Mackenzie Financial Corp Has $4.02 Million Position in Commercial Metals (NYSE:CMC)

Mackenzie Financial Corp raised its position in Commercial Metals (NYSE:CMC) by 454.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 80,235 shares of the basic materials company’s stock after acquiring an additional 65,766 shares during the quarter. Mackenzie Financial Corp’s holdings in Commercial Metals were worth $4,015,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. HM Payson & Co. acquired a new stake in Commercial Metals in the third quarter valued at $25,000. Point72 Asset Management L.P. acquired a new stake in shares of Commercial Metals during the 2nd quarter worth about $30,000. Quarry LP acquired a new stake in shares of Commercial Metals during the 1st quarter worth about $30,000. Sunbelt Securities Inc. acquired a new stake in shares of Commercial Metals during the 1st quarter worth about $30,000. Finally, Geneos Wealth Management Inc. lifted 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 buying an additional 920 shares during the last quarter. Institutional investors and hedge funds own 86.90% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on CMC. UBS Group began coverage on shares of Commercial Metals in a research note on Tuesday, January 16th. They set a “buy” rating and a $65.00 target price for the company. BMO Capital Markets raised their target price on shares of 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 lowered shares of Commercial Metals from a “buy” rating to a “hold” rating in a research report on Thursday.

Commercial Metals Price Performance

NYSE:CMC opened at $55.21 on Monday. Commercial Metals has a 52 week low of $39.85 and a 52 week high of $59.81. The firm has a market cap of $6.39 billion, a price-to-earnings ratio of 9.59 and a beta of 1.33. The firm’s 50-day simple moving average is $55.41 and its 200 day simple moving average is $50.13. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.69 and a current ratio of 4.19.

Commercial Metals (NYSE:CMC) last released its quarterly earnings results on Thursday, March 21st. The basic materials company reported $0.88 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 business had revenue of $1.85 billion for the quarter, compared to the consensus estimate of $1.80 billion. During the same period in the prior year, the business posted $1.44 earnings per share. Commercial Metals’s revenue was down 8.4% compared to the same quarter last year. As a group, sell-side analysts predict that Commercial Metals will post 5.34 earnings per share for the current year.

Commercial Metals Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 10th. Shareholders of record on Monday, April 1st were issued a $0.18 dividend. This is a positive change from Commercial Metals’s previous quarterly dividend of $0.16. This represents a $0.72 annualized dividend and a yield of 1.30%. The ex-dividend date of this dividend was Thursday, March 28th. Commercial Metals’s dividend payout ratio (DPR) is currently 12.50%.

Insider Buying and Selling at Commercial Metals

In other Commercial Metals news, Chairman Barbara Smith sold 35,704 shares of the firm’s stock in a transaction dated 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 transaction, the chairman now directly owns 36,196 shares of the company’s stock, valued at approximately $2,095,024.48. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Commercial Metals news, CAO Lindsay L. Sloan sold 600 shares of the firm’s stock in a transaction dated Friday, January 26th. The shares were sold at an average price of $51.52, for a total value of $30,912.00. Following the transaction, the chief accounting officer now directly owns 12,338 shares of the company’s stock, valued at approximately $635,653.76. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman Barbara Smith sold 35,704 shares of the firm’s stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $57.88, for a total transaction of $2,066,547.52. Following the completion of the transaction, the chairman now directly owns 36,196 shares in the company, valued at $2,095,024.48. The disclosure for this sale can be found here. Insiders have sold a total of 120,089 shares of company stock valued at $6,402,693 in the last ninety days. 1.00% of the stock is currently owned by company insiders.

Commercial Metals Company Profile

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.