PNC Financial Services Group Inc. Has $1.85 Million Stock Position in Commercial Metals Company $CMC

PNC Financial Services Group Inc. lowered its position in Commercial Metals Company (NYSE:CMC) by 16.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,235 shares of the basic materials company’s stock after selling 6,566 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Commercial Metals were worth $1,846,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Versor Investments LP grew its stake in shares of Commercial Metals by 2.7% in the 3rd quarter. Versor Investments LP now owns 11,677 shares of the basic materials company’s stock valued at $669,000 after buying an additional 308 shares in the last quarter. Profund Advisors LLC lifted its stake in Commercial Metals by 7.1% in the third quarter. Profund Advisors LLC now owns 4,593 shares of the basic materials company’s stock valued at $263,000 after acquiring an additional 304 shares during the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd grew its position in Commercial Metals by 34.4% in the third quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 25,886 shares of the basic materials company’s stock worth $1,483,000 after acquiring an additional 6,631 shares in the last quarter. Flagship Harbor Advisors LLC increased its stake in shares of Commercial Metals by 4.7% during the 3rd quarter. Flagship Harbor Advisors LLC now owns 4,775 shares of the basic materials company’s stock worth $274,000 after purchasing an additional 213 shares during the last quarter. Finally, Bessemer Group Inc. raised its holdings in shares of Commercial Metals by 11,006.1% during the 3rd quarter. Bessemer Group Inc. now owns 260,993 shares of the basic materials company’s stock valued at $14,948,000 after purchasing an additional 258,643 shares in the last quarter. 86.90% of the stock is owned by hedge funds and other institutional investors.

Commercial Metals Price Performance

Shares of Commercial Metals stock opened at $76.85 on Monday. The company has a debt-to-equity ratio of 0.77, a current ratio of 4.47 and a quick ratio of 3.70. The company has a market cap of $8.52 billion, a PE ratio of 19.81, a price-to-earnings-growth ratio of 0.41 and a beta of 1.49. The firm has a fifty day moving average price of $75.31 and a two-hundred day moving average price of $65.01. Commercial Metals Company has a fifty-two week low of $37.92 and a fifty-two week high of $84.87.

Commercial Metals (NYSE:CMC) last posted its quarterly earnings data on Thursday, January 8th. The basic materials company reported $1.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.55 by $0.29. Commercial Metals had a net margin of 5.46% and a return on equity of 11.43%. The company had revenue of $2.12 billion for the quarter, compared to the consensus estimate of $2.06 billion. During the same quarter in the previous year, the firm posted $0.78 EPS. The business’s revenue was up 11.0% compared to the same quarter last year. Analysts expect that Commercial Metals Company will post 3.09 EPS for the current year.

Commercial Metals Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, February 2nd. Shareholders of record on Monday, January 19th were issued a $0.18 dividend. The ex-dividend date of this dividend was Friday, January 16th. This represents a $0.72 annualized dividend and a yield of 0.9%. Commercial Metals’s dividend payout ratio is 18.56%.

Insider Buying and Selling

In related news, insider Jennifer J. Durbin sold 25,050 shares of the firm’s stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $79.97, for a total value of $2,003,248.50. Following the completion of the transaction, the insider directly owned 52,880 shares of the company’s stock, valued at $4,228,813.60. This trade represents a 32.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Dennis V. Arriola purchased 2,000 shares of the firm’s stock in a transaction on Tuesday, January 20th. The shares were acquired at an average price of $74.69 per share, for a total transaction of $149,380.00. Following the purchase, the director directly owned 9,238 shares of the company’s stock, valued at approximately $689,986.22. This represents a 27.63% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 0.62% of the stock is currently owned by company insiders.

Analyst Ratings Changes

CMC has been the subject of a number of recent research reports. Jefferies Financial Group set a $85.00 price objective on shares of Commercial Metals and gave the stock a “buy” rating in a report on Thursday, January 8th. Weiss Ratings reiterated a “hold (c)” rating on shares of Commercial Metals in a research note on Wednesday, January 21st. Citigroup raised their price objective on Commercial Metals from $65.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, January 12th. JPMorgan Chase & Co. raised Commercial Metals from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $64.00 to $78.00 in a research report on Friday, December 5th. Finally, Wall Street Zen upgraded Commercial Metals from a “buy” rating to a “strong-buy” rating in a report on Friday, November 28th. Eight investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, Commercial Metals currently has a consensus rating of “Moderate Buy” and a consensus price target of $72.70.

Commercial Metals Company Profile

Commercial Metals Company (NYSE: CMC) is a leading global steel and metal recycler, manufacturer and fabricator based in Irving, Texas. The company operates an integrated network of scrap recycling facilities, electric arc furnace steel mills, metal fabrication plants and distribution centers. Through these operations, Commercial Metals collects and processes ferrous scrap to produce finished steel products and provides recycled metal to a variety of end markets.

In its steelmaking segment, CMC uses electric arc furnace technology to transform recycled scrap into reinforcing bar (rebar), merchant bar, coil and structural products.