Century Aluminum Co. (NASDAQ:CENX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday.
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.”
A number of other brokerages have also recently issued reports on CENX. JPMorgan Chase & Co. restated 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 report on Tuesday, May 31st. Three analysts have rated the stock with a sell rating and five have given a hold rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $6.85.
Shares of Century Aluminum (NASDAQ:CENX) traded up 2.31% on Wednesday, hitting $6.64. 607,853 shares of the company were exchanged. The stock’s market capitalization is $578.18 million. The firm’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.
Century Aluminum (NASDAQ:CENX) last announced its earnings results on Thursday, July 28th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.09. The company earned $326.75 million during the quarter, compared to analysts’ expectations of $338.22 million. Century Aluminum had a negative net margin of 8.41% and a negative return on equity of 11.96%. The firm’s quarterly revenue was down 37.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.25 earnings per share. Equities research analysts predict that Century Aluminum will post ($0.30) earnings per share for the current year.
Large investors have recently added to or reduced their stakes in the stock. CIBC World Markets Inc. increased 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 worth $153,000 after buying an additional 11,087 shares during the last quarter. Royal Bank of Canada increased its stake in 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 during the last quarter. Metropolitan Life Insurance Co. NY bought a new stake in Century Aluminum during the first quarter worth about $260,000. Springbok Capital Management LLC bought a new stake in Century Aluminum during the first quarter worth about $106,000. Finally, Geode Capital Management LLC increased its stake in 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 during the last quarter. Hedge funds and other institutional investors own 57.15% 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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