Commercial Metals Co.’s filing revealed that its Executive Chairman Smith Barbara unloaded Company’s shares for reported $2.07 million on Mar 27 ’24. In the deal valued at $57.88 per share,35,704 shares were sold. As a result of this transaction, Smith Barbara now holds 36,196 shares worth roughly $2.02 million.
Then, Smith Barbara sold 23,619 shares, generating $1,219,921 in total proceeds. Upon selling the shares at $51.65, the Executive Chairman now owns 72,400 shares.
Before that, Smith Barbara sold 60,166 shares. Commercial Metals Co. shares valued at $3,085,312 were divested by the Executive Chairman at a price of $51.28 per share. As a result of the transaction, Smith Barbara now holds 96,019 shares, worth roughly $5.35 million.
UBS initiated its Commercial Metals Co. [CMC] rating to a Buy in a research note published on January 16, 2024; the price target was $65. A number of analysts have revised their coverage, including UBS’s analysts, who began to cover the stock in mid July with a ‘”a Buy”‘ rating. BofA Securities also remained covering CMC and has increased its forecast on April 05, 2023 with a “Buy” recommendation from previously “Neutral” rating. KeyBanc Capital Markets revised its rating on February 23, 2023. It rated CMC as “a Sector weight” which previously was an “an Overweight”.
Price Performance Review of CMC
On Monday, Commercial Metals Co. [NYSE:CMC] saw its stock jump 1.01% to $55.76. Over the last five days, the stock has lost -3.56%. Commercial Metals Co. shares have risen nearly 11.43% since the year began. Nevertheless, the stocks have risen 16.95% over the past one year. While a 52-week high of $59.81 was reached on 03/21/24, a 52-week low of $39.85 was recorded on 01/05/24. SMA at 50 days reached $54.97, while 200 days put it at $51.31. A total of 0.66 million shares were traded, compared to the trading of 0.64 million shares in the previous session.
Levels Of Support And Resistance For CMC Stock
The 24-hour chart illustrates a support level at 55.13, which if violated will result in even more drops to 54.51. On the upside, there is a resistance level at 56.30. A further resistance level may holdings at 56.85. The Relative Strength Index (RSI) on the 14-day chart is 47.01, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -1.70, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 81.53%. Stochastics %K at 10.48% indicates the stock is a buying.
