Zacks Investment Research lowered shares of Century Aluminum (NASDAQ:CENX) from a buy rating to a hold rating in a research report sent to investors on Thursday morning.
According to Zacks, “Century Aluminum should gain from its actions to reduce operating costs. It should also benefit from strong aluminum demand across automotive and aerospace markets as well as acquisitions. The company is also witnessing strong downstream demand in most regions and sectors, particularly in the United States. This is helping to generate attractive growth in the primary metal consumption. However, the company is exposed to certain operational challenges. Higher power prices, lower realized selling prices and higher alumina costs are likely to hurt margins. High levels of production from China also remain a concern. The company has also underperformed the industry it belongs to in the past six months.”
Several other equities research analysts have also issued reports on CENX. Berenberg Bank initiated coverage on shares of Century Aluminum in a research note on Friday, September 21st. They issued a sell rating and a $10.00 price objective for the company. Deutsche Bank lowered shares of Century Aluminum from a buy rating to a hold rating and reduced their price objective for the company from $20.00 to $15.00 in a research note on Tuesday, October 2nd. B. Riley reduced their price objective on shares of Century Aluminum from $23.00 to $20.00 and set a buy rating for the company in a research note on Thursday, October 4th. ValuEngine raised shares of Century Aluminum from a strong sell rating to a sell rating in a research note on Wednesday, October 17th. Finally, Macquarie set a $13.00 price objective on shares of Century Aluminum and gave the company a hold rating in a research note on Friday, October 26th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus target price of $14.47.
Century Aluminum (NASDAQ:CENX) last issued its earnings results on Thursday, October 25th. The industrial products company reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.01. The company had revenue of $481.80 million during the quarter, compared to analyst estimates of $469.09 million. Century Aluminum had a net margin of 1.80% and a return on equity of 6.51%. Equities research analysts expect that Century Aluminum will post -0.27 earnings per share for the current fiscal year.
In other Century Aluminum news, Director Jarl Berntzen acquired 10,000 shares of Century Aluminum stock in a transaction that occurred on Tuesday, October 30th. The stock was acquired at an average price of $7.80 per share, with a total value of $78,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.59% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in CENX. CIBC World Markets Inc. raised its holdings in Century Aluminum by 11,577.9% in the 3rd quarter. CIBC World Markets Inc. now owns 1,412,092 shares of the industrial products company’s stock worth $16,903,000 after acquiring an additional 1,400,000 shares during the period. ING Groep NV raised its holdings in Century Aluminum by 381.1% in the 3rd quarter. ING Groep NV now owns 1,141,627 shares of the industrial products company’s stock worth $13,665,000 after acquiring an additional 904,333 shares during the period. Morgan Stanley raised its holdings in Century Aluminum by 480.3% in the 3rd quarter. Morgan Stanley now owns 727,544 shares of the industrial products company’s stock worth $8,709,000 after acquiring an additional 602,177 shares during the period. Point72 Asset Management L.P. raised its holdings in Century Aluminum by 290.0% in the 2nd quarter. Point72 Asset Management L.P. now owns 617,484 shares of the industrial products company’s stock worth $9,725,000 after acquiring an additional 459,140 shares during the period. Finally, BlackRock Inc. raised its holdings in Century Aluminum by 6.9% in the 2nd quarter. BlackRock Inc. now owns 6,913,125 shares of the industrial products company’s stock worth $108,881,000 after acquiring an additional 448,128 shares during the period. Hedge funds and other institutional investors own 57.87% of the company’s stock.
About Century Aluminum
Century Aluminum Company, together with its subsidiaries, produces standard-grade and value-added primary and secondary aluminum in the United States and Iceland. The company was founded in 1995 and is headquartered in Chicago, Illinois.
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