Pacer Advisors Inc. Invests $1.08 Million in Commercial Metals (NYSE:CMC)

Posted by Defense World Staff on Sep 28th, 2023

Pacer Advisors Inc. purchased a new stake in Commercial Metals (NYSE:CMC – Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 20,500 shares of the basic materials company’s stock, valued at approximately $1,080,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Quarry LP purchased a new position in Commercial Metals during the first quarter worth about $30,000. Sunbelt Securities Inc. purchased a new position in shares of Commercial Metals in the first quarter valued at $30,000. Geneos Wealth Management Inc. increased its stake in shares of Commercial Metals by 920.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,020 shares of the basic materials company’s stock worth $42,000 after purchasing an additional 920 shares in the last quarter. GPS Wealth Strategies Group LLC purchased a new stake in Commercial Metals during the 1st quarter worth about $49,000. Finally, WealthPLAN Partners LLC purchased a new stake in Commercial Metals during the 1st quarter worth about $59,000. Hedge funds and other institutional investors own 82.64% of the company’s stock.

Commercial Metals Trading Up 0.9 %

NYSE:CMC opened at $49.99 on Thursday. Commercial Metals has a 12-month low of $35.22 and a 12-month high of $58.09. The firm has a market capitalization of $5.84 billion, a P/E ratio of 6.18 and a beta of 1.32. The company has a debt-to-equity ratio of 0.27, a current ratio of 3.68 and a quick ratio of 2.34. The business has a 50 day simple moving average of $54.60 and a 200 day simple moving average of $50.07.

Insider Activity at Commercial Metals

In other Commercial Metals news, SVP Ty L. Garrison sold 5,000 shares of the business’s stock in a transaction on Monday, July 10th. The stock was sold at an average price of $52.96, for a total transaction of $264,800.00. Following the completion of the transaction, the senior vice president now owns 111,408 shares in the company, valued at approximately $5,900,167.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Barbara Smith sold 48,300 shares of the firm’s stock in a transaction that occurred on Tuesday, July 25th. The shares were sold at an average price of $56.51, for a total transaction of $2,729,433.00. Following the completion of the sale, the chief executive officer now directly owns 283,785 shares in the company, valued at $16,036,690.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Ty L. Garrison sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, July 10th. The stock was sold at an average price of $52.96, for a total transaction of $264,800.00. Following the sale, the senior vice president now owns 111,408 shares of the company’s stock, valued at $5,900,167.68. The disclosure for this sale can be found here. Insiders sold 92,004 shares of company stock worth $5,108,426 in the last 90 days. 1.20% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have commented on CMC. UBS Group began coverage on Commercial Metals in a report on Tuesday, July 11th. They issued a “buy” rating and a $63.00 price target for the company. BMO Capital Markets increased their price target on Commercial Metals from $56.00 to $58.00 in a report on Friday, June 23rd. Finally, StockNews.com lowered shares of Commercial Metals from a “buy” rating to a “hold” rating in a report on Monday, September 4th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $57.83.

Get Our Latest Research Report on Commercial Metals

Commercial Metals Profile

(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.