Zacks Investment Research lowered shares of Century Aluminum (NASDAQ:CENX) from a buy rating to a hold rating in a report issued 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.”
A number of other research firms have also commented on CENX. Berenberg Bank initiated coverage on shares of Century Aluminum in a research note on Friday, September 21st. They set a sell rating and a $10.00 price objective on the stock. Deutsche Bank lowered shares of Century Aluminum from a buy rating to a hold rating and lowered their price objective for the company from $20.00 to $15.00 in a research note on Tuesday, October 2nd. B. Riley lowered their price objective on shares of Century Aluminum from $23.00 to $20.00 and set a buy rating on the stock in a research note on Thursday, October 4th. ValuEngine upgraded 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 analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company. The stock has an average rating of Hold and a consensus target price of $14.47.
Century Aluminum (NASDAQ:CENX) last released its quarterly earnings results on Thursday, October 25th. The industrial products company reported $0.02 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.01 by $0.01. The company had revenue of $481.80 million for the quarter, compared to analysts’ expectations of $469.09 million. Century Aluminum had a return on equity of 6.51% and a net margin of 1.80%. As a group, analysts forecast that Century Aluminum will post -0.27 EPS for the current year.
In other Century Aluminum news, Director Jarl Berntzen purchased 10,000 shares of the firm’s stock in a transaction on Tuesday, October 30th. The shares were purchased at an average price of $7.80 per share, for a total transaction of $78,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.59% of the company’s stock.
A number of institutional investors have recently bought and sold shares of CENX. Tower Research Capital LLC TRC grew its position in Century Aluminum by 1,531.9% in the third quarter. Tower Research Capital LLC TRC now owns 9,106 shares of the industrial products company’s stock worth $109,000 after buying an additional 8,548 shares during the last quarter. Virtu Financial LLC acquired a new position in Century Aluminum in the third quarter worth approximately $132,000. United Services Automobile Association acquired a new position in Century Aluminum in the second quarter worth approximately $159,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in Century Aluminum in the third quarter worth approximately $192,000. Finally, SG Americas Securities LLC grew its position in Century Aluminum by 30.4% in the third quarter. SG Americas Securities LLC now owns 34,392 shares of the industrial products company’s stock worth $412,000 after buying an additional 8,017 shares during the last quarter. Hedge funds and other institutional investors own 57.87% of the company’s stock.
Century Aluminum Company Profile
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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