Century Aluminum Company (CENX) Rating Increased to Buy at Zacks Investment Research
Century Aluminum Company (NASDAQ:CENX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Monday. The firm presently has a $19.00 target price on the industrial products company’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 12.69% from the company’s previous close.
According to Zacks, “Century Aluminum has outperformed the industry it belongs to over a year. Century Aluminum is implementing a number of actions to reduce costs and preserve cash amid a weak operating environment. It should also gain from strong aluminum demand across automotive and aerospace markets in its key regions, North America and China, as well as acquisitions. Moreover, the company has low debt and short-term obligations which will help it remain strong in an adverse environment.”
Several other research firms also recently commented on CENX. Macquarie began coverage on shares of Century Aluminum in a report on Thursday, September 7th. They set a “neutral” rating for the company. BidaskClub raised shares of Century Aluminum from a “hold” rating to a “buy” rating in a report on Thursday, August 24th. Cowen and Company set a $16.00 price objective on shares of Century Aluminum and gave the company a “hold” rating in a report on Wednesday, August 2nd. BMO Capital Markets reissued a “hold” rating and set a $14.00 price objective on shares of Century Aluminum in a report on Sunday, July 2nd. Finally, J P Morgan Chase & Co raised shares of Century Aluminum from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $15.00 to $22.00 in a report on Monday, August 21st. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Century Aluminum has an average rating of “Hold” and a consensus price target of $17.20.
Shares of Century Aluminum (CENX) remained flat at $16.86 during midday trading on Monday. The stock had a trading volume of 763,709 shares. The stock’s market cap is $1.47 billion. The firm has a 50 day moving average of $18.35 and a 200-day moving average of $15.44. Century Aluminum has a 52-week low of $6.51 and a 52-week high of $20.68.
Century Aluminum (NASDAQ:CENX) last released its quarterly earnings data on Wednesday, August 2nd. The industrial products company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.29 by ($0.28). Century Aluminum had a negative net margin of 16.48% and a negative return on equity of 5.61%. The company had revenue of $388.80 million for the quarter, compared to the consensus estimate of $398.33 million. During the same period last year, the company earned ($0.05) EPS. The firm’s revenue for the quarter was up 19.0% on a year-over-year basis. Equities research analysts expect that Century Aluminum will post $0.54 EPS for the current fiscal year.
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Several large investors have recently made changes to their positions in CENX. Great West Life Assurance Co. Can lifted its holdings in shares of Century Aluminum by 5.6% in the 1st quarter. Great West Life Assurance Co. Can now owns 65,322 shares of the industrial products company’s stock valued at $828,000 after acquiring an additional 3,475 shares during the last quarter. Comerica Bank lifted its holdings in shares of Century Aluminum by 4.9% in the 1st quarter. Comerica Bank now owns 55,057 shares of the industrial products company’s stock valued at $771,000 after acquiring an additional 2,550 shares during the last quarter. Swiss National Bank lifted its holdings in shares of Century Aluminum by 3.2% in the 1st quarter. Swiss National Bank now owns 86,350 shares of the industrial products company’s stock valued at $1,096,000 after acquiring an additional 2,700 shares during the last quarter. Karp Capital Management Corp bought a new position in shares of Century Aluminum in the 1st quarter valued at about $717,000. Finally, Ameriprise Financial Inc. lifted its holdings in shares of Century Aluminum by 5.1% in the 1st quarter. Ameriprise Financial Inc. now owns 263,324 shares of the industrial products company’s stock valued at $3,341,000 after acquiring an additional 12,685 shares during the last quarter. 67.17% of the stock is owned by hedge funds and other institutional investors.
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. The Company’s primary aluminum facilities produce standard grade primary aluminum products.
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