Kaiser Aluminum Corporation (NASDAQ:KALU) Stock Rating Reaffirmed by Morgan Stanley
Morgan Stanley reiterated their equal weight rating on shares of Kaiser Aluminum Corporation (NASDAQ:KALU) in a research report report published on Tuesday. The firm currently has a $87.00 price target on the industrial products company’s stock, up from their previous price target of $80.00.
KALU has been the topic of several other reports. Zacks Investment Research cut Kaiser Aluminum Corporation from a buy rating to a hold rating in a research note on Tuesday, June 27th. BidaskClub raised Kaiser Aluminum Corporation from a hold rating to a buy rating in a research note on Wednesday, June 14th. Bank of America Corporation raised their target price on Kaiser Aluminum Corporation from $79.00 to $85.00 and gave the stock an underperform rating in a research note on Friday, July 21st. Cowen and Company raised their target price on Kaiser Aluminum Corporation from $90.00 to $92.00 and gave the stock a market perform rating in a research note on Wednesday, April 19th. Finally, Deutsche Bank AG reissued a buy rating on shares of Kaiser Aluminum Corporation in a research note on Saturday, June 24th. One analyst has rated the stock with a sell rating, two have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of Buy and a consensus target price of $95.43.
Shares of Kaiser Aluminum Corporation (NASDAQ KALU) traded down 2.40% during midday trading on Tuesday, hitting $94.39. The company had a trading volume of 141,075 shares. Kaiser Aluminum Corporation has a 52 week low of $69.41 and a 52 week high of $98.72. The firm’s 50 day moving average is $90.12 and its 200 day moving average is $82.92. The company has a market capitalization of $1.60 billion, a P/E ratio of 20.73 and a beta of 0.52.
Kaiser Aluminum Corporation (NASDAQ:KALU) last posted its earnings results on Wednesday, July 19th. The industrial products company reported $1.47 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.01 by $0.46. The company had revenue of $356 million for the quarter, compared to analysts’ expectations of $349.62 million. Kaiser Aluminum Corporation had a return on equity of 11.71% and a net margin of 5.87%. Kaiser Aluminum Corporation’s quarterly revenue was up 6.3% on a year-over-year basis. During the same period last year, the firm earned $1.02 earnings per share. Equities research analysts anticipate that Kaiser Aluminum Corporation will post $5.44 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 15th. Shareholders of record on Thursday, July 27th will be given a dividend of $0.50 per share. The ex-dividend date is Tuesday, July 25th. This represents a $2.00 annualized dividend and a yield of 2.12%. Kaiser Aluminum Corporation’s payout ratio is 44.44%.
Kaiser Aluminum Corporation announced that its board has authorized a stock buyback plan on Monday, April 17th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the industrial products company to repurchase up to 7.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.
In other Kaiser Aluminum Corporation news, CEO Jack A. Hockema sold 9,000 shares of Kaiser Aluminum Corporation stock in a transaction that occurred on Monday, July 10th. The stock was sold at an average price of $91.18, for a total transaction of $820,620.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Carolyn Bartholomew sold 1,000 shares of Kaiser Aluminum Corporation stock in a transaction that occurred on Monday, July 10th. The shares were sold at an average price of $92.00, for a total value of $92,000.00. Following the sale, the director now directly owns 14,344 shares in the company, valued at $1,319,648. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 13,282 shares of company stock worth $1,198,230. Insiders own 3.00% of the company’s stock.
A number of hedge funds have recently bought and sold shares of KALU. BlackRock Inc. boosted its stake in Kaiser Aluminum Corporation by 12,449.4% in the first quarter. BlackRock Inc. now owns 2,174,693 shares of the industrial products company’s stock valued at $173,757,000 after buying an additional 2,157,364 shares during the last quarter. Royce & Associates LP boosted its stake in Kaiser Aluminum Corporation by 3.5% in the first quarter. Royce & Associates LP now owns 648,100 shares of the industrial products company’s stock valued at $51,783,000 after buying an additional 21,950 shares during the last quarter. Aberdeen Asset Management PLC UK boosted its stake in Kaiser Aluminum Corporation by 18.2% in the first quarter. Aberdeen Asset Management PLC UK now owns 627,706 shares of the industrial products company’s stock valued at $50,154,000 after buying an additional 96,509 shares during the last quarter. Macquarie Group Ltd. boosted its stake in Kaiser Aluminum Corporation by 2.0% in the fourth quarter. Macquarie Group Ltd. now owns 621,065 shares of the industrial products company’s stock valued at $48,251,000 after buying an additional 12,192 shares during the last quarter. Finally, Paradice Investment Management LLC boosted its stake in Kaiser Aluminum Corporation by 11.9% in the first quarter. Paradice Investment Management LLC now owns 540,207 shares of the industrial products company’s stock valued at $43,163,000 after buying an additional 57,654 shares during the last quarter. 98.12% of the stock is currently owned by institutional investors and hedge funds.
About Kaiser Aluminum Corporation
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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