Century Aluminum Co. (CENX) Stock Rating Upgraded by Zacks Investment Research
Century Aluminum Co. (NASDAQ:CENX) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report issued on Tuesday.
According to Zacks, “Century Aluminum posted a bigger loss on a reported basis in the third quarter of 2016. Adjusted loss for the quarter was much wider than the Zacks Consensus Estimate. Revenues tumbled year over year on lower shipments, but beat expectations. Century Aluminum is still facing a difficult pricing environment, which may continue to affect its earnings. High levels of exports from China is keeping aluminum prices under pressure. The company is also seeing high power costs at its Mt. Holly smelter. However, Century Aluminum is taking a number of measures to reduce costs and preserve cash amid a weak pricing environment. It should also gain from acquisitions and strong aluminum demand across automotive and aerospace markets. The company also has low financial leverage with no debt maturities in the near term.”
Separately, JPMorgan Chase & Co. upgraded shares of Century Aluminum from an “underweight” rating to a “neutral” rating and set a $7.00 target price on the stock in a research report on Friday, October 28th. One investment analyst has rated the stock with a sell rating and seven have issued a hold rating to the company. Century Aluminum currently has an average rating of “Hold” and an average target price of $6.88.
Century Aluminum (NASDAQ:CENX) opened at 9.22 on Tuesday. Century Aluminum has a 52-week low of $2.63 and a 52-week high of $10.69. The company has a 50-day moving average of $8.28 and a 200 day moving average of $7.14. The company’s market cap is $802.83 million.
Century Aluminum (NASDAQ:CENX) last announced its earnings results on Thursday, October 27th. The company reported ($0.31) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.01 by $0.32. Century Aluminum had a negative return on equity of 10.68% and a negative net margin of 9.32%. The business had revenue of $333.70 million for the quarter, compared to analyst estimates of $447.66 million. During the same quarter in the previous year, the company earned ($0.65) EPS. The business’s revenue for the quarter was down 26.6% on a year-over-year basis. Equities research analysts predict that Century Aluminum will post ($0.79) EPS for the current year.
Several hedge funds have recently bought and sold shares of CENX. BlackRock Fund Advisors raised its stake in Century Aluminum by 0.8% in the first quarter. BlackRock Fund Advisors now owns 3,102,901 shares of the company’s stock valued at $21,875,000 after buying an additional 24,248 shares in the last quarter. Springbok Capital Management LLC purchased a new stake in Century Aluminum during the first quarter valued at about $106,000. CIBC World Markets Inc. raised its stake in Century Aluminum by 84.6% in the second quarter. CIBC World Markets Inc. now owns 24,187 shares of the company’s stock valued at $153,000 after buying an additional 11,087 shares in the last quarter. ING Groep NV raised its stake in Century Aluminum by 82.9% in the second quarter. ING Groep NV now owns 1,253,628 shares of the company’s stock valued at $7,948,000 after buying an additional 568,145 shares in the last quarter. Finally, Gargoyle Investment Advisor L.L.C. raised its stake in Century Aluminum by 74.7% in the second quarter. Gargoyle Investment Advisor L.L.C. now owns 68,969 shares of the company’s stock valued at $437,000 after buying an additional 29,500 shares in the last quarter. Institutional investors and hedge funds own 59.23% of the company’s stock.
About Century Aluminum
Century Aluminum Company (Century) is a holding company, which is a producer of primary aluminum and operates aluminum reduction facilities, or smelters, in the United States and Iceland. The Company operates through primary aluminum segment. Its primary aluminum facilities produce standard grade primary aluminum products.
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