Colonial River Wealth Management LLC Acquires New Holdings in Commercial Metals (NYSE:CMC)

Posted by Carolyn Dwyer on May 26th, 2023

Colonial River Wealth Management LLC acquired a new stake in Commercial Metals (NYSE:CMC – Get Rating) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 5,563 shares of the basic materials company’s stock, valued at approximately $269,000.

Several other large investors have also recently modified their holdings of the business. CI Investments Inc. acquired a new stake in shares of Commercial Metals during the fourth quarter worth $32,000. Accurate Wealth Management LLC purchased a new position in Commercial Metals during the fourth quarter valued at approximately $33,000. Lindbrook Capital LLC grew its stake in Commercial Metals by 41.2% during the fourth quarter. Lindbrook Capital LLC now owns 689 shares of the basic materials company’s stock valued at $33,000 after acquiring an additional 201 shares in the last quarter. Armstrong Advisory Group Inc. purchased a new position in Commercial Metals in the 4th quarter worth approximately $35,000. Finally, Geneos Wealth Management Inc. grew its stake in Commercial Metals by 920.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,020 shares of the basic materials company’s stock worth $42,000 after buying an additional 920 shares in the last quarter. Institutional investors own 84.30% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on CMC shares. Citigroup upped their price objective on shares of Commercial Metals from $54.00 to $56.00 and gave the company a “neutral” rating in a research note on Wednesday, February 15th. StockNews.com started coverage on shares of Commercial Metals in a research report on Thursday, May 18th. They set a “hold” rating on the stock. Finally, Bank of America upgraded shares of Commercial Metals from a “neutral” rating to a “buy” rating and increased their price objective for the company from $56.00 to $60.00 in a research report on Wednesday, April 5th. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, Commercial Metals currently has an average rating of “Hold” and an average target price of $53.57.

Commercial Metals Price Performance

Shares of NYSE:CMC traded down $0.04 on Friday, reaching $44.46. The company’s stock had a trading volume of 105,032 shares, compared to its average volume of 976,856. Commercial Metals has a 52-week low of $31.47 and a 52-week high of $58.09. The company has a market cap of $5.21 billion, a P/E ratio of 5.19 and a beta of 1.26. The company has a 50-day simple moving average of $46.04 and a 200 day simple moving average of $49.25. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.00 and a current ratio of 3.07.

Commercial Metals (NYSE:CMC – Get Rating) last announced its quarterly earnings data on Thursday, March 23rd. The basic materials company reported $1.44 earnings per share for the quarter, missing analysts’ consensus estimates of $1.53 by ($0.09). Commercial Metals had a net margin of 11.37% and a return on equity of 30.52%. The company had revenue of $2.02 billion for the quarter, compared to the consensus estimate of $1.94 billion. During the same quarter in the previous year, the business earned $1.53 EPS. The company’s quarterly revenue was up .5% compared to the same quarter last year. As a group, equities research analysts anticipate that Commercial Metals will post 7.77 EPS for the current fiscal year.

Commercial Metals Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 12th. Shareholders of record on Monday, April 3rd were given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 1.44%. The ex-dividend date was Friday, March 31st. Commercial Metals’s dividend payout ratio is presently 7.40%.

Commercial Metals Company Profile

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Commercial Metals Co engages in the manufacture, recycling, and marketing of steel and metal products. It operates through the following segments: North America and Europe. The North America segment is a vertically integrated network of recycling facilities, steel mills and fabrication operations. The Europe segment is a vertically integrated network of recycling facilities, an EAF mini mill and fabrication operations located in Poland.