.6% in the fourth quarter. Lazard Asset Management LLC now owns 23,199 shares of the basic materials company’s stock valued at $1,606,000 after acquiring an additional 133 shares during the last quarter. NewEdge Advisors LLC boosted its stake in shares of Commercial Metals by 4.2% in the 1st quarter. NewEdge Advisors LLC now owns 3,610 shares of the basic materials company’s stock valued at $222,000 after purchasing an additional 147 shares during the last quarter. Corient Private Wealth LLC grew its position in shares of Commercial Metals by 0.7% during the 4th quarter. Corient Private Wealth LLC now owns 23,554 shares of the basic materials company’s stock worth $1,630,000 after buying an additional 155 shares during the period. Fifth Third Wealth Advisors LLC raised its stake in shares of Commercial Metals by 4.0% during the first quarter. Fifth Third Wealth Advisors LLC now owns 4,164 shares of the basic materials company’s stock worth $256,000 after buying an additional 160 shares during the last quarter. Finally, Quadrant Capital Group LLC lifted its holdings in Commercial Metals by 2.9% in the third quarter. Quadrant Capital Group LLC now owns 6,626 shares of the basic materials company’s stock valued at $380,000 after buying an additional 188 shares during the period. Institutional investors own 86.90% of the company’s stock.

Insider Activity at Commercial Metals

In related news, Director John R. Mcpherson acquired 1,390 shares of the stock in a transaction dated Thursday, August 13th. The stock was bought at an average price of $71.92 per share, with a total value of $99,968.80. Following the completion of the transaction, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Peter R. Matt acquired 8,230 shares of the company’s stock in a transaction that occurred on Friday, July 10th. The shares were bought at an average price of $61.30 per share, for a total transaction of $504,499.00. Following the completion of 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 ownership of the stock. The SEC filing for this purchase provides additional information. Company insiders own 0.62% of the company’s stock.

Analyst Ratings Changes

CMC has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft raised shares of Commercial Metals to a “buy” rating in a report on Friday, May 22nd. UBS Group upgraded Commercial Metals from a “neutral” rating to a “buy” rating and raised their price target for the stock from $79.00 to $89.00 in a research report on Wednesday, May 13th. Barclays lifted their price objective on Commercial Metals from $75.00 to $80.00 and gave the stock an “equal weight” rating in a research note on Friday, August 7th. Morgan Stanley increased their target price on Commercial Metals from $83.00 to $88.00 and gave the company an “overweight” rating in a research note on Monday, June 22nd. Finally, Zacks Research upgraded Commercial Metals from a “strong sell” rating to a “hold” rating in a report on Monday, July 13th. Nine investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $81.18.

Commercial Metals Stock Performance

CMC stock opened at $67.48 on Tuesday. Commercial Metals Company has a 1-year low of $53.08 and a 1-year high of $84.87. The company has a current ratio of 2.33, a quick ratio of 1.54 and a debt-to-equity ratio of 0.73. The firm has a market cap of $7.46 billion, a PE ratio of 12.71, a P/E/G ratio of 0.39 and a beta of 1.52. The business’s 50-day moving average price is $67.90 and its two-hundred day moving average price is $69.19.

Commercial Metals (NYSE:CMC) last announced its quarterly earnings results on Thursday, June 25th. The basic materials company reported $1.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.70 by $0.03. The company had revenue of $2.48 billion during 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 for the quarter was up 22.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.74 earnings per share. As a group, research analysts forecast that Commercial Metals Company will post 6.64 earnings per share for the current year.

Commercial Metals announced that its board has initiated a stock buyback plan on Wednesday, August 5th that permits the company to repurchase $600.00 million in outstanding shares. This repurchase authorization permits the basic materials company to reacquire up to 7.5% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Commercial Metals Announces Dividend

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

Commercial Metals Company 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.