Commercial Metals Co. (NYSE: CMC) stock fell -1.70% on Monday to $44.58 against a previous-day closing price of $45.35. With 0.95 million shares changed hands, the volume of the stock remained lighter than its average volume of 1.04 million shares. During the session, the Steel company that operates in wider Basic Materials sector, reached to the highest price of $45.32 whereas the lowest price it dropped to was $44.47. The 52-week range on CMC shows that it touched its highest point at $58.09 and its lowest point at $39.85 during that stretch. It currently has a 1-year price target of $56.40. With its current market cap of 5.21 billion, CMC has annualized dividend of $0.65 while the current yield stands at 1.46%. Beta for the stock currently stands at 1.34.
Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of CMC was down-trending over the past week, with a drop of -0.13%, but this was up by 10.51% over a month. Three-month performance dropped to -19.27% while six-month performance fell -1.85%. The stock lost -6.44% in the past year, while it has lost -7.70% so far this year. A look at the trailing 12-month EPS for CMC yields 7.25 with Next year EPS estimates of 4.63. For the next quarter, that number is 1.46. This implies an EPS growth rate of -28.02% for this year and -13.03% for next year.
Float and Shares Shorts:
At present, 116.52 million CMC shares are outstanding with a float of 115.33 million shares on hand for trading. On Oct 30, 2023, short shares totaled 3.36 million, which was 2.88% higher than short shares on Sep 28, 2023. In addition to Ms. Barbara R. Smith CPA as the firm’s Executive Chairman of the Board, Mr. Peter R. Matt serves as its CEO, President & Director.
Through their ownership of 86.54% of CMC’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 9.08% of CMC, in contrast to 53.93% held by mutual funds. Shares owned by individuals account for 32.52%. As the largest shareholder in CMC with 11.48% of the stake, BlackRock Fund Advisors holds 13,424,039 shares worth 13,424,039. A second-largest stockholder of CMC, The Vanguard Group, Inc., holds 12,238,336 shares, controlling over 10.47% of the firm’s shares. Dimensional Fund Advisors LP is the third largest shareholder in CMC, holding 7,450,792 shares or 6.37% stake. With a 3.13% stake in CMC, the Vanguard Total Stock Market ETF is the largest stakeholder. A total of 3,655,472 shares are owned by the mutual fund manager. The iShares Core S&P Mid Cap ETF, which owns about 3.09% of CMC stock, is the second-largest Mutual Fund holder. It holds 3,606,582 shares valued at 152.52 million. Vanguard Small Cap Index Fund holds 2.58% of the stake in CMC, owning 3,011,918 shares worth 127.37 million.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for CMC since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With CMC analysts setting a high price target of $74.00 and a low target of $48.00, the average target price over the next 12 months is $56.40. Based on these targets, CMC could surge 65.99% to reach the target high and rise by 7.67% to reach the target low. Reaching the average price target will result in a growth of 26.51% from current levels.
Summary of Insider Activity:
Insiders traded CMC stock several times over the past three months with 0 Buys and 0 Sells. In these transactions, 0 shares were bought while 0 shares were sold. The number of buy transactions has increased to 18 while that of sell transactions has risen to 17 over the past year. The total number of shares bought during that period was 55,981 while 387,892 shares were sold.