Kaiser Aluminum (NASDAQ:KALU) Lifted to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Kaiser Aluminum (NASDAQ:KALU) from a hold rating to a buy rating in a research report released on Thursday morning, Zacks.com reports. They currently have $110.00 price target on the industrial products company’s stock.
According to Zacks, “Kaiser Aluminum is a leading producer of semi-fabricated specialty aluminum products, serving customers worldwide with highly-engineered solutions for aerospace and high-strength, general engineering, and custom automotive and industrial applications. The Company’s North American facilities produce value-added sheet, plate, extrusions, rod, bar, tube, and wire products, adhering to traditions of quality, innovation, and service. Kaiser Aluminum is headquartered in Foothill Ranch, California. “
Other equities research analysts have also recently issued research reports about the company. BidaskClub upgraded Kaiser Aluminum from a sell rating to a hold rating in a report on Tuesday. ValuEngine cut Kaiser Aluminum from a hold rating to a sell rating in a report on Tuesday, July 9th. Finally, Goldman Sachs Group upgraded Kaiser Aluminum from a sell rating to a neutral rating and set a $97.00 price objective for the company in a report on Thursday, August 8th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus price target of $110.00.
Kaiser Aluminum (NASDAQ:KALU) last issued its quarterly earnings data on Wednesday, July 24th. The industrial products company reported $1.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.33 by $0.07. Kaiser Aluminum had a return on equity of 14.23% and a net margin of 5.96%. The company had revenue of $375.00 million during the quarter, compared to analysts’ expectations of $388.25 million. During the same quarter in the previous year, the company posted $1.68 earnings per share. The business’s revenue was down 9.6% on a year-over-year basis. On average, sell-side analysts expect that Kaiser Aluminum will post 7.2 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Thursday, July 25th were given a $0.60 dividend. The ex-dividend date was Wednesday, July 24th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.40%. Kaiser Aluminum’s payout ratio is 37.09%.
In other news, CFO Neal E. West sold 750 shares of Kaiser Aluminum stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $100.00, for a total value of $75,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jack A. Hockema sold 12,500 shares of Kaiser Aluminum stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $95.96, for a total transaction of $1,199,500.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 24,550 shares of company stock valued at $2,380,691. 1.70% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. First Interstate Bank raised its position in shares of Kaiser Aluminum by 18.9% in the second quarter. First Interstate Bank now owns 1,445 shares of the industrial products company’s stock valued at $141,000 after buying an additional 230 shares in the last quarter. ARK Investment Management LLC acquired a new position in Kaiser Aluminum during the second quarter valued at approximately $352,000. Laurion Capital Management LP acquired a new position in Kaiser Aluminum during the second quarter valued at approximately $368,000. BNP Paribas Arbitrage SA raised its position in Kaiser Aluminum by 881.3% during the first quarter. BNP Paribas Arbitrage SA now owns 3,729 shares of the industrial products company’s stock valued at $391,000 after purchasing an additional 3,349 shares in the last quarter. Finally, Piedmont Investment Advisors Inc. raised its position in Kaiser Aluminum by 3.5% during the first quarter. Piedmont Investment Advisors Inc. now owns 4,058 shares of the industrial products company’s stock valued at $425,000 after purchasing an additional 137 shares in the last quarter. Institutional investors own 98.96% of the company’s stock.
About Kaiser Aluminum
Kaiser Aluminum Corporation manufactures and sells semi-fabricated specialty aluminum mill products. The company offers rolled, extruded, and drawn aluminum products used principally for aerospace and defense, automotive, consumer durables, electronics, electrical, and machinery and equipment applications.
See Also: Swap
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Kaiser Aluminum Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Kaiser Aluminum and related companies with MarketBeat.com's FREE daily email newsletter.