Jennison Associates LLC Acquires Shares of 17,233 Commercial Metals Company $CMC

Jennison Associates LLC bought a new position in Commercial Metals Company (NYSE:CMC) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 17,233 shares of the basic materials company’s stock, valued at approximately $1,059,000.

A number of other institutional investors have also recently made changes to their positions in the company. California Public Employees Retirement System increased its position in shares of Commercial Metals by 11.5% during the first quarter. California Public Employees Retirement System now owns 277,877 shares of the basic materials company’s stock valued at $17,070,000 after acquiring an additional 28,693 shares in the last quarter. D.A. Davidson & CO. purchased a new stake in Commercial Metals during the 1st quarter valued at $213,000. Bank of New York Mellon Corp increased its holdings in shares of Commercial Metals by 0.9% in the 1st quarter. Bank of New York Mellon Corp now owns 977,024 shares of the basic materials company’s stock worth $60,019,000 after purchasing an additional 8,911 shares in the last quarter. Illinois Municipal Retirement Fund raised its stake in shares of Commercial Metals by 99.4% in the first quarter. Illinois Municipal Retirement Fund now owns 19,544 shares of the basic materials company’s stock worth $1,201,000 after purchasing an additional 9,743 shares during the last quarter. Finally, Sanctuary Advisors LLC purchased a new position in shares of Commercial Metals in the first quarter worth $254,000. Hedge funds and other institutional investors own 86.90% of the company’s stock.

Insider Buying and Selling

In related news, CEO Peter R. Matt bought 8,230 shares of the firm’s stock in a transaction that occurred on Friday, July 10th. The shares were bought at an average cost of $61.30 per share, with a total value of $504,499.00. Following the acquisition, the chief executive officer owned 181,522 shares in the company, valued at $11,127,298.60. This trade represents a 4.75% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.62% of the company’s stock.

Commercial Metals Price Performance

Shares of NYSE:CMC opened at $68.13 on Thursday. The company has a quick ratio of 1.54, a current ratio of 2.33 and a debt-to-equity ratio of 0.73. The stock has a market capitalization of $7.54 billion, a PE ratio of 12.83, a price-to-earnings-growth ratio of 0.39 and a beta of 1.54. The firm’s 50 day moving average price is $70.28 and its 200-day moving average price is $70.53. Commercial Metals Company has a twelve month low of $49.66 and a twelve month high of $84.87.

Commercial Metals (NYSE:CMC) last announced its earnings results on Thursday, June 25th. The basic materials company reported $1.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.70 by $0.03. Commercial Metals had a net margin of 6.72% and a return on equity of 15.69%. The company had revenue of $2.48 billion during the quarter, compared to analyst estimates of $2.40 billion. During the same period in the previous year, the business posted $0.74 earnings per share. The firm’s quarterly revenue was up 22.9% compared to the same quarter last year. Equities research analysts expect that Commercial Metals Company will post 6.63 EPS for the current year.

Commercial Metals Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Monday, July 6th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.2%. The ex-dividend date was Monday, July 6th. Commercial Metals’s dividend payout ratio is 15.07%.

Analysts Set New Price Targets

CMC has been the subject of several research analyst reports. Deutsche Bank Aktiengesellschaft upgraded Commercial Metals to a “buy” rating in a report on Friday, May 22nd. Citigroup reduced their price target on shares of Commercial Metals from $85.00 to $75.00 and set a “buy” rating for the company in a research note on Tuesday, July 7th. UBS Group upgraded shares of Commercial Metals from a “neutral” rating to a “buy” rating and increased their price objective for the company from $79.00 to $89.00 in a research report on Wednesday, May 13th. Zacks Research raised shares of Commercial Metals from a “strong sell” rating to a “hold” rating in a research report on Monday, July 13th. Finally, BNP Paribas Exane upgraded shares of Commercial Metals from a “neutral” rating to an “outperform” rating and set a $75.00 target price for the company in a research note on Wednesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, Commercial Metals presently has an average rating of “Moderate Buy” and a consensus price target of $79.45.

Commercial Metals Profile

Commercial Metals Company (NYSE: CMC) is a leading global steel and metal recycler, manufacturer and fabricator based in Irving, Texas. The company operates an integrated network of scrap recycling facilities, electric arc furnace steel mills, metal fabrication plants and distribution centers. Through these operations, Commercial Metals collects and processes ferrous scrap to produce finished steel products and provides recycled metal to a variety of end markets.

In its steelmaking segment, CMC uses electric arc furnace technology to transform recycled scrap into reinforcing bar (rebar), merchant bar, coil and structural products.