Kaiser Aluminum Corp. (KALU) Trading 7.3% Higher on Earnings Beat
Kaiser Aluminum Corp. (NASDAQ:KALU) shares traded up 7.3% on Thursday following a better than expected earnings announcement. The stock traded as high as $86.79 and last traded at $83.68, with a volume of 638,107 shares trading hands. The stock had previously closed at $77.97.
The industrial products company reported $1.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.40. The business had revenue of $355.30 million for the quarter, compared to analyst estimates of $353.30 million. Kaiser Aluminum Corp. had a net margin of 6.12% and a return on equity of 9.46%. Kaiser Aluminum Corp.’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.51 earnings per share.
The company also recently announced a quarterly dividend, which will be paid on Monday, May 15th. Investors of record on Thursday, April 27th will be issued a $0.50 dividend. The ex-dividend date of this dividend is Tuesday, April 25th. This represents a $2.00 annualized dividend and a yield of 2.39%. Kaiser Aluminum Corp.’s payout ratio is 45.25%.
Several equities analysts recently issued reports on the stock. Sidoti upgraded shares of Kaiser Aluminum Corp. from a “neutral” rating to a “buy” rating and set a $109.00 target price on the stock in a report on Monday, March 20th. Cowen and Company boosted their target price on shares of Kaiser Aluminum Corp. from $90.00 to $92.00 and gave the company a “market perform” rating in a report on Wednesday. Zacks Investment Research lowered shares of Kaiser Aluminum Corp. from a “hold” rating to a “sell” rating in a report on Tuesday, February 21st. Bank of America Corp restated an “underperform” rating and issued a $77.00 target price on shares of Kaiser Aluminum Corp. in a report on Thursday, January 12th. Finally, TheStreet upgraded shares of Kaiser Aluminum Corp. from a “c” rating to a “b-” rating in a report on Tuesday, February 21st. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $92.38.
In other news, VP Ray Parkinson sold 1,200 shares of the company’s stock in a transaction dated Wednesday, March 29th. The shares were sold at an average price of $78.16, for a total transaction of $93,792.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 2.80% of the stock is currently owned by corporate insiders.
Institutional investors have recently made changes to their positions in the stock. Pacad Investment Ltd. raised its position in shares of Kaiser Aluminum Corp. by 35.3% in the fourth quarter. Pacad Investment Ltd. now owns 2,300 shares of the industrial products company’s stock valued at $179,000 after buying an additional 600 shares in the last quarter. Silvercrest Asset Management Group LLC bought a new position in shares of Kaiser Aluminum Corp. during the fourth quarter valued at $211,000. Two Sigma Securities LLC bought a new position in shares of Kaiser Aluminum Corp. during the third quarter valued at $214,000. SG Americas Securities LLC bought a new position in shares of Kaiser Aluminum Corp. during the third quarter valued at $260,000. Finally, ETRADE Capital Management LLC raised its position in shares of Kaiser Aluminum Corp. by 32.9% in the third quarter. ETRADE Capital Management LLC now owns 3,344 shares of the industrial products company’s stock valued at $289,000 after buying an additional 828 shares in the last quarter. Hedge funds and other institutional investors own 96.70% of the company’s stock.
The firm’s 50-day moving average is $78.49 and its 200 day moving average is $79.54. The company has a market cap of $1.47 billion, a PE ratio of 16.44 and a beta of 0.57.
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About Kaiser Aluminum Corp.
Kaiser Aluminum Corporation manufactures and sells semi-fabricated specialty aluminum mill products. The Company operates in the Fabricated Products segment. The Company’s Fabricated Products segment focuses on producing rolled, extruded and drawn aluminum products used principally for aerospace and defense, automotive and general engineering products that include consumer durables, electronics, electrical and machinery and equipment applications.
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