Zacks Investment Research upgraded shares of Century Aluminum Company (NASDAQ:CENX) from a hold rating to a buy rating in a report issued on Tuesday, July 18th. They currently have $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.”
Other research analysts also recently issued reports about the company. BidaskClub upgraded Century Aluminum from a hold rating to a buy rating in a research note on Friday, June 9th. BMO Capital Markets reiterated a hold rating and issued a $14.00 target price on shares of Century Aluminum in a research note on Sunday, July 2nd. Deutsche Bank AG upgraded Century Aluminum from a sell rating to a hold rating and lifted their target price for the company from $10.00 to $15.00 in a research note on Friday, June 23rd. Finally, Cowen and Company raised their price target on Century Aluminum from $11.00 to $16.00 and gave the company a market perform rating in a report on Thursday, April 27th. Six analysts have rated the stock with a hold rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of Hold and an average price target of $14.20.
Shares of Century Aluminum (NASDAQ CENX) traded up 1.49% on Tuesday, reaching $14.33. The company’s stock had a trading volume of 1,517,865 shares. The stock has a 50-day moving average price of $16.09 and a 200-day moving average price of $14.43. Century Aluminum has a 1-year low of $5.53 and a 1-year high of $19.08. The company’s market capitalization is $1.25 billion.
Century Aluminum (NASDAQ:CENX) last announced its earnings results on Wednesday, August 2nd. The industrial products company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.29 by $0.28. Century Aluminum had a negative net margin of 16.48% and a negative return on equity of 5.61%. The company had revenue of $388.80 million during the quarter, compared to analysts’ expectations of $398.33 million. During the same quarter last year, the business posted ($0.05) earnings per share. The company’s revenue for the quarter was up 19.0% compared to the same quarter last year. On average, equities research analysts forecast that Century Aluminum will post $0.44 EPS for the current year.
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In other news, insider Michael A. Bless sold 27,618 shares of the firm’s stock in a transaction that occurred 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 legal filing with the Securities & Exchange Commission, which is available through this link. 0.50% of the stock is owned by company insiders.
Several hedge funds have recently bought and sold shares of the stock. State Street Corp boosted its position in shares of Century Aluminum by 270.8% in the fourth quarter. State Street Corp now owns 3,747,028 shares of the industrial products company’s stock valued at $32,077,000 after buying an additional 2,736,588 shares in the last quarter. Balyasny Asset Management LLC boosted its position in shares of Century Aluminum by 742.8% in the second quarter. Balyasny Asset Management LLC now owns 3,027,819 shares of the industrial products company’s stock valued at $47,173,000 after buying an additional 2,668,550 shares in the last quarter. 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 valued at $20,432,000 after buying an additional 1,573,332 shares in the last quarter. Impala Asset Management LLC boosted its position in shares of Century Aluminum by 63.2% in the second quarter. Impala Asset Management LLC now owns 2,797,458 shares of the industrial products company’s stock valued at $43,584,000 after buying an additional 1,083,314 shares in the last quarter. Finally, Hood River Capital Management LLC purchased a new position in shares of Century Aluminum during the first quarter valued at about $12,317,000. 65.17% of the stock is owned by institutional investors and hedge funds.
About Century Aluminum
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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