Century Aluminum Co. (CENX) Upgraded to Hold at Zacks Investment Research
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. raised Century Aluminum from an underweight rating to a neutral rating and set a $7.00 price objective on the stock in a research note on Friday, October 28th. One analyst has rated the stock with a sell rating and seven have issued a hold rating to the company. The company currently has an average rating of Hold and a consensus target price of $6.88.
Century Aluminum (NASDAQ:CENX) opened at 9.19 on Tuesday. The company’s market cap is $800.22 million. Century Aluminum has a one year low of $2.63 and a one year high of $10.69. The company’s 50 day moving average price is $8.28 and its 200-day moving average price is $7.14.
Century Aluminum (NASDAQ:CENX) last issued its earnings results on Thursday, October 27th. The company reported ($0.31) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by $0.32. The business had revenue of $333.70 million for the quarter, compared to the consensus estimate of $447.66 million. Century Aluminum had a negative net margin of 9.32% and a negative return on equity of 10.68%. The firm’s revenue for the quarter was down 26.6% compared to the same quarter last year. During the same period last year, the business posted ($0.65) EPS. On average, analysts forecast that Century Aluminum will post ($0.79) EPS for the current fiscal year.
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A number of institutional investors have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD acquired a new position in Century Aluminum during the third quarter worth about $496,000. The Manufacturers Life Insurance Company acquired a new position in Century Aluminum during the third quarter worth about $255,000. HBK Investments L P boosted its position in Century Aluminum by 151.4% in the third quarter. HBK Investments L P now owns 50,533 shares of the company’s stock worth $351,000 after buying an additional 30,433 shares during the last quarter. Two Sigma Advisers LP boosted its position in Century Aluminum by 50.4% in the third quarter. Two Sigma Advisers LP now owns 116,683 shares of the company’s stock worth $811,000 after buying an additional 39,100 shares during the last quarter. Finally, Weiss Asset Management LP boosted its position in Century Aluminum by 157.8% in the third quarter. Weiss Asset Management LP now owns 101,819 shares of the company’s stock worth $708,000 after buying an additional 62,327 shares during the last quarter. Institutional investors own 59.23% of the company’s stock.
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. Its primary aluminum facilities produce standard grade primary aluminum products.
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