Commercial Metals Company $CMC Shares Sold by Legal & General Group Plc

Legal & General Group Plc reduced its stake in Commercial Metals Company by 2.3% in Q2, now holding 237,929 shares worth $11.64 million. Other institutional investors also adjusted their holdings. Several analysts upgraded CMC's stock, with a consensus rating of 'Moderate Buy' and a target price of $64.20. The stock opened at $63.03 on Monday, with a market cap of $7 billion.

Legal & General Group Plc cut its stake in shares of Commercial Metals Company (NYSE:CMC - Free Report) by 2.3% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 237,929 shares of the basic materials company's stock after selling 5,546 shares during the period. Legal & General Group Plc owned approximately 0.21% of Commercial Metals worth $11,637,000 as of its most recent SEC filing.

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Other hedge funds and other institutional investors also recently modified their holdings of the company. National Bank of Canada FI raised its stake in shares of Commercial Metals by 80.3% during the first quarter. National Bank of Canada FI now owns 548 shares of the basic materials company's stock worth $25,000 after purchasing an additional 244 shares during the last quarter. SBI Securities Co. Ltd. increased its stake in Commercial Metals by 282.3% in the 2nd quarter. SBI Securities Co. Ltd. now owns 692 shares of the basic materials company's stock valued at $34,000 after buying an additional 511 shares during the period. Signaturefd LLC raised its position in Commercial Metals by 51.4% during the 2nd quarter. Signaturefd LLC now owns 890 shares of the basic materials company's stock worth $44,000 after buying an additional 302 shares during the last quarter. UMB Bank n.a. lifted its stake in shares of Commercial Metals by 77.8% in the 2nd quarter. UMB Bank n.a. now owns 1,394 shares of the basic materials company's stock worth $68,000 after acquiring an additional 610 shares during the period. Finally, Harbour Investments Inc. boosted its holdings in shares of Commercial Metals by 17.5% in the second quarter. Harbour Investments Inc. now owns 1,830 shares of the basic materials company's stock valued at $90,000 after acquiring an additional 273 shares in the last quarter. 86.90% of the stock is currently owned by hedge funds and other institutional investors.

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Insider Transactions at Commercial Metals

In related news, Director John R. Mcpherson bought 1,722 shares of the stock in a transaction on Monday, October 20th. The shares were purchased at an average price of $58.09 per share, for a total transaction of $100,030.98. Following the acquisition, the director owned 6,722 shares in the company, valued at $390,480.98. This represents a 34.44% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.46% of the company's stock.

Wall Street Analysts Forecast Growth

Cleveland-Cliffs Stock Rises On Earnings, New Momentum?

Several research analysts recently issued reports on CMC shares. Morgan Stanley raised shares of Commercial Metals from an "equal weight" rating to an "overweight" rating and increased their price target for the stock from $57.50 to $68.00 in a report on Friday, October 24th. The Goldman Sachs Group increased their target price on Commercial Metals from $69.00 to $76.00 and gave the stock a "buy" rating in a research note on Thursday, October 23rd. Zacks Research upgraded Commercial Metals from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, October 14th. Citigroup raised Commercial Metals from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $60.00 to $65.00 in a report on Friday, October 17th. Finally, Jefferies Financial Group set a $70.00 target price on Commercial Metals and gave the company a "hold" rating in a report on Wednesday, October 22nd. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $64.20.

Check Out Our Latest Research Report on Commercial Metals

Commercial Metals Stock Performance

Commercial Metals Winning Infrastructure and Datacenter Customers

Shares of CMC stock opened at $63.03 on Monday. The stock has a fifty day moving average price of $59.16 and a 200 day moving average price of $54.96. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.03 and a current ratio of 2.78. The stock has a market cap of $7.00 billion, a PE ratio of 82.93, a P/E/G ratio of 1.94 and a beta of 1.34. Commercial Metals Company has a 1 year low of $37.92 and a 1 year high of $64.53.

Commercial Metals (NYSE:CMC - Get Free Report) last announced its quarterly earnings results on Thursday, October 16th. The basic materials company reported $1.37 earnings per share for the quarter, beating analysts' consensus estimates of $1.32 by $0.05. Commercial Metals had a return on equity of 8.76% and a net margin of 1.09%.The business had revenue of $2.11 billion during the quarter, compared to analysts' expectations of $2.10 billion. During the same quarter last year, the business posted $0.90 earnings per share. The business's revenue for the quarter was up 5.9% on a year-over-year basis. Sell-side analysts forecast that Commercial Metals Company will post 3.09 earnings per share for the current fiscal year.

Commercial Metals Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 13th. Investors of record on Thursday, October 30th were given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 1.1%. The ex-dividend date was Thursday, October 30th. Commercial Metals's payout ratio is currently 94.74%.

Commercial Metals Profile

(Free Report)

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.

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