Commercial Metals (NYSE:CMC) Shares Bought by Summit Global Investments

Summit Global Investments grew its stake in Commercial Metals (NYSE:CMC) by 57.7% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 89,279 shares of the basic materials company’s stock after purchasing an additional 32,652 shares during the period. Summit Global Investments’ holdings in Commercial Metals were worth $4,468,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of CMC. SummerHaven Investment Management LLC boosted its stake in Commercial Metals by 1.8% in the fourth quarter. SummerHaven Investment Management LLC now owns 13,154 shares of the basic materials company’s stock valued at $658,000 after acquiring an additional 228 shares in the last quarter. Janney Montgomery Scott LLC increased its stake in Commercial Metals by 1.1% in the 3rd quarter. Janney Montgomery Scott LLC now owns 23,471 shares of the basic materials company’s stock valued at $1,160,000 after purchasing an additional 247 shares in the last quarter. Inspire Investing LLC increased its position in shares of Commercial Metals by 4.4% in the third quarter. Inspire Investing LLC now owns 6,237 shares of the basic materials company’s stock valued at $308,000 after buying an additional 261 shares in the last quarter. Diversified Trust Co raised its stake in shares of Commercial Metals by 1.2% during the 3rd quarter. Diversified Trust Co now owns 23,810 shares of the basic materials company’s stock worth $1,176,000 after buying an additional 292 shares during the last quarter. Finally, Oliver Luxxe Assets LLC boosted its position in shares of Commercial Metals by 2.2% in the 3rd quarter. Oliver Luxxe Assets LLC now owns 14,211 shares of the basic materials company’s stock worth $702,000 after buying an additional 304 shares in the last quarter. Institutional investors and hedge funds own 86.90% of the company’s stock.

Insider Activity at Commercial Metals

In related news, Chairman Barbara Smith sold 35,704 shares of the stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $57.88, for a total value of $2,066,547.52. Following the completion of the sale, the chairman now directly owns 36,196 shares in the company, valued at approximately $2,095,024.48. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In the last 90 days, insiders have sold 119,489 shares of company stock worth $6,371,781. 1.00% of the stock is currently owned by corporate insiders.

Commercial Metals Trading Up 3.9 %

Commercial Metals stock traded up $2.11 during midday trading on Thursday, reaching $56.30. The stock had a trading volume of 589,492 shares, compared to its average volume of 966,422. The stock has a market capitalization of $6.51 billion, a PE ratio of 9.55 and a beta of 1.35. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.69 and a current ratio of 4.19. The stock’s 50-day simple moving average is $55.40 and its 200 day simple moving average is $50.52. Commercial Metals has a twelve month low of $39.85 and a twelve month high of $59.81.

Commercial Metals (NYSE:CMC) last issued its earnings results on Thursday, March 21st. The basic materials company reported $0.88 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.05). Commercial Metals had a return on equity of 17.72% and a net margin of 8.09%. The firm had revenue of $1.85 billion for the quarter, compared to analysts’ expectations of $1.80 billion. During the same quarter in the previous year, the firm posted $1.44 EPS. The firm’s revenue for the quarter was down 8.4% compared to the same quarter last year. Analysts expect that Commercial Metals will post 5.34 EPS for the current year.

Commercial Metals Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 10th. Stockholders of record on Monday, April 1st were paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.28%. The ex-dividend date was Thursday, March 28th. This is an increase from Commercial Metals’s previous quarterly dividend of $0.16. Commercial Metals’s dividend payout ratio (DPR) is currently 12.50%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on CMC shares. UBS Group started coverage on Commercial Metals in a research report on Tuesday, January 16th. They set a “buy” rating and a $65.00 price objective for the company. BMO Capital Markets increased their price target on Commercial Metals from $52.00 to $60.00 and gave the stock a “market perform” rating in a research note on Friday, March 22nd. Finally, StockNews.com downgraded Commercial Metals from a “buy” rating to a “hold” rating in a research report on Thursday, April 18th.

About Commercial Metals

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.