Zacks Investment Research Upgrades Century Aluminum (CENX) to “Buy”
Century Aluminum (NASDAQ:CENX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday, Zacks.com reports. The brokerage currently has a $10.00 price target on the industrial products company’s stock. Zacks Investment Research‘s price objective points to a potential upside of 10.13% from the company’s previous close.
According to Zacks, “Century Aluminum is likely to gain from initiatives to reduce operating costs. These initiatives are expected to support the bottom line starting second-quarter 2019. The company is expected to benefit from strong aluminum demand across automotive and aerospace markets as well as acquisitions. Also, it is seeing strong downstream demand in most regions and sectors, particularly in the United States.”
Several other equities research analysts have also issued reports on the stock. B. Riley set a $15.00 target price on shares of Century Aluminum and gave the stock a “buy” rating in a research note on Friday, February 22nd. Morgan Stanley started coverage on shares of Century Aluminum in a research note on Friday, December 21st. They set an “equal weight” rating and a $10.00 target price on the stock. Berenberg Bank raised shares of Century Aluminum from a “sell” rating to a “hold” rating and lowered their target price for the stock from $10.00 to $9.00 in a research note on Monday, January 14th. They noted that the move was a valuation call. ValuEngine raised shares of Century Aluminum from a “sell” rating to a “hold” rating in a research note on Thursday, January 10th. Finally, BidaskClub raised shares of Century Aluminum from a “sell” rating to a “hold” rating in a research note on Wednesday, February 20th. Seven equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $13.89.
Century Aluminum (NASDAQ:CENX) last released its earnings results on Thursday, February 21st. The industrial products company reported ($0.43) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.53) by $0.10. Century Aluminum had a negative return on equity of 1.34% and a negative net margin of 3.58%. The firm had revenue of $481.80 million for the quarter, compared to the consensus estimate of $489.02 million. During the same period in the prior year, the firm earned $0.26 EPS. The firm’s revenue was down 1.0% on a year-over-year basis. Research analysts expect that Century Aluminum will post -0.68 earnings per share for the current year.
In related news, insider Michael A. Bless sold 25,000 shares of the firm’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $8.96, for a total value of $224,000.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 0.59% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC raised its holdings in Century Aluminum by 1,531.9% in the 3rd quarter. Tower Research Capital LLC TRC now owns 9,106 shares of the industrial products company’s stock valued at $109,000 after acquiring an additional 8,548 shares during the last quarter. Canada Pension Plan Investment Board raised its holdings in Century Aluminum by 2.2% in the 4th quarter. Canada Pension Plan Investment Board now owns 3,947,602 shares of the industrial products company’s stock valued at $28,855,000 after acquiring an additional 84,800 shares during the last quarter. Royce & Associates LP acquired a new stake in Century Aluminum in the 4th quarter valued at about $3,382,000. Rhumbline Advisers raised its holdings in Century Aluminum by 19.6% in the 4th quarter. Rhumbline Advisers now owns 147,655 shares of the industrial products company’s stock valued at $1,079,000 after acquiring an additional 24,186 shares during the last quarter. Finally, Vanguard Group Inc raised its holdings in Century Aluminum by 2.0% in the 3rd quarter. Vanguard Group Inc now owns 5,030,941 shares of the industrial products company’s stock valued at $60,221,000 after acquiring an additional 97,105 shares during the last quarter. Institutional investors own 55.93% of the company’s stock.
Century Aluminum Company Profile
Century Aluminum Company, together with its subsidiaries, produces standard-grade and value-added primary aluminum products in the United States and Iceland. The company was founded in 1995 and is headquartered in Chicago, Illinois.
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