Kaiser Aluminum Corporation (NASDAQ:KALU) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Kaiser Aluminum Corporation (NASDAQ:KALU) from a hold rating to a buy rating in a report published on Friday. They currently have $108.00 price target on the industrial products company’s stock.
According to Zacks, “KAISER ALUMINUM is a leading producer of fabricated aluminum products for aerospace and high strength, general engineering, automotive, and custom industrial applications. Repeatedly acknowledged as Best in Class among its global customer base,Their 11 fabrication plants typically produce and ship more than 500 million pounds of product annually. “
KALU has been the topic of a number of other research reports. BidaskClub upgraded Kaiser Aluminum Corporation from a hold rating to a buy rating in a research report on Thursday, July 6th. Bank of America Corporation increased their price objective on Kaiser Aluminum Corporation from $79.00 to $85.00 and gave the stock an underperform rating in a research report on Friday, July 21st. Cowen and Company increased their price objective on Kaiser Aluminum Corporation from $90.00 to $92.00 and gave the stock a market perform rating in a research report on Wednesday, April 19th. Deutsche Bank AG reiterated a buy rating on shares of Kaiser Aluminum Corporation in a research report on Saturday, June 24th. Finally, Morgan Stanley reiterated an equal weight rating and issued a $87.00 price objective (up previously from $80.00) on shares of Kaiser Aluminum Corporation in a research report on Tuesday, July 25th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of Buy and an average target price of $96.00.
Kaiser Aluminum Corporation (NASDAQ KALU) opened at 97.29 on Friday. The firm has a market cap of $1.65 billion, a PE ratio of 21.37 and a beta of 0.52. The stock’s 50 day moving average price is $90.40 and its 200-day moving average price is $83.11. Kaiser Aluminum Corporation has a 12-month low of $69.41 and a 12-month high of $98.72.
Kaiser Aluminum Corporation (NASDAQ:KALU) last issued its quarterly earnings data on Wednesday, July 19th. The industrial products company reported $1.47 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.01 by $0.46. Kaiser Aluminum Corporation had a return on equity of 11.71% and a net margin of 5.87%. The company had revenue of $356 million for the quarter, compared to the consensus estimate of $349.62 million. During the same quarter last year, the business posted $1.02 earnings per share. The firm’s revenue was up 6.3% compared to the same quarter last year. Equities research analysts anticipate that Kaiser Aluminum Corporation will post $5.44 earnings per share for the current fiscal year.
Kaiser Aluminum Corporation announced that its board has authorized a share 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 reacquire up to 7.4% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.
The company also recently declared 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 of this dividend is Tuesday, July 25th. This represents a $2.00 dividend on an annualized basis and a yield of 2.06%. Kaiser Aluminum Corporation’s payout ratio is 44.44%.
In other Kaiser Aluminum Corporation news, VP Del L. Miller sold 1,282 shares of the firm’s stock in a transaction dated Monday, July 24th. The stock was sold at an average price of $96.81, for a total transaction of $124,110.42. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Ray Parkinson sold 2,000 shares of the firm’s stock in a transaction dated Thursday, May 11th. The shares were sold at an average price of $80.75, for a total value of $161,500.00. The disclosure for this sale can be found here. Insiders have sold 13,282 shares of company stock worth $1,198,230 in the last 90 days. Company insiders own 3.00% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Sei Investments Co. increased its stake in Kaiser Aluminum Corporation by 17.9% in the second quarter. Sei Investments Co. now owns 38,475 shares of the industrial products company’s stock worth $3,406,000 after buying an additional 5,834 shares during the last quarter. Moody Aldrich Partners LLC increased its stake in Kaiser Aluminum Corporation by 38.0% in the second quarter. Moody Aldrich Partners LLC now owns 9,095 shares of the industrial products company’s stock worth $805,000 after buying an additional 2,505 shares during the last quarter. CIBC Asset Management Inc purchased a new stake in Kaiser Aluminum Corporation during the second quarter worth $206,000. Rothschild Asset Management Inc. increased its stake in Kaiser Aluminum Corporation by 1.0% in the second quarter. Rothschild Asset Management Inc. now owns 283,363 shares of the industrial products company’s stock worth $25,083,000 after buying an additional 2,927 shares during the last quarter. Finally, Bowling Portfolio Management LLC purchased a new stake in Kaiser Aluminum Corporation during the second quarter worth $370,000. Institutional investors and hedge funds own 98.17% of the company’s stock.
Kaiser Aluminum Corporation Company Profile
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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