Hsbc Holdings PLC Increases Position in Commercial Metals Company $CMC

Hsbc Holdings PLC increased its holdings in Commercial Metals Company (NYSE:CMC) by 222.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 125,076 shares of the basic materials company’s stock after purchasing an additional 86,237 shares during the quarter. Hsbc Holdings PLC owned 0.11% of Commercial Metals worth $7,609,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Global Retirement Partners LLC increased its position in shares of Commercial Metals by 110.7% in the fourth quarter. Global Retirement Partners LLC now owns 573 shares of the basic materials company’s stock valued at $40,000 after buying an additional 301 shares in the last quarter. V Square Quantitative Management LLC purchased a new position in shares of Commercial Metals during the 4th quarter valued at approximately $54,000. Caitong International Asset Management Co. Ltd grew its stake in Commercial Metals by 617.2% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 832 shares of the basic materials company’s stock valued at $58,000 after acquiring an additional 716 shares during the period. Los Angeles Capital Management LLC acquired a new stake in Commercial Metals in the 4th quarter valued at $59,000. Finally, Colonial Trust Co SC purchased a new stake in Commercial Metals in the 4th quarter worth $81,000. Hedge funds and other institutional investors own 86.90% of the company’s stock.

Commercial Metals Price Performance

Commercial Metals stock opened at $67.96 on Friday. The company has a fifty day simple moving average of $70.18 and a 200-day simple moving average of $70.51. The firm has a market capitalization of $7.52 billion, a price-to-earnings ratio of 12.80, a PEG ratio of 0.39 and a beta of 1.54. The company has a quick ratio of 1.54, a current ratio of 2.33 and a debt-to-equity ratio of 0.73. Commercial Metals Company has a 52-week low of $49.66 and a 52-week high of $84.87.

Commercial Metals (NYSE:CMC) last posted its quarterly earnings results on Thursday, June 25th. The basic materials company reported $1.73 earnings per share for the quarter, topping 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 firm had revenue of $2.48 billion for the quarter, compared to the consensus estimate of $2.40 billion. During the same period last year, the firm posted $0.74 earnings per share. The company’s revenue for the quarter was up 22.9% on a year-over-year basis. On average, equities analysts anticipate that Commercial Metals Company will post 6.63 EPS for the current fiscal year.

Commercial Metals Announces Dividend

The business also recently announced 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 currently 15.07%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CMC. Wall Street Zen downgraded shares of Commercial Metals from a “strong-buy” rating to a “buy” rating in a report on Saturday, April 4th. Wells Fargo & Company upped their price target on shares of Commercial Metals from $77.00 to $80.00 and gave the stock an “equal weight” rating in a research report on Friday, June 26th. BNP Paribas Exane raised shares of Commercial Metals from a “neutral” rating to an “outperform” rating and set a $75.00 price target on the stock in a research note on Wednesday, July 8th. UBS Group upgraded Commercial Metals from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $79.00 to $89.00 in a report on Wednesday, May 13th. Finally, Barclays began coverage on Commercial Metals in a research note on Thursday, May 21st. They set an “equal weight” rating and a $75.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $79.45.

Insider Buying and Selling at Commercial Metals

In related news, CEO Peter R. Matt purchased 8,230 shares of the company’s stock in a transaction dated Friday, July 10th. The stock was acquired at an average cost of $61.30 per share, for a total transaction of $504,499.00. Following the completion of the transaction, the chief executive officer directly owned 181,522 shares of the company’s stock, valued at approximately $11,127,298.60. This trade represents a 4.75% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.62% of the stock is currently owned by corporate insiders.

Commercial Metals Company 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.