Century Aluminum (CENX) Upgraded to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Century Aluminum (NASDAQ:CENX) from a hold rating to a buy rating in a research report report published on Tuesday, Zacks.com reports. The firm currently has $10.00 target price on the industrial products company’s stock.

According to Zacks, “Century Aluminum is likely to gain from initiatives to reduce operating costs. These initiatives are expected to support the bottom line starting second-quarter 2019. The company is expected to benefit from strong aluminum demand across automotive and aerospace markets as well as acquisitions. Also, it is seeing strong downstream demand in most regions and sectors, particularly in the United States.”

A number of other equities analysts have also issued reports on CENX. ValuEngine upgraded shares of Century Aluminum from a sell rating to a hold rating in a research report on Thursday, April 4th. BidaskClub lowered shares of Century Aluminum from a hold rating to a sell rating in a research report on Wednesday, March 27th. Morgan Stanley cut their price objective on shares of Century Aluminum from $10.00 to $9.00 and set an equal weight rating on the stock in a research report on Tuesday, March 26th. Finally, B. Riley set a $15.00 price objective on shares of Century Aluminum and gave the company a buy rating in a research report on Friday, February 22nd. Seven equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company has an average rating of Hold and an average price target of $13.89.

Shares of CENX opened at $9.75 on Tuesday. The stock has a market capitalization of $812.31 million, a P/E ratio of -69.64 and a beta of 1.57. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.26 and a quick ratio of 0.73. Century Aluminum has a 52-week low of $6.54 and a 52-week high of $19.38.

Century Aluminum (NASDAQ:CENX) last announced its earnings results on Thursday, February 21st. The industrial products company reported ($0.43) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.53) by $0.10. The firm had revenue of $481.80 million during the quarter, compared to analyst estimates of $489.02 million. Century Aluminum had a negative net margin of 3.58% and a negative return on equity of 1.34%. Century Aluminum’s revenue was down 1.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.26 EPS. Equities research analysts expect that Century Aluminum will post -0.75 EPS for the current fiscal year.

In related news, insider Michael A. Bless sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $8.96, for a total transaction of $224,000.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.59% of the stock is currently owned by company insiders.

Hedge funds have recently made changes to their positions in the business. Tower Research Capital LLC TRC grew its holdings in Century Aluminum by 1,531.9% during the third quarter. Tower Research Capital LLC TRC now owns 9,106 shares of the industrial products company’s stock valued at $109,000 after purchasing an additional 8,548 shares during the last quarter. Virtu Financial LLC acquired a new position in Century Aluminum during the third quarter valued at approximately $132,000. Hsbc Holdings PLC acquired a new position in Century Aluminum during the fourth quarter valued at approximately $87,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in Century Aluminum during the third quarter valued at approximately $192,000. Finally, Metropolitan Life Insurance Co. NY grew its holdings in Century Aluminum by 374.3% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 16,847 shares of the industrial products company’s stock valued at $123,000 after purchasing an additional 13,295 shares during the last quarter. Institutional investors own 55.93% of the company’s stock.

About Century Aluminum

Century Aluminum Company, together with its subsidiaries, produces standard-grade and value-added primary aluminum products in the United States and Iceland. The company was founded in 1995 and is headquartered in Chicago, Illinois.

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