Century Aluminum Co. (CENX) Lowered to Sell at Zacks Investment Research
According to Zacks, “Century Aluminum's estimates have been stable off late. The company’s has a record of negative surprises in the recent quarters. The company also has low financial leverage with no debt maturities in the near term. The company is facing a weak pricing environment. LME aluminum prices still remain under pressure due to supply glut, exacerbated by high levels of exports of aluminum by China (the world’s biggest producer) amid weakening domestic demand. Weak LME prices are expected to affect the company’s profits in the near term. High levels of exports from China is keeping aluminum prices under pressure.”
Several other analysts also recently commented on the stock. JPMorgan Chase & Co. reissued a sell rating on shares of Century Aluminum in a research report on Friday, July 29th. TheStreet downgraded shares of Century Aluminum from a hold rating to a sell rating in a research report on Tuesday, May 31st. Three investment analysts have rated the stock with a sell rating and five have given a hold rating to the stock. The stock presently has a consensus rating of Hold and an average price target of $6.85.
Shares of Century Aluminum (NASDAQ:CENX) traded up 1.59% on Wednesday, reaching $7.03. 223,968 shares of the company’s stock traded hands. The company’s 50-day moving average is $6.55 and its 200-day moving average is $6.96. Century Aluminum has a 52 week low of $2.63 and a 52 week high of $9.40. The firm’s market capitalization is $612.14 million.
Century Aluminum (NASDAQ:CENX) last announced its quarterly earnings data on Thursday, July 28th. The company reported ($0.05) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.14) by $0.09. Century Aluminum had a negative net margin of 8.41% and a negative return on equity of 11.96%. The firm had revenue of $326.75 million for the quarter, compared to the consensus estimate of $338.22 million. During the same period in the previous year, the firm posted $0.25 earnings per share. The firm’s revenue was down 37.6% on a year-over-year basis. Equities research analysts anticipate that Century Aluminum will post ($0.30) earnings per share for the current fiscal year.
Several large investors have recently bought and sold shares of CENX. 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 during the last quarter. Royal Bank of Canada raised its stake in shares of Century Aluminum by 120.1% in the first quarter. Royal Bank of Canada now owns 87,213 shares of the company’s stock worth $615,000 after buying an additional 47,588 shares in the last quarter. Metropolitan Life Insurance Co. NY bought a new stake in shares of Century Aluminum during the first quarter worth approximately $260,000. Springbok Capital Management LLC bought a new stake in shares of Century Aluminum during the first quarter worth approximately $106,000. Finally, Geode Capital Management LLC raised its stake in shares of Century Aluminum by 5.9% in the first quarter. Geode Capital Management LLC now owns 367,011 shares of the company’s stock worth $2,587,000 after buying an additional 20,453 shares in the last quarter. 57.15% of the stock is currently owned by institutional investors and hedge funds.
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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