Summit Global Investments Boosts Stock Position in Commercial Metals (NYSE:CMC)

Summit Global Investments boosted its holdings in shares of Commercial Metals (NYSE:CMC) by 57.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 89,279 shares of the basic materials company’s stock after purchasing an additional 32,652 shares during the period. Summit Global Investments owned about 0.08% of Commercial Metals worth $4,468,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. HM Payson & Co. purchased a new position in shares of Commercial Metals during the third quarter valued at approximately $25,000. Daiwa Securities Group Inc. bought a new position in Commercial Metals in the 4th quarter worth $30,000. Headlands Technologies LLC purchased a new stake in shares of Commercial Metals in the 3rd quarter worth about $51,000. Planned Solutions Inc. bought a new stake in shares of Commercial Metals during the 4th quarter valued at about $73,000. Finally, GAMMA Investing LLC purchased a new position in shares of Commercial Metals during the fourth quarter valued at about $74,000. Institutional investors own 86.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on CMC shares. StockNews.com lowered Commercial Metals from a “buy” rating to a “hold” rating in a research report on Thursday, April 18th. UBS Group began coverage on shares of Commercial Metals in a research report on Tuesday, January 16th. They issued a “buy” rating and a $65.00 target price on the stock. Finally, BMO Capital Markets lifted their price target on shares of Commercial Metals from $52.00 to $60.00 and gave the company a “market perform” rating in a research report on Friday, March 22nd.

Insider Activity at Commercial Metals

In other Commercial Metals news, Chairman Barbara Smith sold 23,619 shares of the stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $51.65, for a total transaction of $1,219,921.35. Following the sale, the chairman now directly owns 72,400 shares in the company, valued at approximately $3,739,460. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders sold 119,489 shares of company stock valued at $6,371,781 over the last 90 days. Corporate insiders own 1.00% of the company’s stock.

Commercial Metals Stock Up 3.9 %

NYSE:CMC traded up $2.11 during trading hours on Thursday, reaching $56.30. 589,492 shares of the company traded hands, compared to its average volume of 966,422. The company has a current ratio of 4.19, a quick ratio of 2.69 and a debt-to-equity ratio of 0.27. The business’s 50-day moving average price is $55.40 and its two-hundred day moving average price is $50.52. Commercial Metals has a 1 year low of $39.85 and a 1 year high of $59.81. The stock has a market capitalization of $6.51 billion, a P/E ratio of 9.55 and a beta of 1.35.

Commercial Metals (NYSE:CMC) last posted its quarterly earnings results on Thursday, March 21st. The basic materials company reported $0.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.93 by ($0.05). The company had revenue of $1.85 billion during the quarter, compared to analysts’ expectations of $1.80 billion. Commercial Metals had a return on equity of 17.72% and a net margin of 8.09%. Commercial Metals’s revenue for the quarter was down 8.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.44 EPS. Analysts predict that Commercial Metals will post 5.34 earnings per share for the current year.

Commercial Metals Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 10th. Stockholders of record on Monday, April 1st were issued a dividend of $0.18 per share. This is a boost from Commercial Metals’s previous quarterly dividend of $0.16. The ex-dividend date was Thursday, March 28th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.28%. Commercial Metals’s dividend payout ratio is presently 12.50%.

About Commercial Metals

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.