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Commercial Metals (NYSE:CMC - Get Rating) was the recipient of a large growth in short interest in the month of August. As of August 15th, there was short interest totalling 3,700,000 shares, a growth of 8.5% from the July 31st total of 3,410,000 shares. Approximately 3.1% of the company's shares are short sold. Based on an average trading volume of 989,500 shares, the short-interest ratio is currently 3.7 days. Commercial Metals Stock Down 3.8 %
CMC stock traded down $1.62 during trading on Tuesday, reaching $40.89. The stock had a trading volume of 775,221 shares, compared to its average volume of 1,114,190. Commercial Metals has a 1-year low of $28.76 and a 1-year high of $46.68. The company has a current ratio of 2.48, a quick ratio of 1.51 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $4.93 billion, a P/E ratio of 4.65 and a beta of 1.24. The firm has a fifty day moving average price of $38.12 and a 200 day moving average price of $39.18.
Commercial Metals (NYSE:CMC - Get Rating) last issued its quarterly earnings data on Thursday, June 16th. The basic materials company reported $2.61 EPS for the quarter, topping analysts' consensus estimates of $2.09 by $0.52. Commercial Metals had a net margin of 12.66% and a return on equity of 31.92%. The firm had revenue of $2.52 billion for the quarter, compared to analyst estimates of $2.36 billion. During the same quarter in the previous year, the business posted $1.04 EPS. On average, equities analysts anticipate that Commercial Metals will post 8.1 earnings per share for the current year. Commercial Metals Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Wednesday, July 13th. Stockholders of record on Wednesday, June 29th were given a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 1.37%. The ex-dividend date of this dividend was Tuesday, June 28th. Commercial Metals's payout ratio is currently 6.36%. Analyst Ratings Changes
Several brokerages have recently issued reports on CMC. JPMorgan Chase & Co. lowered their price objective on shares of Commercial Metals from $55.00 to $54.00 in a research note on Tuesday, June 14th. Citigroup lowered their price objective on shares of Commercial Metals from $44.00 to $36.00 and set a "neutral" rating for the company in a research note on Friday, June 17th. The Goldman Sachs Group lowered their price objective on shares of Commercial Metals from $42.00 to $38.00 in a research note on Tuesday, May 31st. StockNews.com cut shares of Commercial Metals from a "buy" rating to a "hold" rating in a research note on Monday, June 20th. Finally, KeyCorp lowered their price objective on shares of Commercial Metals from $49.00 to $45.00 and set an "overweight" rating for the company in a research note on Tuesday, July 19th. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $42.40.Insiders Place Their Bets
In other Commercial Metals news, SVP Ty L. Garrison sold 20,000 shares of Commercial Metals stock in a transaction that occurred on Tuesday, August 2nd. The shares were sold at an average price of $39.28, for a total value of $785,600.00. Following the completion of the sale, the senior vice president now directly owns 114,609 shares of the company's stock, valued at approximately $4,501,841.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.20% of the stock is owned by corporate insiders. Institutional Investors Weigh In On Commercial Metals
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Commercial Metals by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 13,226,374 shares of the basic materials company's stock worth $550,481,000 after purchasing an additional 142,062 shares during the last quarter. FMR LLC grew its position in shares of Commercial Metals by 5.1% during the 2nd quarter. FMR LLC now owns 10,124,695 shares of the basic materials company's stock valued at $335,128,000 after buying an additional 493,455 shares during the last quarter. State Street Corp grew its position in shares of Commercial Metals by 22.3% during the 1st quarter. State Street Corp now owns 7,494,116 shares of the basic materials company's stock valued at $312,971,000 after buying an additional 1,367,997 shares during the last quarter. Berkley W R Corp grew its position in shares of Commercial Metals by 14.4% during the 2nd quarter. Berkley W R Corp now owns 2,869,104 shares of the basic materials company's stock valued at $94,967,000 after buying an additional 361,600 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Commercial Metals by 3.7% during the 4th quarter. Geode Capital Management LLC now owns 2,191,476 shares of the basic materials company's stock valued at $79,528,000 after buying an additional 78,852 shares during the last quarter. Institutional investors own 85.81% of the company's stock. About Commercial Metals (Get Rating)
Commercial Metals Company manufactures, recycles, and fabricates steel and metal products, and related materials and services in the United States, Poland, China, and internationally. 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.Featured StoriesGet a free copy of the StockNews.com research report on Commercial Metals (CMC)Shock Absorbers: 3 Low Volatility Dividend Stocks for Bumpy TimesThe Retail Sector: Winners And Losers From Q2 Earnings Can Targa Continue Rallying To Meet Its Price Target? Is Unity Software Ready To Rally After Rejecting AppLovin Offer?MarketBeat Podcast: The Time For Cloud Stocks May Be Now
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