NFJ Investment Group LLC Makes New Investment in Commercial Metals Company $CMC

NFJ Investment Group LLC purchased a new stake in Commercial Metals Company (NYSE:CMC) during the 2nd quarter, Holdings Channel.com reports. The firm purchased 543,780 shares of the basic materials company’s stock, valued at approximately $34,122,000. Commercial Metals accounts for 1.2% of NFJ Investment Group LLC’s investment portfolio, making the stock its 28th largest holding.

A number of other institutional investors also recently modified their holdings of the company. USA Financial Formulas boosted its position in shares of Commercial Metals by 67.6% during the first quarter. USA Financial Formulas now owns 496 shares of the basic materials company’s stock worth $30,000 after buying an additional 200 shares during the period. Global Retirement Partners LLC acquired a new stake in Commercial Metals in the 2nd quarter valued at approximately $34,000. Caitong International Asset Management Co. Ltd raised its position 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 buying an additional 716 shares during the last quarter. Los Angeles Capital Management LLC bought a new stake in Commercial Metals in the 4th quarter valued at approximately $59,000. Finally, EverSource Wealth Advisors LLC lifted its stake in Commercial Metals by 105.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,222 shares of the basic materials company’s stock valued at $75,000 after acquiring an additional 626 shares in the last quarter. 86.90% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

CMC has been the subject of several research reports. Weiss Ratings raised shares of Commercial Metals from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, July 30th. Barclays boosted their price objective on shares of Commercial Metals from $75.00 to $80.00 and gave the stock an “equal weight” rating in a research report on Friday, August 7th. Morgan Stanley increased their target price on shares of Commercial Metals from $83.00 to $88.00 and gave the stock an “overweight” rating in a report on Monday, June 22nd. 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, Wells Fargo & Company lifted their price target on shares of Commercial Metals from $77.00 to $80.00 and gave the company an “equal weight” rating in a research note on Friday, June 26th. Ten analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $81.18.

Commercial Metals Stock Down 4.1%

CMC stock opened at $65.36 on Friday. The company has a market cap of $7.23 billion, a price-to-earnings ratio of 12.31, a P/E/G ratio of 0.39 and a beta of 1.52. Commercial Metals Company has a twelve month low of $53.08 and a twelve month high of $84.87. The business has a 50 day moving average price of $68.96 and a two-hundred day moving average price of $69.93. 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 (NYSE:CMC) last announced its quarterly earnings data on Thursday, June 25th. The basic materials company reported $1.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.70 by $0.03. The company had revenue of $2.48 billion for the quarter, compared to analysts’ expectations of $2.40 billion. Commercial Metals had a return on equity of 15.69% and a net margin of 6.72%.The business’s revenue was up 22.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.74 EPS. Analysts anticipate that Commercial Metals Company will post 6.64 EPS for the current fiscal year.

Commercial Metals Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Monday, July 6th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date was Monday, July 6th. Commercial Metals’s payout ratio is presently 15.07%.

Commercial Metals declared that its board has approved a share repurchase program on Wednesday, August 5th that allows the company to buyback $600.00 million in shares. This buyback authorization allows the basic materials company to reacquire up to 7.5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Commercial Metals

In other news, Director John R. Mcpherson acquired 1,390 shares of the firm’s stock in a transaction dated Thursday, August 13th. The stock was bought at an average price of $71.92 per share, with a total value of $99,968.80. Following the transaction, the director directly owned 21,927 shares in the company, valued at approximately $1,576,989.84. The trade was a 6.77% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Peter R. Matt acquired 8,230 shares of the stock in a transaction dated Friday, July 10th. The shares were purchased at an average price of $61.30 per share, for a total transaction of $504,499.00. Following the completion of the purchase, the chief executive officer directly owned 181,522 shares in the company, valued at $11,127,298.60. The trade was a 4.75% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Corporate insiders own 0.62% of the company’s stock.

About Commercial Metals

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.