Schwab Charles Investment Management Inc. raised its position in Kaiser Aluminum Corporation (NASDAQ:KALU) by 8.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 121,074 shares of the industrial products company’s stock after buying an additional 9,731 shares during the period. Schwab Charles Investment Management Inc. owned approximately 0.70% of Kaiser Aluminum Corporation worth $9,674,000 at the end of the most recent quarter.
A number of other large investors have also modified their holdings of KALU. Acrospire Investment Management LLC purchased a new position in shares of Kaiser Aluminum Corporation during the first quarter worth $112,000. SG Americas Securities LLC purchased a new position in shares of Kaiser Aluminum Corporation during the first quarter worth $119,000. Ameritas Investment Partners Inc. purchased a new position in shares of Kaiser Aluminum Corporation during the first quarter worth $122,000. Schroder Investment Management Group purchased a new position in shares of Kaiser Aluminum Corporation during the first quarter worth $214,000. Finally, Highbridge Capital Management LLC purchased a new position in shares of Kaiser Aluminum Corporation during the fourth quarter worth $291,000. Institutional investors and hedge funds own 98.17% of the company’s stock.
Kaiser Aluminum Corporation (NASDAQ:KALU) opened at 96.77 on Friday. The stock has a market cap of $1.63 billion, a price-to-earnings ratio of 21.25 and a beta of 0.54. The company has a 50-day moving average price of $90.65 and a 200 day moving average price of $83.23. Kaiser Aluminum Corporation has a 52-week low of $69.41 and a 52-week high of $98.72.
Kaiser Aluminum Corporation (NASDAQ:KALU) last posted its quarterly earnings results on Wednesday, July 19th. The industrial products company reported $1.47 earnings per share for the quarter, beating the consensus estimate of $1.01 by $0.46. Kaiser Aluminum Corporation had a net margin of 5.87% and a return on equity of 11.71%. The business had revenue of $356 million during the quarter, compared to analysts’ expectations of $349.62 million. During the same quarter in the prior year, the company posted $1.02 EPS. The business’s revenue for the quarter was up 6.3% on a year-over-year basis. On average, analysts expect that Kaiser Aluminum Corporation will post $5.47 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Thursday, July 27th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Tuesday, July 25th. This represents a $2.00 annualized dividend and a dividend yield of 2.07%. Kaiser Aluminum Corporation’s dividend payout ratio (DPR) is 44.44%.
Kaiser Aluminum Corporation declared that its board has authorized a share buyback program on Monday, April 17th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the industrial products company to buy up to 7.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.
A number of brokerages have recently weighed in on KALU. Zacks Investment Research upgraded Kaiser Aluminum Corporation from a “sell” rating to a “hold” rating in a research report on Friday, July 14th. BidaskClub upgraded Kaiser Aluminum Corporation from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. Bank of America Corporation raised their price objective on Kaiser Aluminum Corporation from $79.00 to $85.00 and gave the company an “underperform” rating in a research report on Friday, July 21st. Cowen and Company raised their price objective on Kaiser Aluminum Corporation from $90.00 to $92.00 and gave the company a “market perform” rating in a research report on Wednesday, April 19th. Finally, Deutsche Bank AG restated a “buy” rating on shares of Kaiser Aluminum Corporation in a research report on Saturday, June 24th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $96.00.
In other news, VP Ray Parkinson sold 2,000 shares of the stock in a transaction that occurred on Thursday, May 11th. The shares were sold at an average price of $80.75, for a total value of $161,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Carolyn Bartholomew sold 1,000 shares of the stock in a transaction that occurred on Monday, July 10th. The shares were sold at an average price of $92.00, for a total transaction of $92,000.00. Following the completion of the sale, the director now directly owns 14,344 shares of the company’s stock, valued at approximately $1,319,648. The disclosure for this sale can be found here. In the last three months, insiders sold 14,782 shares of company stock valued at $1,342,980. Corporate insiders own 3.00% of the company’s stock.
About Kaiser Aluminum Corporation
Kaiser Aluminum Corporation manufactures and sells semi-fabricated specialty aluminum mill products. The Company operates in the Fabricated Products segment. The Company’s Fabricated Products segment focuses on producing rolled, extruded and drawn aluminum products used principally for aerospace and defense, automotive and general engineering products that include consumer durables, electronics, electrical and machinery and equipment applications.
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