California Public Employees Retirement System Grows Stake in Commercial Metals Company $CMC

California Public Employees Retirement System grew its stake in shares of Commercial Metals Company (NYSE:CMC) by 11.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 277,877 shares of the basic materials company’s stock after acquiring an additional 28,693 shares during the quarter. California Public Employees Retirement System owned about 0.25% of Commercial Metals worth $17,070,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of CMC. Global Retirement Partners LLC grew its position in Commercial Metals by 110.7% during the 4th quarter. Global Retirement Partners LLC now owns 573 shares of the basic materials company’s stock valued at $40,000 after purchasing an additional 301 shares during the last quarter. V Square Quantitative Management LLC bought a new stake in Commercial Metals during the 4th quarter valued at about $54,000. Caitong International Asset Management Co. Ltd raised its holdings in Commercial Metals by 617.2% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 832 shares of the basic materials company’s stock worth $58,000 after buying an additional 716 shares during the last quarter. Los Angeles Capital Management LLC purchased a new position in Commercial Metals in the fourth quarter worth about $59,000. Finally, EverSource Wealth Advisors LLC raised its holdings in Commercial Metals by 84.1% in the second quarter. EverSource Wealth Advisors LLC now owns 1,550 shares of the basic materials company’s stock worth $76,000 after buying an additional 708 shares during the last quarter. Hedge funds and other institutional investors own 86.90% of the company’s stock.

Commercial Metals Stock Down 0.2%

Shares of CMC stock opened at $67.96 on Friday. Commercial Metals Company has a 12 month low of $49.66 and a 12 month high of $84.87. The stock has a market cap of $7.52 billion, a P/E ratio of 12.80, a P/E/G ratio of 0.39 and a beta of 1.54. The company has a current ratio of 2.33, a quick ratio of 1.54 and a debt-to-equity ratio of 0.73. The company has a 50 day simple moving average of $70.18 and a two-hundred day simple moving average of $70.51.

Commercial Metals (NYSE:CMC) last released its quarterly earnings results on Thursday, June 25th. The basic materials company reported $1.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.70 by $0.03. The business had revenue of $2.48 billion during the quarter, compared to analyst estimates of $2.40 billion. Commercial Metals had a return on equity of 15.69% and a net margin of 6.72%.Commercial Metals’s revenue for the quarter was up 22.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.74 earnings per share. On average, research analysts expect that Commercial Metals Company will post 6.63 earnings per share for the current year.

Commercial Metals Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Monday, July 6th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.2%. The ex-dividend date was Monday, July 6th. Commercial Metals’s payout ratio is presently 15.07%.

Insider Activity at Commercial Metals

In other Commercial Metals news, CEO Peter R. Matt acquired 8,230 shares of the company’s stock in a transaction dated Friday, July 10th. The stock was purchased at an average price of $61.30 per share, with a total value of $504,499.00. Following the completion of the purchase, the chief executive officer directly owned 181,522 shares in the company, valued at approximately $11,127,298.60. The trade was a 4.75% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.62% of the stock is owned by insiders.

Wall Street Analyst Weigh In

CMC has been the topic of a number of recent analyst reports. Citigroup cut their price target on shares of Commercial Metals from $85.00 to $75.00 and set a “buy” rating on the stock in a report on Tuesday, July 7th. Deutsche Bank Aktiengesellschaft raised Commercial Metals to a “buy” rating in a research report on Friday, May 22nd. JPMorgan Chase & Co. reduced their target price on Commercial Metals from $83.00 to $78.00 and set an “overweight” rating for the company in a report on Tuesday, April 14th. Zacks Research upgraded Commercial Metals from a “strong sell” rating to a “hold” rating in a research note on Monday, July 13th. Finally, BNP Paribas Exane upgraded Commercial Metals from a “neutral” rating to an “outperform” rating and set a $75.00 price target for the company in a research note on Wednesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, Commercial Metals currently has a consensus rating of “Moderate Buy” and an average price target of $79.45.

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.