Norges Bank Makes New $97.98 Million Investment in Commercial Metals Company $CMC

Norges Bank purchased a new position in shares of Commercial Metals Company (NYSE:CMC) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,415,531 shares of the basic materials company’s stock, valued at approximately $97,983,000. Norges Bank owned 1.28% of Commercial Metals at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Rothschild Investment LLC increased its stake in Commercial Metals by 169.6% during the third quarter. Rothschild Investment LLC now owns 515 shares of the basic materials company’s stock worth $29,000 after purchasing an additional 324 shares during the period. Global Retirement Partners LLC increased its stake in Commercial Metals by 110.7% during the fourth quarter. Global Retirement Partners LLC now owns 573 shares of the basic materials company’s stock worth $40,000 after purchasing an additional 301 shares during the period. V Square Quantitative Management LLC purchased a new stake in Commercial Metals during the fourth quarter worth about $54,000. Aster Capital Management DIFC Ltd purchased a new stake in Commercial Metals during the third quarter worth about $73,000. Finally, EverSource Wealth Advisors LLC increased its stake in Commercial Metals by 84.1% during the second quarter. EverSource Wealth Advisors LLC now owns 1,550 shares of the basic materials company’s stock worth $76,000 after purchasing an additional 708 shares during the period. 86.90% of the stock is currently owned by hedge funds and other institutional investors.

Commercial Metals Stock Performance

Shares of CMC opened at $74.07 on Friday. The stock has a 50 day moving average price of $68.67 and a 200 day moving average price of $70.01. The company has a quick ratio of 1.55, a current ratio of 2.38 and a debt-to-equity ratio of 0.75. The company has a market capitalization of $8.21 billion, a price-to-earnings ratio of 16.50, a price-to-earnings-growth ratio of 0.46 and a beta of 1.50. Commercial Metals Company has a 52-week low of $47.06 and a 52-week high of $84.87.

Commercial Metals (NYSE:CMC) last announced its quarterly earnings results on Thursday, March 26th. The basic materials company reported $1.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.28 by ($0.12). The business had revenue of $2.13 billion during the quarter, compared to analyst estimates of $2.10 billion. Commercial Metals had a net margin of 6.02% and a return on equity of 13.54%. The business’s revenue for the quarter was up 21.5% compared to the same quarter last year. During the same period last year, the company earned $0.26 earnings per share. Research analysts predict that Commercial Metals Company will post 6.45 EPS for the current fiscal year.

Commercial Metals Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Monday, April 6th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.1%. This is a positive change from Commercial Metals’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend was Monday, April 6th. Commercial Metals’s dividend payout ratio is currently 16.04%.

Analyst Upgrades and Downgrades

CMC has been the topic of a number of recent research reports. UBS Group upgraded shares of Commercial Metals from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $79.00 to $89.00 in a research note on Wednesday, May 13th. The Goldman Sachs Group initiated coverage on shares of Commercial Metals in a research note on Wednesday, April 1st. They set a “neutral” rating and a $74.00 price target on the stock. Morgan Stanley boosted their price target on shares of Commercial Metals from $75.00 to $83.00 and gave the stock an “overweight” rating in a research note on Friday, May 29th. Wall Street Zen downgraded Commercial Metals from a “strong-buy” rating to a “buy” rating in a research report on Saturday, April 4th. Finally, Barclays initiated coverage on Commercial Metals in a research report on Thursday, May 21st. They set an “equal weight” rating and a $75.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, Commercial Metals currently has an average rating of “Moderate Buy” and an average target price of $77.10.

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.