AXQ Capital LP Takes Position in Commercial Metals Company $CMC

AXQ Capital LP purchased a new position in Commercial Metals Company (NYSE:CMC) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 10,261 shares of the basic materials company’s stock, valued at approximately $588,000.

A number of other hedge funds also recently bought and sold shares of the business. Royal Bank of Canada increased its position in shares of Commercial Metals by 1.4% in the first quarter. Royal Bank of Canada now owns 90,989 shares of the basic materials company’s stock valued at $4,186,000 after buying an additional 1,219 shares in the last quarter. Amundi lifted its position in shares of Commercial Metals by 13.3% during the 1st quarter. Amundi now owns 2,480 shares of the basic materials company’s stock valued at $114,000 after buying an additional 291 shares in the last quarter. Jones Financial Companies Lllp grew its stake in Commercial Metals by 614.9% in the 1st quarter. Jones Financial Companies Lllp now owns 11,767 shares of the basic materials company’s stock valued at $541,000 after acquiring an additional 10,121 shares during the period. Goldman Sachs Group Inc. increased its holdings in Commercial Metals by 5.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,033,514 shares of the basic materials company’s stock worth $47,552,000 after acquiring an additional 56,875 shares in the last quarter. Finally, Empowered Funds LLC raised its position in Commercial Metals by 1.8% during the first quarter. Empowered Funds LLC now owns 53,305 shares of the basic materials company’s stock worth $2,453,000 after acquiring an additional 941 shares during the period. Hedge funds and other institutional investors own 86.90% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Morgan Stanley lifted their target price on shares of Commercial Metals from $68.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, January 9th. JPMorgan Chase & Co. raised shares of Commercial Metals from a “neutral” rating to an “overweight” rating and raised their price target for the company from $64.00 to $78.00 in a research note on Friday, December 5th. Weiss Ratings reiterated a “hold (c)” rating on shares of Commercial Metals in a report on Wednesday, January 21st. Jefferies Financial Group set a $85.00 target price on Commercial Metals and gave the company a “buy” rating in a report on Thursday, January 8th. Finally, Wall Street Zen upgraded Commercial Metals from a “buy” rating to a “strong-buy” rating in a research report on Friday, November 28th. Eight analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $72.70.

Commercial Metals Stock Performance

Shares of Commercial Metals stock opened at $74.16 on Wednesday. The business’s 50 day moving average price is $75.46 and its 200 day moving average price is $65.31. The company has a market cap of $8.23 billion, a price-to-earnings ratio of 19.11, a PEG ratio of 0.40 and a beta of 1.49. The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.70 and a current ratio of 4.47. Commercial Metals Company has a one year low of $37.92 and a one year high of $84.87.

Commercial Metals (NYSE:CMC) last issued its earnings results on Thursday, January 8th. The basic materials company reported $1.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.55 by $0.29. The business had revenue of $2.12 billion during the quarter, compared to the consensus estimate of $2.06 billion. Commercial Metals had a return on equity of 11.43% and a net margin of 5.46%.The company’s revenue for the quarter was up 11.0% on a year-over-year basis. During the same period last year, the company earned $0.78 EPS. On average, research analysts predict that Commercial Metals Company will post 3.09 EPS for the current year.

Commercial Metals Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, February 2nd. Shareholders of record on Monday, January 19th were issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.0%. The ex-dividend date was Friday, January 16th. Commercial Metals’s payout ratio is presently 18.56%.

Insider Activity at Commercial Metals

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

Commercial Metals 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.