State Board of Administration of Florida Retirement System Buys 8,000 Shares of Commercial Metals Company $CMC

State Board of Administration of Florida Retirement System boosted its stake in Commercial Metals Company (NYSE:CMC) by 23.9% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 41,409 shares of the basic materials company’s stock after buying an additional 8,000 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Commercial Metals were worth $2,025,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. National Bank of Canada FI lifted its holdings in shares of Commercial Metals by 80.3% during the first quarter. National Bank of Canada FI now owns 548 shares of the basic materials company’s stock valued at $25,000 after acquiring an additional 244 shares during the period. SBI Securities Co. Ltd. grew its holdings in shares of Commercial Metals by 282.3% in the 2nd quarter. SBI Securities Co. Ltd. now owns 692 shares of the basic materials company’s stock worth $34,000 after purchasing an additional 511 shares during the last quarter. Signaturefd LLC increased its position in shares of Commercial Metals by 51.4% during the 2nd quarter. Signaturefd LLC now owns 890 shares of the basic materials company’s stock worth $44,000 after purchasing an additional 302 shares in the last quarter. UMB Bank n.a. lifted its holdings in Commercial Metals by 77.8% during the 2nd quarter. UMB Bank n.a. now owns 1,394 shares of the basic materials company’s stock valued at $68,000 after purchasing an additional 610 shares during the last quarter. Finally, Harbour Investments Inc. boosted its position in Commercial Metals by 17.5% in the second quarter. Harbour Investments Inc. now owns 1,830 shares of the basic materials company’s stock valued at $90,000 after buying an additional 273 shares in the last quarter. 86.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on CMC shares. Wells Fargo & Company upped their price objective on shares of Commercial Metals from $64.00 to $68.00 and gave the stock an “overweight” rating in a research note on Thursday, November 6th. JPMorgan Chase & Co. upgraded Commercial Metals from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $64.00 to $78.00 in a research report on Friday. UBS Group reiterated a “neutral” rating on shares of Commercial Metals in a research report on Monday, October 27th. Jefferies Financial Group set a $70.00 price objective on Commercial Metals and gave the stock a “hold” rating in a research note on Wednesday, October 22nd. Finally, The Goldman Sachs Group raised their target price on Commercial Metals from $69.00 to $76.00 and gave the company a “buy” rating in a research note on Thursday, October 23rd. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $65.60.

Insider Buying and Selling at Commercial Metals

In other Commercial Metals news, Director John R. Mcpherson acquired 1,722 shares of the business’s stock in a transaction that occurred on Monday, October 20th. The shares were acquired at an average cost of $58.09 per share, for a total transaction of $100,030.98. Following the completion of the acquisition, the director directly owned 6,722 shares of the company’s stock, valued at approximately $390,480.98. This represents a 34.44% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.46% of the stock is currently owned by company insiders.

Commercial Metals Stock Up 2.6%

Shares of CMC opened at $66.95 on Friday. The business’s fifty day moving average price is $59.91 and its two-hundred day moving average price is $55.46. The firm has a market capitalization of $7.43 billion, a price-to-earnings ratio of 88.09, a PEG ratio of 0.43 and a beta of 1.49. Commercial Metals Company has a 52 week low of $37.92 and a 52 week high of $68.35. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.03 and a current ratio of 2.78.

Commercial Metals (NYSE:CMC) last issued its quarterly earnings results on Thursday, October 16th. The basic materials company reported $1.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.32 by $0.05. The business had revenue of $2.11 billion for the quarter, compared to analyst estimates of $2.10 billion. Commercial Metals had a return on equity of 8.76% and a net margin of 1.09%.The firm’s revenue for the quarter was up 5.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.90 earnings per share. On average, analysts predict that Commercial Metals Company will post 3.09 earnings per share for the current year.

Commercial Metals Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 13th. Stockholders of record on Thursday, October 30th were paid a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend was Thursday, October 30th. Commercial Metals’s dividend payout ratio (DPR) is 94.74%.

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.