Short Interest in Commercial Metals (NYSE:CMC) Rises By 11.8%

Commercial Metals (NYSE:CMCGet Free Report) was the recipient of a significant increase in short interest during the month of March. As of March 15th, there was short interest totalling 3,320,000 shares, an increase of 11.8% from the February 29th total of 2,970,000 shares. Based on an average daily volume of 1,030,000 shares, the days-to-cover ratio is presently 3.2 days. Currently, 2.9% of the company’s stock are short sold.

Commercial Metals Trading Down 0.7 %

Shares of CMC stock opened at $58.34 on Wednesday. The business’s fifty day moving average price is $54.26 and its 200 day moving average price is $49.50. Commercial Metals has a 1-year low of $39.85 and a 1-year high of $59.81. The firm has a market capitalization of $6.75 billion, a PE ratio of 10.13 and a beta of 1.33. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.19 and a quick ratio of 2.69.

Commercial Metals (NYSE:CMCGet Free Report) last announced its quarterly earnings data on Thursday, March 21st. The basic materials company reported $0.88 earnings per share 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 business had revenue of $1.85 billion for the quarter, compared to analyst estimates of $1.80 billion. During the same period in the prior year, the company earned $1.44 EPS. The company’s revenue was down 8.4% on a year-over-year basis. As a group, sell-side analysts forecast that Commercial Metals will post 5.22 EPS for the current fiscal year.

Commercial Metals Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 10th. Shareholders of record on Monday, April 1st will be issued a $0.18 dividend. This is a positive change from Commercial Metals’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend is Thursday, March 28th. This represents a $0.72 annualized dividend and a yield of 1.23%. Commercial Metals’s dividend payout ratio is 12.50%.

Insider Buying and Selling

In related news, Chairman Barbara Smith sold 35,704 shares of the business’s stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $57.88, for a total transaction of $2,066,547.52. Following the completion of the sale, the chairman now owns 36,196 shares in the company, valued at $2,095,024.48. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Commercial Metals news, CAO Lindsay L. Sloan sold 600 shares of the business’s stock in a transaction that occurred on Friday, January 26th. The stock was sold at an average price of $51.52, for a total value of $30,912.00. Following the completion of the sale, the chief accounting officer now owns 12,338 shares in the company, valued at $635,653.76. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Chairman Barbara Smith sold 35,704 shares of the business’s stock in a transaction that occurred on Wednesday, March 27th. The shares were 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 owns 36,196 shares of the company’s stock, valued at approximately $2,095,024.48. The disclosure for this sale can be found here. Insiders sold a total of 320,089 shares of company stock worth $16,383,553 over the last 90 days. 1.00% of the stock is owned by insiders.

Institutional Trading of Commercial Metals

Several large investors have recently bought and sold shares of CMC. HM Payson & Co. acquired a new stake in Commercial Metals in the third quarter valued at $25,000. Daiwa Securities Group Inc. acquired a new stake in Commercial Metals in the fourth quarter valued at $30,000. Point72 Asset Management L.P. acquired a new stake in Commercial Metals in the second quarter valued at $30,000. Quarry LP acquired a new stake in Commercial Metals in the first quarter valued at $30,000. Finally, Sunbelt Securities Inc. acquired a new stake in Commercial Metals in the first quarter valued at $30,000. Institutional investors and hedge funds own 86.90% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on CMC. UBS Group began coverage on Commercial Metals in a report on Tuesday, January 16th. They issued a “buy” rating and a $65.00 target price on the stock. BMO Capital Markets boosted their target price on Commercial Metals from $52.00 to $60.00 and gave the company a “market perform” rating in a report on Friday, March 22nd. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $58.25.

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Commercial Metals Company Profile

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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.

Further Reading

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