VIRGINIA RETIREMENT SYSTEMS ET Al Acquires Shares of 13,714 Commercial Metals Company $CMC

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Commercial Metals Company (NYSE:CMC) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 13,714 shares of the basic materials company’s stock, valued at approximately $671,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Isthmus Partners LLC lifted its stake in shares of Commercial Metals by 3.2% in the first quarter. Isthmus Partners LLC now owns 7,381 shares of the basic materials company’s stock worth $340,000 after buying an additional 226 shares in the last quarter. Choreo LLC lifted its stake in shares of Commercial Metals by 2.1% in the first quarter. Choreo LLC now owns 11,015 shares of the basic materials company’s stock worth $509,000 after buying an additional 228 shares in the last quarter. National Bank of Canada FI lifted its stake in shares of Commercial Metals by 80.3% in the first quarter. National Bank of Canada FI now owns 548 shares of the basic materials company’s stock worth $25,000 after buying an additional 244 shares in the last quarter. Fulton Bank N.A. lifted its stake in shares of Commercial Metals by 3.2% in the second quarter. Fulton Bank N.A. now owns 8,309 shares of the basic materials company’s stock worth $406,000 after buying an additional 261 shares in the last quarter. Finally, Harbour Investments Inc. lifted its stake in shares of Commercial Metals by 17.5% in the second quarter. Harbour Investments Inc. now owns 1,830 shares of the basic materials company’s stock worth $90,000 after buying an additional 273 shares in the last quarter. 86.90% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Commercial Metals

In related news, Director John R. Mcpherson purchased 1,722 shares of the company’s stock in a transaction on Monday, October 20th. The stock was acquired at an average cost of $58.09 per share, for a total transaction of $100,030.98. Following the completion of the transaction, the director directly owned 6,722 shares in the company, valued at approximately $390,480.98. The trade was a 34.44% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this link. 0.46% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on CMC shares. Jefferies Financial Group set a $70.00 price target on shares of Commercial Metals and gave the stock a “hold” rating in a research note on Wednesday. JPMorgan Chase & Co. raised their price objective on shares of Commercial Metals from $63.00 to $64.00 and gave the stock a “neutral” rating in a research report on Monday, October 20th. Bank of America raised their price objective on shares of Commercial Metals from $60.00 to $70.00 and gave the stock a “buy” rating in a research report on Monday, September 15th. Wells Fargo & Company raised their price objective on shares of Commercial Metals from $61.00 to $64.00 and gave the stock an “overweight” rating in a research report on Friday, September 19th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Commercial Metals in a research report on Friday. One equities research 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. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $63.80.

Commercial Metals Price Performance

Shares of CMC opened at $61.18 on Friday. Commercial Metals Company has a 1-year low of $37.92 and a 1-year high of $64.53. The stock has a market cap of $6.79 billion, a PE ratio of 80.49, a P/E/G ratio of 1.95 and a beta of 1.32. The firm has a 50-day simple moving average of $58.30 and a two-hundred day simple moving average of $52.04. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.78 and a quick ratio of 2.03.

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

Commercial Metals Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 13th. Shareholders of record on Thursday, October 30th will be given a dividend of $0.18 per share. The ex-dividend date is Thursday, October 30th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.2%. Commercial Metals’s dividend payout ratio (DPR) is currently 94.74%.

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.