The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Commercial Metals Co. shares valued at $2,066,548 were sold by Smith Barbara on Mar 27 ’24. At $57.88 per share, Smith Barbara sold 35,704 shares. The insider’s holdings dropped to 36,196 shares worth approximately $2.05 million following the completion of this transaction.
Also, Smith Barbara sold 23,619 shares, netting a total of over 1,219,921 in proceeds. Following the sale of shares at $51.65 each, the insider now holds 72,400 shares.
Before that, Smith Barbara had sold 60,166 shares from its account. In a trade valued at $3,085,312, the Executive Chairman traded Commercial Metals Co. shares for $51.28 each. Upon closing the transaction, the insider’s holdings decreased to 60,166 shares, worth approximately $5.43 million.
As published in their initiating research note from UBS on January 16, 2024, Commercial Metals Co. [CMC] has been a Buy and the price target has been revised to $65. Analysts at UBS started covering the stock with ‘”a Buy”‘ outlook in a report released in mid July. As of April 05, 2023, BofA Securities has increased its “Neutral” rating to a “Buy” for CMC. Earlier on February 23, 2023, KeyBanc Capital Markets downgraded its rating. Their new recommendation was “a Sector weight” for CMC stock which previously was a “an Overweight”.
Analyzing CMC Stock Performance
During the last five days, there has been a drop of approximately -1.50%. Over the course of the year, Commercial Metals Co. shares have jumped approximately 13.03%. Shares of the company reached a 52-week high of $59.81 on 03/21/24 and a 52-week low of $47.77 on 01/05/24. A 50-day SMA is recorded $54.83, while a 200-day SMA reached $51.28. Nevertheless, trading volume fell to 0.61 million shares from 0.71 million shares the previous day.
Support And Resistance Levels for Commercial Metals Co. (CMC)
According to the 24-hour chart, there is a support level at 56.15, which, if violated, would cause prices to drop to 55.75. In the upper region, resistance lies at 57.12. The next price resistance is at 57.69. RSI (Relative Strength Index) is 50.83 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.57, which suggests the price will decrease in the coming days. Percent R is at 91.61%, indicating bearish price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Commercial Metals Co. subject to short interest?
Stocks of Commercial Metals Co. saw a sharp steep in short interest on Mar 28, 2024 dropping by -0.55 million shares to 2.42 million. Data from Yahoo Finance shows that the short interest on Feb 29, 2024 was 2.97 million shares. A decline of -22.73% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 2.27 of the overall float, the days-to-cover ratio (short ratio) decline to 2.27.
