Kaiser Aluminum Corporation (NASDAQ:KALU) Stake Increased by Pioneer Investment Management Inc.
Pioneer Investment Management Inc. increased its position in Kaiser Aluminum Corporation (NASDAQ:KALU) by 29.7% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 310,260 shares of the industrial products company’s stock after buying an additional 71,106 shares during the period. Pioneer Investment Management Inc.’s holdings in Kaiser Aluminum Corporation were worth $27,464,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently added to or reduced their stakes in KALU. Acrospire Investment Management LLC bought a new stake in Kaiser Aluminum Corporation during the first quarter worth approximately $112,000. SG Americas Securities LLC bought a new stake in Kaiser Aluminum Corporation during the first quarter worth approximately $119,000. Ameritas Investment Partners Inc. bought a new stake in Kaiser Aluminum Corporation during the first quarter worth approximately $122,000. CIBC Asset Management Inc bought a new stake in Kaiser Aluminum Corporation during the second quarter worth approximately $206,000. Finally, Schroder Investment Management Group bought a new stake in Kaiser Aluminum Corporation during the first quarter worth approximately $214,000. Institutional investors own 98.74% of the company’s stock.
Shares of Kaiser Aluminum Corporation (NASDAQ KALU) opened at 96.59 on Thursday. The firm has a market capitalization of $1.63 billion, a PE ratio of 21.21 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. The firm’s 50-day moving average is $92.40 and its 200 day moving average is $83.90.
Kaiser Aluminum Corporation (NASDAQ:KALU) last announced its earnings results on Wednesday, July 19th. The industrial products company reported $1.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.01 by $0.46. The business had revenue of $356 million for 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 company’s revenue for the quarter was up 6.3% compared to the same quarter last year. During the same period last year, the firm posted $1.02 earnings per share. On average, equities analysts forecast that Kaiser Aluminum Corporation will post $5.47 earnings per share for the current year.
Kaiser Aluminum Corporation announced that its Board of Directors has authorized a stock buyback program on Monday, April 17th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the industrial products company to repurchase up to 7.4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Thursday, July 27th will be given a dividend of $0.50 per share. The ex-dividend date is Tuesday, July 25th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.07%. Kaiser Aluminum Corporation’s dividend payout ratio (DPR) is presently 44.44%.
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A number of analysts recently commented on the stock. Deutsche Bank AG reiterated a “buy” rating on shares of Kaiser Aluminum Corporation in a research note on Saturday, June 24th. BidaskClub cut shares of Kaiser Aluminum Corporation from a “strong-buy” rating to a “buy” rating in a research note on Wednesday. Cowen and Company cut shares of Kaiser Aluminum Corporation from an “outperform” rating to a “market perform” rating and lifted their target price for the stock from $96.00 to $97.00 in a research note on Monday. They noted that the move was a valuation call. 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 note on Friday, July 28th. Finally, Morgan Stanley restated an “equal weight” rating and set a $87.00 price objective (up from $80.00) on shares of Kaiser Aluminum Corporation in a research note on Tuesday, July 25th. One research analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company’s stock. Kaiser Aluminum Corporation currently has a consensus rating of “Hold” and a consensus target price of $96.13.
In other news, CEO Jack A. Hockema sold 9,000 shares of the firm’s stock in a transaction that occurred on Monday, July 10th. The shares were sold at an average price of $91.18, for a total transaction of $820,620.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Mark Krouse sold 1,500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 2nd. The stock was sold at an average price of $96.50, for a total transaction of $144,750.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 13,599 shares of company stock worth $1,260,787. Insiders own 3.00% of the company’s stock.
About Kaiser Aluminum Corporation
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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