Zacks Investment Research Lowers Century Aluminum Company (CENX) to Hold
Century Aluminum Company (NASDAQ:CENX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Monday.
According to Zacks, “Century Aluminum has outperformed the industry it belongs to over the past six months. The company 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. However, high levels of production from China is still hurting the aluminum industry. The company also faces a difficult pricing environment and is seeing high costs for power and certain key raw materials.”
CENX has been the topic of a number of other reports. Macquarie assumed coverage on Century Aluminum in a research note on Thursday, September 7th. They set a “neutral” rating on the stock. BidaskClub raised Century Aluminum from a “hold” rating to a “buy” rating in a research note on Thursday, August 24th. Cowen and Company set a $16.00 price target on Century Aluminum and gave the company a “hold” rating in a research note on Wednesday, August 2nd. BMO Capital Markets reissued a “hold” rating and set a $14.00 price target on shares of Century Aluminum in a research note on Sunday, July 2nd. Finally, Deutsche Bank AG raised Century Aluminum from a “hold” rating to a “buy” rating and set a $20.00 price target on the stock in a research note on Tuesday, October 17th. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $18.40.
Shares of Century Aluminum (CENX) traded up 0.20% on Monday, reaching $15.38. 1,101,247 shares of the company traded hands. The company’s market capitalization is $1.34 billion. The firm’s 50 day moving average is $17.73 and its 200 day moving average is $15.69. Century Aluminum has a one year low of $6.51 and a one year high of $20.68.
Century Aluminum (NASDAQ:CENX) last released its earnings results on Wednesday, August 2nd. The industrial products company reported $0.01 earnings per share (EPS) for the quarter, missing the Zacks’ 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 business had revenue of $388.80 million during the quarter, compared to the consensus estimate of $398.33 million. During the same quarter in the prior year, the firm earned ($0.05) EPS. The business’s revenue was up 19.0% on a year-over-year basis. Analysts expect that Century Aluminum will post $0.56 earnings per share for the current fiscal year.
Large investors have recently made changes to their positions in the business. Quantbot Technologies LP bought a new position in Century Aluminum in the 2nd quarter valued at $997,000. Parallax Volatility Advisers L.P. lifted its position in shares of Century Aluminum by 412.4% during the 2nd quarter. Parallax Volatility Advisers L.P. now owns 109,159 shares of the industrial products company’s stock valued at $1,701,000 after buying an additional 87,857 shares during the last quarter. First Trust Advisors LP purchased a new position in shares of Century Aluminum during the 2nd quarter valued at $2,825,000. Prudential Financial Inc. lifted its position in shares of Century Aluminum by 13.6% during the 1st quarter. Prudential Financial Inc. now owns 96,609 shares of the industrial products company’s stock valued at $1,226,000 after buying an additional 11,538 shares during the last quarter. Finally, Great West Life Assurance Co. Can lifted its position in shares of Century Aluminum by 18.8% during the 2nd quarter. Great West Life Assurance Co. Can now owns 77,580 shares of the industrial products company’s stock valued at $1,208,000 after buying an additional 12,258 shares during the last quarter. Hedge funds and other institutional investors own 67.17% of the company’s stock.
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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