Commercial Metals (NYSE:CMC – Get Rating) SVP Ty L. Garrison sold 696 shares of the company’s stock in a transaction that occurred on Thursday, October 20th. The shares were sold at an average price of $43.75, for a total value of $30,450.00. Following the completion of the sale, the senior vice president now owns 133,939 shares in the company, valued at approximately $5,859,831.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Commercial Metals Price Performance
NYSE CMC traded up $1.07 on Friday, reaching $44.01. 73,364 shares of the stock traded hands, compared to its average volume of 1,026,445. The firm’s fifty day simple moving average is $40.07 and its 200 day simple moving average is $39.12. The company has a quick ratio of 1.67, a current ratio of 2.54 and a debt-to-equity ratio of 0.34. The company has a market cap of $5.16 billion, a price-to-earnings ratio of 4.31 and a beta of 1.23. Commercial Metals has a 12 month low of $30.59 and a 12 month high of $46.68.
Commercial Metals Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 10th. Stockholders of record on Thursday, October 27th will be paid a dividend of $0.16 per share. The ex-dividend date of this dividend is Wednesday, October 26th. This is a positive change from Commercial Metals’s previous quarterly dividend of $0.14. This represents a $0.64 annualized dividend and a dividend yield of 1.45%. Commercial Metals’s dividend payout ratio (DPR) is currently 5.62%.
Wall Street Analyst Weigh In
Several research analysts recently commented on the company. The Goldman Sachs Group reduced their price objective on Commercial Metals from $41.00 to $37.00 and set a “neutral” rating for the company in a research note on Thursday, October 6th. StockNews.com initiated coverage on Commercial Metals in a research report on Wednesday, October 12th. They issued a “hold” rating on the stock. BMO Capital Markets raised their target price on Commercial Metals from $37.00 to $43.00 and gave the stock a “market perform” rating in a research report on Friday, October 14th. KeyCorp raised their price target on Commercial Metals from $45.00 to $46.00 and gave the stock an “overweight” rating in a research note on Monday. Finally, Citigroup lifted their target price on Commercial Metals from $42.00 to $44.00 and gave the company a “neutral” rating in a research note on Friday, October 14th. Five analysts have rated the stock with a hold rating and five have given a buy 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 $43.78.
Institutional Trading of Commercial Metals
A number of hedge funds have recently modified their holdings of the business. State Street Corp raised its holdings in shares of Commercial Metals by 22.3% during the first quarter. State Street Corp now owns 7,494,116 shares of the basic materials company’s stock worth $312,971,000 after acquiring an additional 1,367,997 shares in the last quarter. Principal Financial Group Inc. grew its position in Commercial Metals by 178.6% during the first quarter. Principal Financial Group Inc. now owns 1,509,265 shares of the basic materials company’s stock worth $62,816,000 after buying an additional 967,546 shares in the last quarter. Millennium Management LLC grew its position in Commercial Metals by 121.3% during the second quarter. Millennium Management LLC now owns 1,195,557 shares of the basic materials company’s stock worth $39,573,000 after buying an additional 655,225 shares in the last quarter. Victory Capital Management Inc. lifted its stake in Commercial Metals by 683.6% during the second quarter. Victory Capital Management Inc. now owns 725,884 shares of the basic materials company’s stock worth $24,026,000 after purchasing an additional 633,251 shares during the period. Finally, American Century Companies Inc. lifted its stake in Commercial Metals by 120.6% during the first quarter. American Century Companies Inc. now owns 1,151,472 shares of the basic materials company’s stock worth $47,924,000 after purchasing an additional 629,433 shares during the period. Hedge funds and other institutional investors own 85.81% of the company’s stock.
Commercial Metals Company 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. 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.
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