Century Aluminum Company (CENX) Stake Maintained by Glencore International Ag
Glencore International Ag
disclosed that they own a 42.9% stake in Century Aluminum Company (NASDAQ:CENX) in a Form 13D/A disclosure that was filed with the Securities and Exchange Commission (SEC) on Friday, September 15th. The investor owns 37,472,276 shares of the stock worth approximately $725,463,263. The reporting parties listed on the disclosure included Glencore International AG, Glencore plc and Glencore AG. The disclosure is available through EDGAR at this link.
Glencore International Ag
provided the following explanation of their ownership:
Since the Company’s initial public offering, in which the Reporting Persons sold approximately 60% of their Common Stock, the Reporting Persons have held Common Stock, and have acquired additional securities of the Company, for investment purposes.
The Framework Agreement and the Givolon Transactions, including Glencore AG’s transfer of the Specified Shares to Givolon and transfer of the Givolon Shares to Ryfold, were entered into in connection with and in order to facilitate a proposed financing pursuant to which Givolon would enter into (x) a financing facility with certain lenders to be secured by a pledge of the Specified Shares and (y) a financing facility to lend to Glencore AG the proceeds of such lender financing on a backtoback basis (the “Proposed Financing”). Pursuant to the Transaction Agreements, Givolon has irrevocably transferred and granted to Glencore AG the sole and exclusive right to vote and direct the voting of the Specified Shares, and Glencore AG retains an economic interest in an equivalent number of shares. Glencore AG and Givolon are in the process of negotiating the Proposed Financing with a potential lender. The Framework Agreement and the other Transaction Agreements are summarized below in Item 6 which summaries are hereby incorporated by reference into this Item 4.
The Reporting Persons may purchase additional shares of Common Stock. Such acquisitions could be in the open market and/or in privately negotiated or structured transactions, provided that any such acquisitions would be on terms deemed favorable by the Reporting Persons. In addition, the Reporting Persons may formulate plans or proposals for, hold discussions with the Company’s management, the Company’s Board of Directors, the Company’s stockholders and other parties about, and reserve the right to explore, or make plans or proposals relating to, transactions, discussions or actions which relate to or would result in any of the matters specified in clauses (a) through (j) of Item 4 of Schedule 13D. The Reporting Persons’ consideration or discussion of any action would be based on their own assessment of various relevant considerations and any subsequent developments affecting the Company and its prospects.
SCHEDULE 13D CUSIP No. 156431 10 8 Page 7 of 16
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Clinton Group Inc. bought a new position in shares of Century Aluminum in the first quarter worth about $143,000. Mason Street Advisors LLC raised its stake in Century Aluminum by 7.2% during the 1st quarter. Mason Street Advisors LLC now owns 11,629 shares of the industrial products company’s stock valued at $148,000 after purchasing an additional 783 shares during the period. State of Alaska Department of Revenue raised its stake in Century Aluminum by 78.8% during the 2nd quarter. State of Alaska Department of Revenue now owns 9,816 shares of the industrial products company’s stock valued at $152,000 after purchasing an additional 4,326 shares during the period. BlueCrest Capital Management Ltd bought a new stake in Century Aluminum during the 2nd quarter valued at approximately $160,000. Finally, Piedmont Investment Advisors LLC bought a new stake in Century Aluminum during the 2nd quarter valued at approximately $168,000. 67.18% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Century Aluminum Company (NASDAQ CENX) traded down 0.93% during mid-day trading on Friday, reaching $19.21. The company had a trading volume of 1,061,300 shares. The company’s market capitalization is $1.68 billion. The stock has a 50 day moving average of $17.01 and a 200-day moving average of $14.91. Century Aluminum Company has a 52 week low of $5.72 and a 52 week high of $20.63.
Century Aluminum (NASDAQ:CENX) last issued its quarterly earnings results on Wednesday, August 2nd. The industrial products company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.28). The business had revenue of $388.80 million for the quarter, compared to analysts’ expectations of $398.33 million. Century Aluminum had a negative return on equity of 5.61% and a negative net margin of 16.48%. The business’s revenue for the quarter was up 19.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.05) EPS. On average, analysts expect that Century Aluminum Company will post $0.54 earnings per share for the current fiscal year.
Several brokerages recently issued reports on CENX. Macquarie began coverage on Century Aluminum in a research note on Thursday, September 7th. They set a “neutral” rating on the stock. Zacks Investment Research raised Century Aluminum from a “hold” rating to a “strong-buy” rating and set a $19.00 target price on the stock in a research note on Tuesday, August 1st. BidaskClub downgraded Century Aluminum from a “buy” rating to a “hold” rating in a research note on Wednesday, August 2nd. Cowen and Company set a $16.00 target price on Century Aluminum and gave the company a “hold” rating in a research note on Wednesday, August 2nd. Finally, J P Morgan Chase & Co raised Century Aluminum from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $15.00 to $22.00 in a research note on Monday, August 21st. Five equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. Century Aluminum has a consensus rating of “Buy” and a consensus target price of $17.20.
Century Aluminum Company Profile
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. The Company’s primary aluminum facilities produce standard grade primary aluminum products.
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