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| Top Buys by Directors: Matt's $249.9K Bet on CMCBy Metals Channel Staff, Wednesday, October 25, 11:16 AM ET
The directors of a company tend to have a unique inside view into the business, so when directors make major buys, investors are wise to take notice. Presumably the only reason a director of a company would choose to take their hard-earned cash and use it to buy stock in the open market, is that they expect to make money — maybe they find the stock very undervalued, or maybe they see exciting progress within the company, or maybe both. So in this series we look at the largest insider buys by company directors over the trailing six month period, one of which was a total of $249.9K by Peter R. Matt, CEO at Commercial Metals Co. (NYSE:CMC). Matt bets big on CMC:
Matt's average cost works out to $40.30/share. In trading on Wednesday, bargain hunters could buy shares of Commercial Metals Co. (NYSE:CMC) and achieve a cost basis lower than Matt, with shares changing hands as low as $39.94 per share. Shares of Commercial Metals Co. were changing hands at $40.74 at last check, trading up about 1.7% on Wednesday. The chart below shows the one year performance of CMC shares, versus its 200 day moving average:
Looking at the chart above, CMC's low point in its 52 week range is $39.85 per share, with $58.09 as the 52 week high point — that compares with a last trade of $40.74. The current annualized dividend paid by Commercial Metals Co. is $0.64/share, currently paid in quarterly installments, and its most recent dividend ex-date was on 10/25/2023. Below is a long-term dividend history chart for CMC, which can be of good help in judging whether the most recent dividend with approx. 1.6% annualized yield is likely to continue.
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