Hsbc Holdings PLC Increases Position in Commercial Metals (NYSE:CMC)

Hsbc Holdings PLC increased its stake in Commercial Metals (NYSE:CMC) by 346.9% in the 4th quarter, Holdings Channel reports. The fund owned 121,185 shares of the basic materials company’s stock after buying an additional 94,069 shares during the quarter. Hsbc Holdings PLC’s holdings in Commercial Metals were worth $6,035,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Ashton Thomas Private Wealth LLC grew its position in Commercial Metals by 5.3% in the fourth quarter. Ashton Thomas Private Wealth LLC now owns 4,528 shares of the basic materials company’s stock worth $225,000 after acquiring an additional 229 shares in the last quarter. Mariner LLC grew its position in Commercial Metals by 0.9% in the fourth quarter. Mariner LLC now owns 24,735 shares of the basic materials company’s stock worth $1,227,000 after acquiring an additional 232 shares in the last quarter. Truist Financial Corp grew its position in Commercial Metals by 3.5% in the fourth quarter. Truist Financial Corp now owns 7,150 shares of the basic materials company’s stock worth $355,000 after acquiring an additional 242 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. grew its position in Commercial Metals by 10.0% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,784 shares of the basic materials company’s stock worth $138,000 after acquiring an additional 254 shares in the last quarter. Finally, Arizona State Retirement System lifted its stake in Commercial Metals by 0.8% in the fourth quarter. Arizona State Retirement System now owns 33,373 shares of the basic materials company’s stock worth $1,655,000 after purchasing an additional 262 shares during the last quarter. 86.90% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Commercial Metals

In other Commercial Metals news, Director John R. Mcpherson bought 2,475 shares of the firm’s stock in a transaction on Friday, April 4th. The stock was acquired at an average price of $40.42 per share, with a total value of $100,039.50. Following the completion of the purchase, the director now owns 15,141 shares of the company’s stock, valued at approximately $611,999.22. This trade represents a 19.54 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.46% of the stock is owned by corporate insiders.

Commercial Metals Price Performance

Shares of NYSE CMC opened at $44.25 on Tuesday. Commercial Metals has a 1 year low of $37.92 and a 1 year high of $64.53. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.76 and a quick ratio of 1.94. The company’s 50-day moving average is $45.22 and its 200 day moving average is $51.04. The stock has a market capitalization of $5.00 billion, a P/E ratio of 39.86, a P/E/G ratio of 2.62 and a beta of 1.16.

Commercial Metals (NYSE:CMC) last announced its quarterly earnings results on Thursday, March 20th. The basic materials company reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.31 by ($0.05). Commercial Metals had a net margin of 1.70% and a return on equity of 9.88%. The company had revenue of $1.75 billion for the quarter, compared to analysts’ expectations of $1.73 billion. During the same quarter in the prior year, the firm earned $0.88 EPS. Commercial Metals’s quarterly revenue was down 5.1% compared to the same quarter last year. On average, sell-side analysts expect that Commercial Metals will post 3.09 earnings per share for the current year.

Commercial Metals Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 9th. Investors of record on Monday, March 31st were given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 1.63%. The ex-dividend date of this dividend was Monday, March 31st. Commercial Metals’s dividend payout ratio is currently 120.00%.

Analyst Ratings Changes

Several analysts have weighed in on the stock. BNP Paribas downgraded shares of Commercial Metals from an “outperform” rating to a “neutral” rating in a research note on Friday, January 3rd. Morgan Stanley lowered their price target on shares of Commercial Metals from $56.00 to $53.00 and set an “equal weight” rating for the company in a research note on Friday, March 7th. BMO Capital Markets lowered their price target on shares of Commercial Metals from $58.00 to $54.00 and set a “market perform” rating for the company in a research note on Friday, March 21st. UBS Group lowered their price target on shares of Commercial Metals from $54.00 to $49.00 and set a “neutral” rating for the company in a research note on Monday, March 24th. Finally, Jefferies Financial Group lowered their price target on shares of Commercial Metals from $65.00 to $62.00 and set a “buy” rating for the company in a research note on Monday, January 6th. Six equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $60.33.

Commercial Metals Profile

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.