Wellington Management Group LLP Acquires 65,863 Shares of Commercial Metals Company $CMC

Wellington Management Group LLP grew its holdings in shares of Commercial Metals Company (NYSE:CMC) by 17.8% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 435,750 shares of the basic materials company’s stock after buying an additional 65,863 shares during the period. Wellington Management Group LLP owned approximately 0.39% of Commercial Metals worth $27,343,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of CMC. USA Financial Formulas lifted its position in shares of Commercial Metals by 67.6% during the 1st quarter. USA Financial Formulas now owns 496 shares of the basic materials company’s stock valued at $30,000 after acquiring an additional 200 shares during the period. Global Retirement Partners LLC acquired a new stake in Commercial Metals in the second quarter worth $34,000. Caitong International Asset Management Co. Ltd grew its holdings in Commercial Metals by 617.2% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 832 shares of the basic materials company’s stock worth $58,000 after purchasing an additional 716 shares during the period. Los Angeles Capital Management LLC bought a new stake in Commercial Metals in the fourth quarter valued at $59,000. Finally, Colonial Trust Co SC bought a new stake in Commercial Metals in the fourth quarter valued at $81,000. Institutional investors and hedge funds own 86.90% of the company’s stock.

Insider Activity at Commercial Metals

In other Commercial Metals news, Director John R. Mcpherson purchased 1,390 shares of the firm’s stock in a transaction that occurred on Thursday, August 13th. The stock was bought at an average cost of $71.92 per share, with a total value of $99,968.80. Following the completion of the transaction, the director owned 21,927 shares of the company’s stock, valued at $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 link. Also, CEO Peter R. Matt purchased 8,230 shares of the company’s stock in a transaction that occurred on Friday, July 10th. The shares were acquired at an average price of $61.30 per share, for a total transaction of $504,499.00. Following the completion of the acquisition, the chief executive officer directly owned 181,522 shares of the company’s stock, valued at $11,127,298.60. This trade represents a 4.75% increase in their position. The SEC filing for this purchase provides additional information. 0.62% of the stock is owned by company insiders.

Commercial Metals Trading Up 2.1%

NYSE CMC opened at $70.22 on Friday. The firm has a market capitalization of $7.77 billion, a P/E ratio of 13.22, a PEG ratio of 0.37 and a beta of 1.52. The business has a fifty day simple moving average of $67.69 and a 200 day simple moving average of $68.94. Commercial Metals Company has a 12 month low of $53.08 and a 12 month high of $84.87. The company has a current ratio of 2.33, a quick ratio of 1.54 and a debt-to-equity ratio of 0.73.

Commercial Metals (NYSE:CMC) last posted 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. 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 in the previous year, the firm earned $0.74 EPS. The business’s revenue for the quarter was up 22.9% compared to the same quarter last year. On average, analysts predict that Commercial Metals Company will post 6.64 EPS for the current fiscal year.

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

Commercial Metals Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Monday, July 6th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, July 6th. This represents a $0.80 annualized dividend and a dividend yield of 1.1%. Commercial Metals’s dividend payout ratio (DPR) is currently 15.07%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on CMC. Wells Fargo & Company upped their target price on Commercial Metals from $77.00 to $80.00 and gave the stock an “equal weight” rating in a research report on Friday, June 26th. Barclays boosted their price target on shares of Commercial Metals from $75.00 to $80.00 and gave the company an “equal weight” rating in a research note on Friday, August 7th. UBS Group upgraded shares of Commercial Metals from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $79.00 to $89.00 in a report on Wednesday, May 13th. Jefferies Financial Group upgraded shares of Commercial Metals from a “buy” rating to a “buy” rating in a report on Friday, June 5th. Finally, Morgan Stanley boosted their target price on shares of Commercial Metals from $83.00 to $88.00 and gave the stock an “overweight” rating in a research report on Monday, June 22nd. Nine research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $81.18.

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.