Commercial Metals (NYSE:CMC) Shares Sold by Janney Montgomery Scott LLC

Posted by Defense World Staff on Oct 24th, 2023

Janney Montgomery Scott LLC lowered its stake in Commercial Metals (NYSE:CMC – Free Report) by 5.5% during the second quarter, HoldingsChannel reports. The institutional investor owned 23,224 shares of the basic materials company’s stock after selling 1,340 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Commercial Metals were worth $1,223,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of CMC. Quarry LP acquired a new position in Commercial Metals in the first quarter valued at about $30,000. Sunbelt Securities Inc. purchased a new stake in Commercial Metals during the first quarter worth about $30,000. Geneos Wealth Management Inc. increased its stake in Commercial Metals by 920.0% during the first 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 during the period. GPS Wealth Strategies Group LLC purchased a new stake in Commercial Metals during the first quarter worth about $49,000. Finally, Fifth Third Bancorp increased its stake in Commercial Metals by 53.4% during the second quarter. Fifth Third Bancorp now owns 1,040 shares of the basic materials company’s stock worth $55,000 after purchasing an additional 362 shares during the period. Institutional investors and hedge funds own 82.64% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on CMC shares. UBS Group started coverage on shares of Commercial Metals in a research note on Tuesday, July 11th. They set a “buy” rating and a $63.00 price target on the stock. BMO Capital Markets cut their price target on shares of Commercial Metals from $58.00 to $50.00 and set a “market perform” rating on the stock in a research note on Friday, October 13th. StockNews.com started coverage on shares of Commercial Metals in a research note on Thursday, October 5th. They set a “hold” rating on the stock. Finally, Citigroup cut their price target on shares of Commercial Metals from $56.00 to $48.00 and set a “neutral” rating on the stock in a research note on Monday, October 16th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Commercial Metals has a consensus rating of “Hold” and a consensus price target of $55.17.

Read Our Latest Analysis on CMC

Commercial Metals Stock Down 0.7 %

CMC stock opened at $40.05 on Tuesday. The firm has a market capitalization of $4.68 billion, a price-to-earnings ratio of 5.52 and a beta of 1.34. Commercial Metals has a fifty-two week low of $39.85 and a fifty-two week high of $58.09. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.50 and a current ratio of 3.73. The company’s 50 day moving average price is $50.77 and its 200 day moving average price is $50.00.

Commercial Metals (NYSE:CMC – Get Free Report) last announced its quarterly earnings results on Thursday, October 12th. The basic materials company reported $1.69 EPS for the quarter, missing the consensus estimate of $1.77 by ($0.08). The company had revenue of $2.21 billion during the quarter, compared to analysts’ expectations of $2.15 billion. Commercial Metals had a net margin of 9.77% and a return on equity of 22.62%. The business’s revenue for the quarter was down 8.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.45 earnings per share. On average, equities research analysts anticipate that Commercial Metals will post 5.92 EPS for the current fiscal year.

Commercial Metals Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 9th. Shareholders of record on Thursday, October 26th will be paid a $0.16 dividend. The ex-dividend date of this dividend is Wednesday, October 25th. This represents a $0.64 annualized dividend and a yield of 1.60%. Commercial Metals’s dividend payout ratio is currently 8.83%.

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.