According to Zacks, “Commercial Metals Company has three segments – manufacturing, recycling, and marketing and trading. Activities are primarily concerned with metals related activities. The manufacturing segment is the dominant and most rapidly expanding segment in terms of assets employed, capital expenditures, operating profit and number of employees. The recycling segment is engaged in processing secondary, or scrap, metals for further recycling into new metal products. The marketing and trading segment buys and sells primary and secondary metals, and fabricated metals. “
Several other analysts have also recently issued reports on the company. Bank of America Corp. cut Commercial Metals to a neutral rating in a report on Wednesday, July 20th. Citigroup Inc. began coverage on Commercial Metals in a report on Monday, August 22nd. They set a neutral rating and a $16.00 price objective on the stock. Clarkson Capital cut Commercial Metals from a neutral rating to a sell rating in a report on Monday, June 27th. Finally, Jefferies Group reaffirmed a hold rating and set a $16.50 price objective on shares of Commercial Metals in a report on Friday, September 16th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the stock. Commercial Metals presently has a consensus rating of Hold and a consensus target price of $16.69.
Shares of Commercial Metals (NYSE:CMC) opened at 16.03 on Monday. Commercial Metals has a 12-month low of $12.44 and a 12-month high of $18.50. The company has a 50-day moving average of $15.85 and a 200 day moving average of $16.73. The company has a market cap of $1.84 billion, a PE ratio of 14.56 and a beta of 1.59.
In related news, Director Anthony A. Massaro sold 2,367 shares of the stock in a transaction on Tuesday, July 5th. The stock was sold at an average price of $16.36, for a total transaction of $38,724.12. Following the sale, the director now owns 69,252 shares in the company, valued at approximately $1,132,962.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.20% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Norges Bank acquired a new position in shares of Commercial Metals during the fourth quarter valued at approximately $20,969,000. Acadian Asset Management LLC increased its position in shares of Commercial Metals by 1,248,857.1% in the first quarter. Acadian Asset Management LLC now owns 437,135 shares of the company’s stock valued at $7,420,000 after buying an additional 437,100 shares during the period. First Manhattan Co. increased its position in shares of Commercial Metals by 0.7% in the first quarter. First Manhattan Co. now owns 552,357 shares of the company’s stock valued at $9,373,000 after buying an additional 3,800 shares during the period. Virginia Retirement System acquired a new position in shares of Commercial Metals during the first quarter valued at approximately $964,000. Finally, Prudential Financial Inc. increased its position in shares of Commercial Metals by 0.8% in the first quarter. Prudential Financial Inc. now owns 122,432 shares of the company’s stock valued at $2,078,000 after buying an additional 1,000 shares during the period. 93.28% of the stock is currently owned by institutional investors.
About Commercial Metals
Commercial Metals Company (CMC) manufactures, recycles and markets steel and metal products, related materials and services. CMC has a network of steel mills (minimills), steel fabrication and processing facilities, warehouses, metal recycling facilities. It has five business segments: Americas Recycling, Americas Mills, Americas Fabrication, International Mill, and International Marketing and Distribution.
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