Century Aluminum (NASDAQ:CENX) Shares Gap Down – Here’s What Happened

Century Aluminum Company (NASDAQ:CENX)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $55.34, but opened at $50.52. Century Aluminum shares last traded at $50.5890, with a volume of 1,320,936 shares trading hands.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CENX. Wells Fargo & Company boosted their price target on Century Aluminum from $61.00 to $69.00 and gave the stock an “overweight” rating in a report on Thursday, March 12th. Zacks Research raised shares of Century Aluminum from a “hold” rating to a “strong-buy” rating in a report on Tuesday, February 17th. Weiss Ratings restated a “hold (c)” rating on shares of Century Aluminum in a research report on Wednesday, January 21st. B. Riley Financial lifted their price target on shares of Century Aluminum from $64.00 to $68.00 and gave the stock a “buy” rating in a report on Tuesday, February 24th. Finally, Wall Street Zen raised shares of Century Aluminum from a “hold” rating to a “buy” rating in a research note on Saturday, February 21st. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, Century Aluminum has an average rating of “Buy” and a consensus target price of $57.00.

Century Aluminum Price Performance

The firm has a market capitalization of $4.87 billion, a P/E ratio of 124.05 and a beta of 2.17. The company has a fifty day moving average of $50.53 and a 200 day moving average of $37.46. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.97 and a quick ratio of 0.98.

Century Aluminum (NASDAQ:CENX) last released its quarterly earnings results on Thursday, February 19th. The industrial products company reported $1.25 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.25. The firm had revenue of $633.70 million during the quarter, compared to analyst estimates of $661.63 million. Century Aluminum had a net margin of 1.65% and a return on equity of 5.57%. The company’s revenue was up .4% compared to the same quarter last year. During the same quarter last year, the business earned $0.49 EPS. Sell-side analysts predict that Century Aluminum Company will post 2.76 earnings per share for the current year.

Insider Activity

In other Century Aluminum news, CEO Jesse E. Gary sold 150,000 shares of the stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $55.47, for a total transaction of $8,320,500.00. Following the completion of the sale, the chief executive officer directly owned 142,580 shares in the company, valued at approximately $7,908,912.60. This trade represents a 51.27% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP John Dezee sold 66,000 shares of the business’s stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $50.72, for a total value of $3,347,520.00. Following the completion of the transaction, the executive vice president directly owned 97,647 shares in the company, valued at $4,952,655.84. This represents a 40.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 401,626 shares of company stock worth $20,847,911 in the last three months. Corporate insiders own 0.76% of the company’s stock.

Institutional Investors Weigh In On Century Aluminum

A number of hedge funds have recently added to or reduced their stakes in the business. Jones Financial Companies Lllp acquired a new position in Century Aluminum in the first quarter valued at approximately $25,000. Private Trust Co. NA bought a new stake in shares of Century Aluminum in the 4th quarter valued at $28,000. EverSource Wealth Advisors LLC lifted its position in shares of Century Aluminum by 253.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,822 shares of the industrial products company’s stock valued at $33,000 after acquiring an additional 1,306 shares during the period. Advisory Services Network LLC bought a new position in Century Aluminum during the third quarter worth $34,000. Finally, Transamerica Financial Advisors LLC bought a new position in Century Aluminum during the fourth quarter worth $40,000. 61.59% of the stock is currently owned by institutional investors.

Century Aluminum Company Profile

Century Aluminum Company is a primary aluminum producer that develops and operates smelters designed to supply low-carbon, high-purity aluminum products to a range of industrial and commercial markets. Established in 1995, the company has grown to become a significant North American aluminum producer with an expanding international footprint. Century Aluminum is headquartered in the United States and is focused on energy-efficient operations and cost management.

The company’s core operations include three primary aluminum smelting facilities located in Hawesville, Kentucky; Mount Holly, South Carolina; and Grundartangi, Iceland.