Commercial Metals (NYSE:CMC) SVP Ty L. Garrison Sells 5,000 Shares

Posted by Defense World Staff on Jul 14th, 2023

Commercial Metals (NYSE:CMC – Get Free Report) SVP Ty L. Garrison sold 5,000 shares of Commercial Metals stock in a transaction dated Wednesday, July 12th. The stock was sold at an average price of $54.98, for a total value of $274,900.00. Following the completion of the sale, the senior vice president now owns 106,408 shares in the company, valued at $5,850,311.84. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Commercial Metals Price Performance

CMC stock opened at $55.94 on Friday. Commercial Metals has a 52-week low of $32.92 and a 52-week high of $58.09. The company has a quick ratio of 2.34, a current ratio of 3.68 and a debt-to-equity ratio of 0.27. The stock has a market cap of $6.53 billion, a price-to-earnings ratio of 6.91 and a beta of 1.30. The business has a fifty day moving average of $47.86 and a two-hundred day moving average of $49.54.

Commercial Metals (NYSE:CMC – Get Free Report) last released its quarterly earnings results on Thursday, June 22nd. The basic materials company reported $2.02 earnings per share for the quarter, topping analysts’ consensus estimates of $1.84 by $0.18. The business had revenue of $2.35 billion during the quarter, compared to analysts’ expectations of $2.32 billion. Commercial Metals had a return on equity of 26.49% and a net margin of 10.72%. The company’s revenue was down 6.8% compared to the same quarter last year. During the same period in the prior year, the business posted $2.61 EPS. As a group, research analysts anticipate that Commercial Metals will post 7.69 earnings per share for the current year.

Commercial Metals Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 12th. Stockholders of record on Monday, July 3rd were issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.14%. The ex-dividend date was Friday, June 30th. Commercial Metals’s dividend payout ratio is presently 7.91%.

Hedge Funds Weigh In On Commercial Metals

A number of hedge funds have recently modified their holdings of CMC. Natixis Advisors L.P. grew its holdings in shares of Commercial Metals by 12.5% during the 1st quarter. Natixis Advisors L.P. now owns 12,638 shares of the basic materials company’s stock worth $526,000 after purchasing an additional 1,402 shares during the period. Bank of Montreal Can boosted its holdings in Commercial Metals by 14.9% during the 1st quarter. Bank of Montreal Can now owns 13,282 shares of the basic materials company’s stock valued at $547,000 after acquiring an additional 1,727 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in Commercial Metals by 11.4% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 44,522 shares of the basic materials company’s stock valued at $1,853,000 after acquiring an additional 4,540 shares during the period. APG Asset Management N.V. purchased a new position in Commercial Metals during the 1st quarter valued at about $2,188,000. Finally, Great West Life Assurance Co. Can boosted its holdings in Commercial Metals by 9.9% during the 1st quarter. Great West Life Assurance Co. Can now owns 69,545 shares of the basic materials company’s stock valued at $2,980,000 after acquiring an additional 6,259 shares during the period. 82.96% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CMC has been the topic of a number of research analyst reports. BMO Capital Markets lifted their price target on Commercial Metals from $56.00 to $58.00 in a research note on Friday, June 23rd. Bank of America raised shares of Commercial Metals from a “neutral” rating to a “buy” rating and upped their target price for the stock from $56.00 to $60.00 in a report on Wednesday, April 5th. UBS Group started coverage on shares of Commercial Metals in a research note on Tuesday. They issued a “buy” rating and a $63.00 target price on the stock. Finally, StockNews.com raised Commercial Metals from a “hold” rating to a “buy” rating in a report on Friday, June 23rd. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $57.83.

Commercial Metals Company Profile

(Get Free Report)

Commercial Metals Company manufactures, recycles, and fabricates steel and metal products, and related materials and services in the United States, Poland, China, and internationally. 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.