Kaiser Aluminum Corp. (KALU) Stock Rating Lowered by Zacks Investment Research
Kaiser Aluminum Corp. (NASDAQ:KALU) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday.
According to Zacks, “KAISER ALUMINUM is a leading producer of fabricated aluminum products for aerospace and high strength, general engineering, automotive, and custom industrial applications. Repeatedly acknowledged as Best in Class among its global customer base,Their 11 fabrication plants typically produce and ship more than 500 million pounds of product annually. “
Other analysts have also recently issued research reports about the company. Bank of America Corp. reissued a “buy” rating on shares of Kaiser Aluminum Corp. in a report on Friday, June 17th. Seaport Global Securities began coverage on Kaiser Aluminum Corp. in a report on Friday, September 9th. They set a “buy” rating and a $100.00 price objective on the stock. Macquarie began coverage on Kaiser Aluminum Corp. in a report on Tuesday, September 6th. They set an “outperform” rating on the stock. Finally, Credit Suisse Group AG set a $85.00 price objective on Kaiser Aluminum Corp. and gave the stock a “hold” rating in a report on Wednesday, July 20th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $91.71.
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Kaiser Aluminum Corp. (NASDAQ:KALU) traded down 0.31% during mid-day trading on Wednesday, hitting $84.73. The stock had a trading volume of 116,077 shares. The company’s 50 day moving average price is $85.12 and its 200 day moving average price is $86.45. The firm has a market cap of $1.51 billion, a PE ratio of 17.13 and a beta of 0.47. Kaiser Aluminum Corp. has a 52 week low of $70.14 and a 52 week high of $96.06.
Kaiser Aluminum Corp. (NASDAQ:KALU) last issued its quarterly earnings data on Wednesday, July 20th. The company reported $1.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.38 by $0.36. The company had revenue of $335 million for the quarter, compared to analysts’ expectations of $351.72 million. Kaiser Aluminum Corp. had a return on equity of 9.70% and a net margin of 6.59%. The business’s revenue for the quarter was down 8.8% on a year-over-year basis. During the same period last year, the company posted $1.27 EPS. Analysts anticipate that Kaiser Aluminum Corp. will post $5.23 earnings per share for the current year.
Several institutional investors have recently made changes to their positions in KALU. Acadian Asset Management LLC boosted its position in shares of Kaiser Aluminum Corp. by 70.7% in the second quarter. Acadian Asset Management LLC now owns 675,042 shares of the company’s stock worth $61,031,000 after buying an additional 279,517 shares in the last quarter. Norges Bank purchased a new position in shares of Kaiser Aluminum Corp. during the fourth quarter worth $10,844,000. State Street Corp boosted its position in shares of Kaiser Aluminum Corp. by 23.9% in the first quarter. State Street Corp now owns 618,212 shares of the company’s stock worth $52,262,000 after buying an additional 119,108 shares in the last quarter. Aberdeen Asset Management PLC UK boosted its position in shares of Kaiser Aluminum Corp. by 68.6% in the second quarter. Aberdeen Asset Management PLC UK now owns 281,456 shares of the company’s stock worth $25,446,000 after buying an additional 114,563 shares in the last quarter. Finally, Emerald Acquisition Ltd. purchased a new position in shares of Kaiser Aluminum Corp. during the second quarter worth $7,713,000. 98.66% of the stock is currently owned by institutional investors.
Kaiser Aluminum Corp. Company Profile
Kaiser Aluminum Corporation is engaged in the production of semi-fabricated specialty aluminum products. The Company manufactures aluminum plate and sheet, and extruded and drawn products, primarily used in aerospace/high strength, automotive, general engineering and other industrial end market applications.
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