Artemis Buys $104 Million Of Commercial Metals Stock In Large New Stake

What happened

According to an SEC filing dated Feb. 2, 2026, Artemis Investment Management LLP initiated a new stake in Commercial Metals Company (NYSE:CMC) by acquiring 1,501,906 shares during the fourth quarter. The estimated transaction value was $103.96 million, calculated using the quarter’s average share price. The quarter-end value of the position matched this figure, reflecting the combined impact of the share purchase and any price movement during the period.

What else to know

Artemis’s new Commercial Metals Company holding represents 1.26% of its 13F reportable assets under management after the trade.

• Top holdings after the filing:
  • Nvidia: $297.68 million (3.6% of AUM)
  • Alphabet: $259.83 million (3.1% of AUM)
  • Microsoft: $204.42 million (2.5% of AUM)
  • Amazon: $170.79 million (2.1% of AUM)
  • Abbvie: $160.86 million (1.9% of AUM)

As of Jan. 30, 2026, Commercial Metals Company shares were priced at $76.87, up 58.9% over the prior year, outperforming the S&P 500 by 44 percentage points.

Company overview

Company snapshot

Commercial Metals Company:

• Manufactures, recycles, and fabricates steel and metal products, including rebar, merchant bar, structural steel, billets, wire rods, and fabricated steel for construction and industrial applications.
• Operates an integrated business model by sourcing scrap metal, producing finished and semi-finished steel products, and supplying fabricated steel and construction-related services to end markets.
• Serves steel mills, foundries, manufacturers, distributors, construction companies, and infrastructure projects across the United States, Poland, China, and other international markets.

Commercial Metals Company is a leading producer and recycler of steel and metal products, with a diversified presence in both domestic and international markets. The company leverages an integrated supply chain to deliver value-added products and services to construction, manufacturing, and infrastructure sectors. Its scale, vertical integration, and broad customer base provide resilience and competitive advantage in the cyclical steel industry.

What this transaction means for investors

Artemis Investment Management’s opening purchase of Commercial Metals Company (CMC) is an intriguing move. First, the buy took place after CMC had already risen by more than 50% since April 2025. Despite the stock’s EV/EBITDA ratio spiking from 6 to today’s mark of 9, Artemis still sees upside in the stock.

Second -- and the reason I think the timing of Artemis’ purchase is interesting -- CMC acquired two precast concrete and pipe companies in Q4 for roughly $2.5 billion combined. While it’s impossible to know for sure, these new acquisitions could be part of the reason why Artemis bought CMC. On a personal level, I think the acquisitions are promising, as they help the company grow its younger, higher-margin Construction Solutions Group, which focuses on value-added services rather than more commodity-like steel offerings.

Home to industry-leading sustainability metrics (low water, energy, and virgin materials use, along with lower emissions), CMC also has numerous tailwinds, like:

• U.S. investment in infrastructure
• AI infrastructure buildout
• Energy generation upgrades
• its exposure to the Sun Belt and its demographic trends
• the potential of re-shoring of manufacturing

While this isn’t typically the type of stock I’d buy, I certainly understand Artemis’ interest in the stock, and it is a company to monitor if you are interested in this corner of the market.

Josh Kohn-Lindquist has positions in Alphabet and Nvidia. The Motley Fool has positions in and recommends AbbVie, Alphabet, Amazon, Microsoft, and Nvidia. The Motley Fool has a disclosure policy.