Zacks Investment Research upgraded shares of Century Aluminum Company (NASDAQ:CENX) from a hold rating to a buy rating in a research note issued to investors on Tuesday. The brokerage currently has $20.00 price target on the industrial products company’s stock.
According to Zacks, “Estimates for Century Aluminum have been going up of late. The company has outperformed the Zacks categorized Metal Procurement & Fabrication industry over a year. Century Aluminum is implementing a number of actions to reduce costs and preserve cash amid a weak operating environment. It should also gain from strong aluminum demand across automotive and aerospace markets in its key regions, North America and China, as well as acquisitions. Moreover, the company has low debt and short-term obligations which will help it remain strong in an adverse environment.”
A number of other research firms also recently commented on CENX. Deutsche Bank AG raised Century Aluminum from a sell rating to a hold rating and boosted their price objective for the stock from $10.00 to $15.00 in a research note on Friday, June 23rd. Cowen and Company boosted their price objective on Century Aluminum from $11.00 to $16.00 and gave the stock a market perform rating in a research note on Thursday, April 27th. BMO Capital Markets reissued a hold rating and issued a $14.00 price objective on shares of Century Aluminum in a research note on Sunday, July 2nd. Finally, BidaskClub raised Century Aluminum from a hold rating to a buy rating in a research note on Friday, June 9th. Six research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Century Aluminum has a consensus rating of Hold and a consensus target price of $14.40.
Century Aluminum (NASDAQ:CENX) traded down 3.11% during mid-day trading on Tuesday, reaching $17.77. The company’s stock had a trading volume of 529,395 shares. The firm has a 50 day moving average price of $15.75 and a 200-day moving average price of $13.91. Century Aluminum has a 1-year low of $5.53 and a 1-year high of $18.43. The company’s market capitalization is $1.55 billion.
Century Aluminum (NASDAQ:CENX) last announced its earnings results on Tuesday, April 25th. The industrial products company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.10. The firm had revenue of $365.80 million for the quarter, compared to the consensus estimate of $364.33 million. Century Aluminum had a negative return on equity of 5.85% and a negative net margin of 18.40%. The firm’s revenue for the quarter was up 14.7% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.23) EPS. On average, equities analysts predict that Century Aluminum will post $0.83 EPS for the current fiscal year.
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In other news, insider Michael A. Bless sold 27,618 shares of the business’s stock in a transaction on Thursday, May 25th. The stock was sold at an average price of $14.88, for a total value of $410,955.84. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.50% of the stock is currently owned by insiders.
Several hedge funds have recently bought and sold shares of CENX. Dimensional Fund Advisors LP boosted its position in shares of Century Aluminum by 0.3% in the first quarter. Dimensional Fund Advisors LP now owns 7,383,026 shares of the industrial products company’s stock worth $93,690,000 after buying an additional 20,424 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Century Aluminum by 2.4% in the first quarter. Vanguard Group Inc. now owns 4,524,482 shares of the industrial products company’s stock worth $57,416,000 after buying an additional 106,570 shares during the last quarter. State Street Corp boosted its position in shares of Century Aluminum by 19.9% in the first quarter. State Street Corp now owns 4,491,650 shares of the industrial products company’s stock worth $56,998,000 after buying an additional 744,622 shares during the last quarter. Impala Asset Management LLC boosted its position in shares of Century Aluminum by 143.5% in the first quarter. Impala Asset Management LLC now owns 1,714,144 shares of the industrial products company’s stock worth $21,752,000 after buying an additional 1,010,144 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its position in shares of Century Aluminum by 4,279.7% in the first quarter. JPMorgan Chase & Co. now owns 1,610,095 shares of the industrial products company’s stock worth $20,432,000 after buying an additional 1,573,332 shares during the last quarter. 66.58% of the stock is currently owned by institutional investors.
Century Aluminum Company Profile
Century Aluminum Company (Century) is a holding company, which is a producer of primary aluminum and operates aluminum reduction facilities, or smelters, in the United States and Iceland. The Company operates through primary aluminum segment. The Company’s primary aluminum facilities produce standard grade primary aluminum products.
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