Commercial Metals Sees Unusually High Options Volume (NYSE:CMC)

Commercial Metals (NYSE:CMC) was the target of unusually large options trading on Tuesday. Stock traders bought 2,599 call options on the stock. This represents an increase of 799% compared to the average daily volume of 289 call options.

Commercial Metals Stock Performance

CMC traded down $1.15 on Tuesday, hitting $53.95. 27,209 shares of the company traded hands, compared to its average volume of 856,420. The company has a 50 day moving average of $52.97 and a 200-day moving average of $54.41. The company has a quick ratio of 2.83, a current ratio of 4.24 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $6.20 billion, a PE ratio of 11.48 and a beta of 1.14. Commercial Metals has a 12-month low of $39.85 and a 12-month high of $61.26.

Commercial Metals Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st will be given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.33%. The ex-dividend date is Thursday, October 31st. Commercial Metals’s payout ratio is 15.00%.

Institutional Investors Weigh In On Commercial Metals

A number of institutional investors and hedge funds have recently modified their holdings of CMC. Wellington Management Group LLP lifted its stake in Commercial Metals by 4.4% in the 4th quarter. Wellington Management Group LLP now owns 310,681 shares of the basic materials company’s stock valued at $15,546,000 after buying an additional 13,073 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Commercial Metals by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 12,641,427 shares of the basic materials company’s stock worth $632,577,000 after acquiring an additional 191,345 shares during the period. AlphaMark Advisors LLC grew its holdings in Commercial Metals by 19.6% during the 1st quarter. AlphaMark Advisors LLC now owns 6,084 shares of the basic materials company’s stock valued at $358,000 after purchasing an additional 997 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in Commercial Metals by 1,701.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 227,778 shares of the basic materials company’s stock worth $13,387,000 after purchasing an additional 215,131 shares during the last quarter. Finally, State of Michigan Retirement System raised its position in shares of Commercial Metals by 1.8% in the 1st quarter. State of Michigan Retirement System now owns 28,537 shares of the basic materials company’s stock valued at $1,677,000 after purchasing an additional 500 shares in the last quarter. Institutional investors and hedge funds own 86.90% of the company’s stock.

Analyst Ratings Changes

CMC has been the subject of several research analyst reports. Wolfe Research lowered Commercial Metals from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, October 9th. Bank of America lowered their price target on Commercial Metals from $70.00 to $69.00 and set a “buy” rating for the company in a research report on Wednesday, June 26th. Jefferies Financial Group assumed coverage on Commercial Metals in a report on Tuesday, September 3rd. They issued a “buy” rating and a $65.00 target price for the company. Finally, BMO Capital Markets set a $62.00 target price on Commercial Metals and gave the stock a “market perform” rating in a research note on Friday. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, Commercial Metals presently has an average rating of “Moderate Buy” and an average target price of $65.25.

Commercial Metals Company 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.