Kaiser Aluminum Corp. (KALU) Downgraded by Zacks Investment Research to Sell
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. “
A number of other research firms have also recently issued reports on KALU. Bank of America Corp. cut Kaiser Aluminum Corp. from a buy rating to a neutral rating and lowered their target price for the stock from $94.00 to $92.00 in a report on Wednesday, July 20th. Seaport Global Securities assumed coverage on Kaiser Aluminum Corp. in a report on Friday, September 9th. They set a buy rating and a $100.00 target price for the company. Macquarie assumed coverage on Kaiser Aluminum Corp. in a report on Tuesday, September 6th. They set an outperform rating for the company. Finally, Credit Suisse Group AG set a $85.00 target price on Kaiser Aluminum Corp. and gave the stock a hold rating in a report on Wednesday, July 20th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the stock. The stock presently has an average rating of Hold and an average price target of $91.71.
Kaiser Aluminum Corp. (NASDAQ:KALU) opened at 84.50 on Wednesday. The company’s 50 day moving average price is $85.14 and its 200 day moving average price is $86.51. Kaiser Aluminum Corp. has a 52-week low of $70.14 and a 52-week high of $96.06. The firm has a market cap of $1.51 billion, a PE ratio of 17.08 and a beta of 0.47.
Kaiser Aluminum Corp. (NASDAQ:KALU) last released its earnings results on Wednesday, July 20th. The company reported $1.02 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.38 by $0.36. The firm had revenue of $335 million for the quarter, compared to the consensus estimate of $351.72 million. Kaiser Aluminum Corp. had a return on equity of 9.70% and a net margin of 6.59%. Kaiser Aluminum Corp.’s revenue for the quarter was down 8.8% on a year-over-year basis. During the same quarter last year, the company posted $1.27 EPS. Analysts predict that Kaiser Aluminum Corp. will post $5.23 earnings per share for the current fiscal year.
A number of large investors have recently modified their holdings of KALU. BNP Paribas Arbitrage SA increased its stake in shares of Kaiser Aluminum Corp. by 115.5% in the second quarter. BNP Paribas Arbitrage SA now owns 6,694 shares of the company’s stock valued at $605,000 after buying an additional 3,588 shares during the period. State Street Corp increased its stake in shares of Kaiser Aluminum Corp. by 23.9% in the first quarter. State Street Corp now owns 618,212 shares of the company’s stock valued at $52,262,000 after buying an additional 119,108 shares during the period. Renaissance Technologies LLC increased its stake in shares of Kaiser Aluminum Corp. by 13.2% in the first quarter. Renaissance Technologies LLC now owns 392,900 shares of the company’s stock valued at $33,216,000 after buying an additional 45,700 shares during the period. BlackRock Institutional Trust Company N.A. increased its stake in shares of Kaiser Aluminum Corp. by 14.2% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 529,176 shares of the company’s stock valued at $44,737,000 after buying an additional 65,729 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in shares of Kaiser Aluminum Corp. by 182.4% in the first quarter. JPMorgan Chase & Co. now owns 56,708 shares of the company’s stock valued at $4,794,000 after buying an additional 36,624 shares during the period. Institutional investors and hedge funds own 98.66% of the company’s stock.
About Kaiser Aluminum Corp.
Kaiser Aluminum Corporation is engaged in the production of semi-fabricated specialty aluminum products. The Company manufactures aluminum plate and sheet, and extruded and drawn products, primarily used in aerospace/high strength, automotive, general engineering and other industrial end market applications.
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