Commercial Metals (NYSE:CMC - Get Free Report) saw some unusual options trading on Tuesday. Investors purchased 2,599 call options on the company. This is an increase of approximately 799% compared to the typical daily volume of 289 call options.
Commercial Metals Stock Performance
Shares of NYSE:CMC traded down $1.62 on Tuesday, reaching $53.48. The company's stock had a trading volume of 901,588 shares, compared to its average volume of 860,425. The stock's 50-day moving average is $53.02 and its two-hundred day moving average is $54.39. Commercial Metals has a 52-week low of $39.85 and a 52-week high of $61.26. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.24 and a quick ratio of 2.83. The stock has a market capitalization of $6.15 billion, a P/E ratio of 11.20 and a beta of 1.14.
Commercial Metals Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Thursday, October 31st will be issued a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $0.72 annualized dividend and a yield of 1.35%. Commercial Metals's dividend payout ratio is currently 15.00%.
Wall Street Analyst Weigh In
A number of equities analysts recently commented on the stock. Wolfe Research downgraded shares of Commercial Metals from an "outperform" rating to a "peer perform" rating in a research note on Wednesday, October 9th. BMO Capital Markets set a $62.00 target price on shares of Commercial Metals and gave the stock a "market perform" rating in a research note on Friday. Jefferies Financial Group assumed coverage on shares of Commercial Metals in a research note on Tuesday, September 3rd. They set a "buy" rating and a $65.00 target price for the company. Finally, Bank of America lowered their target price on shares of Commercial Metals from $70.00 to $69.00 and set a "buy" rating for the company in a research note on Wednesday, June 26th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $65.25.
View Our Latest Report on CMC
Institutional Inflows and Outflows
Large investors have recently added to or reduced their stakes in the company. First Dallas Securities Inc. grew its position in Commercial Metals by 0.8% during the second quarter. First Dallas Securities Inc. now owns 22,234 shares of the basic materials company's stock worth $1,222,000 after buying an additional 185 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in Commercial Metals by 0.7% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 26,778 shares of the basic materials company's stock worth $1,473,000 after buying an additional 187 shares during the period. SummerHaven Investment Management LLC grew its position in Commercial Metals by 2.1% during the second quarter. SummerHaven Investment Management LLC now owns 13,615 shares of the basic materials company's stock worth $749,000 after buying an additional 276 shares during the period. GAMMA Investing LLC grew its position in Commercial Metals by 21.9% during the second quarter. GAMMA Investing LLC now owns 1,572 shares of the basic materials company's stock worth $86,000 after buying an additional 282 shares during the period. Finally, Inspire Investing LLC grew its position in Commercial Metals by 4.6% during the second quarter. Inspire Investing LLC now owns 6,392 shares of the basic materials company's stock worth $351,000 after buying an additional 284 shares during the period. 86.90% of the stock is owned by hedge funds and other institutional investors.
About Commercial Metals
(
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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.
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