IRVING, Texas - Commercial Metals Company (NYSE: NYSE:CMC), a prominent player in the global construction sector, has expanded its Board of Directors with the appointment of Dennis V. Arriola, effective March 19, 2024. Arriola's extensive background in the energy sector is expected to enhance the company's sustainability initiatives and international market strategies.
Arriola, currently an Operating Partner at Sandbrook Capital, has over four decades of experience, including his recent role as CEO of Avangrid (NYSE:AGR), Inc., a sustainable energy company with a substantial asset base across the United States. His career has spanned significant positions at Sempra and SunPower (NASDAQ:SPWR) Corporation, and he maintains board memberships at ConocoPhillips (NYSE:COP), Meritage (NYSE:MTH) Homes, and the Automobile Club of Southern California.
Barbara R. Smith, Executive Chairman of Commercial Metals, expressed confidence in Arriola's ability to contribute to the company's growth and sustainability efforts, citing his global experience and renewable energy expertise. With Arriola joining, the Board will consist of ten directors, eight of whom are independent. He will also serve on the Audit and Finance Committees.
Arriola holds a Bachelor of Arts in Economics from Stanford University and a Masters of Business Administration from Harvard University.
Commercial Metals Company is known for its solutions that support construction projects across various applications including infrastructure, non-residential, residential, and industrial, as well as energy generation and transmission. The company operates a significant manufacturing network in the United States and Central Europe.
The information in this article is based on a press release..
InvestingPro Insights
As Commercial Metals Company (NYSE: CMC) welcomes Dennis V. Arriola to its Board of Directors, the company's financial health and strategic decisions remain crucial for investors. An InvestingPro analysis reveals several key financial metrics that could influence CMC's performance in the global construction sector. Currently, the company boasts a market capitalization of approximately $6.4 billion, underlining its substantial presence in the industry. The P/E ratio, a measure of the company's current share price relative to its per-share earnings, stands at a competitive 8.36, with a slight adjustment to 8.22 when considering the last twelve months as of Q1 2024.
InvestingPro Tips highlight that CMC's management has been aggressively buying back shares, which can be an indicator of the company's confidence in its own growth prospects and a potential signal of undervaluation. Additionally, the company has a track record of raising its dividend for three consecutive years, showcasing its commitment to returning value to shareholders. This is further supported by the fact that CMC has maintained dividend payments for an impressive 54 consecutive years. With a dividend yield of 1.16% as of the latest data, income-focused investors might find CMC an attractive option.
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