Century Aluminum Company (CENX) Upgraded by Zacks Investment Research to Buy
Century Aluminum Company (NASDAQ:CENX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The firm presently has a $20.00 price target on the industrial products company’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 13.64% from the stock’s current price.
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 brokerages have also issued reports on CENX. Deutsche Bank AG raised Century Aluminum from a “sell” rating to a “hold” rating and boosted their target price for the company from $10.00 to $15.00 in a research report on Friday, June 23rd. Cowen and Company boosted their target price 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. BMO Capital Markets reissued a “hold” rating and issued a $14.00 target price on shares of Century Aluminum in a research report on Sunday, July 2nd. Finally, BidaskClub raised Century Aluminum from a “hold” rating to a “buy” rating in a research report on Friday, June 9th. Six equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $14.40.
Century Aluminum (CENX) remained flat at $17.60 during midday trading on Tuesday. The stock had a trading volume of 1,619,438 shares. Century Aluminum has a 52-week low of $5.53 and a 52-week high of $17.78. The company has a 50-day moving average price of $14.73 and a 200 day moving average price of $13.15. The stock’s market capitalization is $1.54 billion.
Century Aluminum (NASDAQ:CENX) last released its quarterly earnings results on Tuesday, April 25th. The industrial products company reported ($0.05) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.15) by $0.10. The firm had revenue of $365.80 million for the quarter, compared to analyst estimates of $364.33 million. Century Aluminum had a negative net margin of 18.40% and a negative return on equity of 5.85%. The business’s revenue for the quarter was up 14.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.23) EPS. On average, analysts forecast that Century Aluminum will post $0.83 earnings per share for the current year.
In other Century Aluminum news, insider Michael A. Bless sold 27,618 shares of the business’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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.50% of the stock is owned by insiders.
A number of hedge funds have recently made changes to their positions in the stock. Dimensional Fund Advisors LP raised its stake in Century Aluminum by 0.3% in the first quarter. Dimensional Fund Advisors LP now owns 7,383,026 shares of the industrial products company’s stock worth $93,690,000 after buying an additional 20,424 shares in the last quarter. Vanguard Group Inc. raised its stake in Century Aluminum by 2.4% in the first quarter. Vanguard Group Inc. now owns 4,524,482 shares of the industrial products company’s stock worth $57,416,000 after buying an additional 106,570 shares in the last quarter. State Street Corp raised its stake in Century Aluminum by 19.9% in the first quarter. State Street Corp now owns 4,491,650 shares of the industrial products company’s stock worth $56,998,000 after buying an additional 744,622 shares in the last quarter. Impala Asset Management LLC raised its stake in Century Aluminum by 143.5% in the first quarter. Impala Asset Management LLC now owns 1,714,144 shares of the industrial products company’s stock worth $21,752,000 after buying an additional 1,010,144 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in 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 worth $20,432,000 after buying an additional 1,573,332 shares in the last quarter. 66.58% of the stock is currently owned by institutional investors.
Century Aluminum Company Profile
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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