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.”
A number of other research analysts have also commented on the company. Cowen and Company increased their price objective on Century Aluminum from $11.00 to $16.00 and gave the company a market perform rating in a research report on Thursday, April 27th. Deutsche Bank AG upgraded Century Aluminum from a sell rating to a hold rating and raised their price target for the stock from $10.00 to $15.00 in a research report on Friday, June 23rd. BMO Capital Markets restated a hold rating and issued a $14.00 price target on shares of Century Aluminum in a research report on Sunday, July 2nd. Finally, BidaskClub lowered Century Aluminum from a buy rating to a hold rating in a research report on Saturday, June 17th. Six investment analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus price target of $14.20.
Shares of Century Aluminum (CENX) traded up 4.06% on Tuesday, reaching $14.36. The company’s stock had a trading volume of 3,015,847 shares. The stock has a 50-day moving average of $16.15 and a 200 day moving average of $14.46. Century Aluminum has a 52 week low of $5.53 and a 52 week high of $19.08. The stock’s market capitalization is $1.25 billion.
Century Aluminum (NASDAQ:CENX) last announced its quarterly earnings data on Wednesday, August 2nd. The industrial products company reported $0.01 EPS for the quarter, missing the Zacks’ consensus estimate of $0.29 by $0.28. The firm had revenue of $388.80 million during the quarter, compared to the consensus estimate of $398.33 million. Century Aluminum had a negative net margin of 16.48% and a negative return on equity of 5.61%. The firm’s quarterly revenue was up 19.0% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.05) earnings per share. On average, analysts expect that Century Aluminum will post $0.44 EPS for the current year.
In other Century Aluminum news, insider Michael A. Bless sold 27,618 shares of Century Aluminum stock in a transaction dated 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. Company insiders own 0.50% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in CENX. Louisiana State Employees Retirement System increased its stake in Century Aluminum by 1.5% in the first quarter. Louisiana State Employees Retirement System now owns 20,300 shares of the industrial products company’s stock valued at $258,000 after buying an additional 300 shares in the last quarter. Texas Permanent School Fund increased its position in shares of Century Aluminum by 0.9% in the second quarter. Texas Permanent School Fund now owns 36,315 shares of the industrial products company’s stock worth $566,000 after buying an additional 307 shares during the period. Municipal Employees Retirement System of Michigan increased its position in shares of Century Aluminum by 3.3% in the second quarter. Municipal Employees Retirement System of Michigan now owns 11,730 shares of the industrial products company’s stock worth $183,000 after buying an additional 370 shares during the period. Arizona State Retirement System increased its position in shares of Century Aluminum by 1.6% in the first quarter. Arizona State Retirement System now owns 25,937 shares of the industrial products company’s stock worth $329,000 after buying an additional 400 shares during the period. Finally, Thrivent Financial for Lutherans increased its position in shares of Century Aluminum by 2.8% in the fourth quarter. Thrivent Financial for Lutherans now owns 26,310 shares of the industrial products company’s stock worth $225,000 after buying an additional 710 shares during the period. 65.17% of the stock is currently owned by hedge funds and other institutional investors.
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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