Brevan Howard Capital Management LP Invests $2.38 Million in Commercial Metals (NYSE:CMC)

Brevan Howard Capital Management LP bought a new stake in shares of Commercial Metals (NYSE:CMC) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 48,061 shares of the basic materials company’s stock, valued at approximately $2,384,000.

Other institutional investors also recently bought and sold shares of the company. Ashton Thomas Private Wealth LLC raised its position in shares of Commercial Metals by 5.3% in the 4th quarter. Ashton Thomas Private Wealth LLC now owns 4,528 shares of the basic materials company’s stock valued at $225,000 after purchasing an additional 229 shares during the last quarter. Mariner LLC raised its holdings in shares of Commercial Metals by 0.9% in the fourth quarter. Mariner LLC now owns 24,735 shares of the basic materials company’s stock worth $1,227,000 after buying an additional 232 shares during the last quarter. Truist Financial Corp lifted its stake in shares of Commercial Metals by 3.5% during the fourth quarter. Truist Financial Corp now owns 7,150 shares of the basic materials company’s stock worth $355,000 after buying an additional 242 shares during the period. Thurston Springer Miller Herd & Titak Inc. grew its holdings in shares of Commercial Metals by 10.0% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,784 shares of the basic materials company’s stock valued at $138,000 after buying an additional 254 shares during the last quarter. Finally, Arizona State Retirement System grew its holdings in shares of Commercial Metals by 0.8% during the fourth quarter. Arizona State Retirement System now owns 33,373 shares of the basic materials company’s stock valued at $1,655,000 after buying an additional 262 shares during the last quarter. 86.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CMC has been the topic of several research analyst reports. UBS Group dropped their price target on Commercial Metals from $54.00 to $49.00 and set a “neutral” rating on the stock in a research note on Monday, March 24th. BMO Capital Markets cut their price target on shares of Commercial Metals from $58.00 to $54.00 and set a “market perform” rating on the stock in a report on Friday, March 21st. Finally, Morgan Stanley decreased their price objective on shares of Commercial Metals from $56.00 to $53.00 and set an “equal weight” rating for the company in a research note on Friday, March 7th. Six equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $60.33.

Insider Transactions at Commercial Metals

In related news, Director John R. Mcpherson purchased 2,475 shares of Commercial Metals stock in a transaction that occurred on Friday, April 4th. The stock was purchased at an average price of $40.42 per share, for a total transaction of $100,039.50. Following the transaction, the director now directly owns 15,141 shares in the company, valued at approximately $611,999.22. This trade represents a 19.54 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.46% of the company’s stock.

Commercial Metals Price Performance

NYSE:CMC opened at $45.44 on Wednesday. The company has a 50 day moving average price of $44.67 and a 200-day moving average price of $50.68. Commercial Metals has a 1-year low of $37.92 and a 1-year high of $64.53. The firm has a market cap of $5.13 billion, a price-to-earnings ratio of 40.94, a price-to-earnings-growth ratio of 2.62 and a beta of 1.29. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.76 and a quick ratio of 1.94.

Commercial Metals (NYSE:CMC) last issued its quarterly earnings data on Thursday, March 20th. The basic materials company reported $0.26 earnings per share for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.05). Commercial Metals had a return on equity of 9.88% and a net margin of 1.70%. The firm had revenue of $1.75 billion during the quarter, compared to analyst estimates of $1.73 billion. During the same quarter last year, the company posted $0.88 EPS. The company’s revenue was down 5.1% on a year-over-year basis. Equities research analysts forecast that Commercial Metals will post 3.09 EPS for the current year.

Commercial Metals Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 9th. Stockholders of record on Monday, March 31st were given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.58%. The ex-dividend date of this dividend was Monday, March 31st. Commercial Metals’s dividend payout ratio (DPR) is presently 120.00%.

Commercial Metals Profile

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.