The Manufacturers Life Insurance Company Takes $6.57 Million Position in Commercial Metals Company $CMC

The Manufacturers Life Insurance Company bought a new position in shares of Commercial Metals Company (NYSE:CMC) during the 2nd quarter, HoldingsChannel reports. The fund bought 104,711 shares of the basic materials company’s stock, valued at approximately $6,571,000.

Other hedge funds also recently modified their holdings of the company. Lazard Asset Management LLC raised its stake in Commercial Metals by 0.6% in the fourth quarter. Lazard Asset Management LLC now owns 23,199 shares of the basic materials company’s stock valued at $1,606,000 after purchasing an additional 133 shares in the last quarter. NewEdge Advisors LLC grew its stake in Commercial Metals by 4.2% during the first quarter. NewEdge Advisors LLC now owns 3,610 shares of the basic materials company’s stock worth $222,000 after buying an additional 147 shares in the last quarter. Ashton Thomas Private Wealth LLC increased its holdings in Commercial Metals by 3.1% in the 4th quarter. Ashton Thomas Private Wealth LLC now owns 4,904 shares of the basic materials company’s stock valued at $339,000 after buying an additional 149 shares during the period. Corient Private Wealth LLC increased its holdings in Commercial Metals by 0.7% in the 4th quarter. Corient Private Wealth LLC now owns 23,554 shares of the basic materials company’s stock valued at $1,630,000 after buying an additional 155 shares during the period. Finally, Fifth Third Wealth Advisors LLC raised its position in shares of Commercial Metals by 4.0% in the 1st quarter. Fifth Third Wealth Advisors LLC now owns 4,164 shares of the basic materials company’s stock valued at $256,000 after buying an additional 160 shares in the last quarter. Institutional investors own 86.90% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on CMC shares. Bank of America reduced their price target on shares of Commercial Metals from $84.00 to $78.00 and set a “buy” rating on the stock in a research report on Thursday, July 9th. Weiss Ratings downgraded shares of Commercial Metals from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday. Jefferies Financial Group raised Commercial Metals from a “buy” rating to a “buy” rating in a report on Friday, June 5th. Deutsche Bank Aktiengesellschaft raised Commercial Metals to a “buy” rating in a report on Friday, May 22nd. Finally, Barclays lifted their target price on Commercial Metals from $75.00 to $80.00 and gave the company an “equal weight” rating in a research report on Friday, August 7th. Nine investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $81.18.

Insider Activity at Commercial Metals

In other Commercial Metals news, CEO Peter R. Matt acquired 8,230 shares of the company’s stock in a transaction that occurred on Friday, July 10th. The stock was acquired at an average price of $61.30 per share, for a total transaction of $504,499.00. Following the acquisition, the chief executive officer directly owned 181,522 shares in the company, valued at $11,127,298.60. This represents a 4.75% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director John R. Mcpherson bought 1,390 shares of the business’s stock in a transaction that occurred on Thursday, August 13th. The shares were acquired at an average price of $71.92 per share, for a total transaction of $99,968.80. Following the completion of the transaction, the director owned 21,927 shares in the company, valued at $1,576,989.84. This trade represents a 6.77% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 0.62% of the company’s stock.

Commercial Metals Stock Down 0.1%

Shares of CMC opened at $67.55 on Monday. Commercial Metals Company has a 52 week low of $53.08 and a 52 week high of $84.87. The stock has a market capitalization of $7.47 billion, a price-to-earnings ratio of 12.72, a PEG ratio of 0.39 and a beta of 1.52. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.54 and a current ratio of 2.33. The stock has a fifty day moving average of $68.02 and a 200-day moving average of $69.30.

Commercial Metals (NYSE:CMC) last issued its quarterly earnings data on Thursday, June 25th. The basic materials company reported $1.73 earnings per share for the quarter, topping analysts’ consensus estimates of $1.70 by $0.03. Commercial Metals had a return on equity of 15.69% and a net margin of 6.72%.The business had revenue of $2.48 billion for the quarter, compared to analyst estimates of $2.40 billion. During the same quarter in the previous year, the company posted $0.74 EPS. Commercial Metals’s quarterly revenue was up 22.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Commercial Metals Company will post 6.64 earnings per share for the current fiscal year.

Commercial Metals Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Monday, July 6th were issued a dividend of $0.20 per share. 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 payout ratio is 15.07%.

Commercial Metals announced that its Board of Directors has authorized a stock repurchase program on Wednesday, August 5th that allows the company to repurchase $600.00 million in outstanding shares. This repurchase authorization allows the basic materials company to reacquire up to 7.5% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

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.