Cowen and Company Lowers Kaiser Aluminum Corporation (KALU) to Hold
Kaiser Aluminum Corporation (NASDAQ:KALU) was downgraded by investment analysts at Cowen and Company to a “hold” rating in a research report issued on Monday. They presently have a $97.00 target price on the industrial products company’s stock. Cowen and Company’s price target points to a potential upside of 0.24% from the company’s previous close.
Several other equities analysts have also weighed in on the stock. Deutsche Bank AG set a $100.00 price target on shares of Kaiser Aluminum Corporation and gave the company a “buy” rating in a research report on Monday, July 31st. Zacks Investment Research upgraded shares of Kaiser Aluminum Corporation from a “hold” rating to a “buy” rating and set a $108.00 target price for the company in a research report on Friday, July 28th. Morgan Stanley reiterated an “equal weight” rating and set a $87.00 target price (up previously from $80.00) on shares of Kaiser Aluminum Corporation in a research report on Tuesday, July 25th. BidaskClub upgraded shares of Kaiser Aluminum Corporation from a “buy” rating to a “strong-buy” rating in a research report on Monday, July 24th. Finally, Bank of America Corporation increased their target price on shares of Kaiser Aluminum Corporation from $79.00 to $85.00 and gave the stock an “underperform” rating in a research report on Friday, July 21st. One analyst has rated the stock with a sell rating, three have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $96.13.
Shares of Kaiser Aluminum Corporation (NASDAQ KALU) opened at 96.77 on Monday. The firm has a 50-day moving average of $90.65 and a 200 day moving average of $83.23. The firm has a market cap of $1.63 billion, a PE ratio of 21.25 and a beta of 0.54. Kaiser Aluminum Corporation has a 52 week low of $69.41 and a 52 week high of $98.72.
Kaiser Aluminum Corporation (NASDAQ:KALU) last posted its quarterly earnings results on Wednesday, July 19th. The industrial products company reported $1.47 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.01 by $0.46. The company had revenue of $356 million during the quarter, compared to analyst estimates of $349.62 million. Kaiser Aluminum Corporation had a net margin of 5.87% and a return on equity of 11.71%. The firm’s revenue for the quarter was up 6.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.02 earnings per share. Equities research analysts predict that Kaiser Aluminum Corporation will post $5.47 EPS for the current fiscal year.
Kaiser Aluminum Corporation declared that its Board of Directors has authorized a share repurchase program on Monday, April 17th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the industrial products company to buy up to 7.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
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In other news, VP Del L. Miller sold 1,282 shares of the stock in a transaction dated Monday, July 24th. The shares were sold at an average price of $96.81, for a total value of $124,110.42. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Ray Parkinson sold 2,000 shares of the stock in a transaction dated Thursday, May 11th. The stock was sold at an average price of $80.75, for a total transaction of $161,500.00. The disclosure for this sale can be found here. Insiders have sold 14,782 shares of company stock valued at $1,342,980 in the last quarter. Company insiders own 3.00% of the company’s stock.
Several large investors have recently made changes to their positions in the company. State Board of Administration of Florida Retirement System increased its stake in shares of Kaiser Aluminum Corporation by 94.7% in the second quarter. State Board of Administration of Florida Retirement System now owns 11,277 shares of the industrial products company’s stock worth $998,000 after buying an additional 5,485 shares during the last quarter. Winslow Asset Management Inc. increased its stake in shares of Kaiser Aluminum Corporation by 0.7% in the second quarter. Winslow Asset Management Inc. now owns 112,873 shares of the industrial products company’s stock worth $9,992,000 after buying an additional 803 shares during the last quarter. Opus Capital Group LLC increased its stake in shares of Kaiser Aluminum Corporation by 1,183.7% in the second quarter. Opus Capital Group LLC now owns 47,729 shares of the industrial products company’s stock worth $4,225,000 after buying an additional 44,011 shares during the last quarter. KBC Group NV purchased a new stake in shares of Kaiser Aluminum Corporation during the second quarter worth about $188,000. Finally, BNP Paribas Arbitrage SA increased its stake in shares of Kaiser Aluminum Corporation by 42.2% in the second quarter. BNP Paribas Arbitrage SA now owns 6,147 shares of the industrial products company’s stock worth $544,000 after buying an additional 1,825 shares during the last quarter. 98.74% of the stock is currently owned by hedge funds and other institutional investors.
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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