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Jun 16, 2023

Pearl River Capital LLC Increases Stake in Commercial Metals (NYSE:CMC)

Pearl River Capital LLC increased its holdings in shares of Commercial Metals (NYSE:CMC - Free Report) by 50.5% during the 1st quarter, according to the company in its most recent 13F filing with the

Pearl River Capital LLC increased its holdings in shares of Commercial Metals (NYSE:CMC - Free Report) by 50.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 41,256 shares of the basic materials company's stock after buying an additional 13,835 shares during the period. Pearl River Capital LLC's holdings in Commercial Metals were worth $2,017,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. CI Investments Inc. acquired a new stake in Commercial Metals during the 4th quarter worth $32,000. Geneos Wealth Management Inc. boosted its position in shares of Commercial Metals by 920.0% in the first quarter. Geneos Wealth Management Inc. now owns 1,020 shares of the basic materials company's stock worth $42,000 after acquiring an additional 920 shares during the last quarter. GPS Wealth Strategies Group LLC acquired a new position in Commercial Metals during the first quarter valued at approximately $49,000. WealthPLAN Partners LLC purchased a new stake in shares of Commercial Metals during the first quarter valued at approximately $59,000. Finally, CoreCap Advisors LLC bought a new stake in Commercial Metals during the fourth quarter valued at $74,000. 82.64% of the stock is owned by hedge funds and other institutional investors.

Shares of CMC traded down $0.06 during trading hours on Thursday, hitting $56.29. 556,123 shares of the company were exchanged, compared to its average volume of 903,163. The company has a quick ratio of 2.34, a current ratio of 3.68 and a debt-to-equity ratio of 0.27. The company has a market cap of $6.57 billion, a price-to-earnings ratio of 6.97 and a beta of 1.31. Commercial Metals has a fifty-two week low of $35.22 and a fifty-two week high of $58.09. The firm's fifty day moving average is $54.89 and its 200 day moving average is $50.20.

Commercial Metals (NYSE:CMC - Get Free Report) last issued its quarterly earnings results on Thursday, June 22nd. The basic materials company reported $2.02 EPS for the quarter, topping analysts' consensus estimates of $1.84 by $0.18. Commercial Metals had a return on equity of 26.49% and a net margin of 10.72%. The business had revenue of $2.35 billion for the quarter, compared to analyst estimates of $2.32 billion. During the same period last year, the company posted $2.61 earnings per share. Commercial Metals's quarterly revenue was down 6.8% compared to the same quarter last year. On average, equities analysts anticipate that Commercial Metals will post 7.7 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 12th. Stockholders of record on Monday, July 3rd were issued a dividend of $0.16 per share. The ex-dividend date of this dividend was Friday, June 30th. This represents a $0.64 annualized dividend and a dividend yield of 1.14%. Commercial Metals's payout ratio is 7.91%.

In related news, CEO Barbara Smith sold 50,000 shares of Commercial Metals stock in a transaction dated Tuesday, June 27th. The stock was sold at an average price of $50.65, for a total value of $2,532,500.00. Following the completion of the transaction, the chief executive officer now owns 433,785 shares in the company, valued at $21,971,210.25. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, SVP Ty L. Garrison sold 5,000 shares of the business's stock in a transaction dated Wednesday, July 12th. The shares were sold at an average price of $54.98, for a total transaction of $274,900.00. Following the sale, the senior vice president now owns 106,408 shares of the company's stock, valued at $5,850,311.84. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Barbara Smith sold 50,000 shares of the company's stock in a transaction that occurred on Tuesday, June 27th. The shares were sold at an average price of $50.65, for a total transaction of $2,532,500.00. Following the transaction, the chief executive officer now directly owns 433,785 shares in the company, valued at approximately $21,971,210.25. The disclosure for this sale can be found here. In the last three months, insiders have sold 174,247 shares of company stock valued at $9,332,716. 1.20% of the stock is owned by company insiders.

Several research firms have issued reports on CMC. BMO Capital Markets boosted their price objective on Commercial Metals from $56.00 to $58.00 in a report on Friday, June 23rd. StockNews.com started coverage on Commercial Metals in a research report on Thursday, August 17th. They set a "buy" rating for the company. Finally, UBS Group started coverage on Commercial Metals in a research report on Tuesday, July 11th. They set a "buy" rating and a $63.00 target price for the company. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $57.83.

Read Our Latest Analysis on CMC

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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