State Street Corp increased its stake in shares of Kaiser Aluminum Corp. (NASDAQ:KALU) by 23.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 618,212 shares of the company’s stock after buying an additional 119,108 shares during the period. State Street Corp owned approximately 3.45% of Kaiser Aluminum Corp. worth $52,262,000 at the end of the most recent reporting period.
Other hedge funds also recently modified their holdings of the company. Airain ltd bought a new stake in shares of Kaiser Aluminum Corp. during the fourth quarter valued at about $1,009,000. Aberdeen Asset Management PLC UK increased its position in Kaiser Aluminum Corp. by 22.6% in the fourth quarter. Aberdeen Asset Management PLC UK now owns 123,565 shares of the company’s stock valued at $10,117,000 after buying an additional 22,765 shares during the period. Principal Financial Group Inc. increased its position in Kaiser Aluminum Corp. by 8.7% in the fourth quarter. Principal Financial Group Inc. now owns 121,174 shares of the company’s stock valued at $10,137,000 after buying an additional 9,712 shares during the period. Bank of Montreal Can increased its position in Kaiser Aluminum Corp. by 82.1% in the fourth quarter. Bank of Montreal Can now owns 18,163 shares of the company’s stock valued at $1,520,000 after buying an additional 8,188 shares during the period. Finally, Morgan Stanley increased its position in Kaiser Aluminum Corp. by 23.6% in the fourth quarter. Morgan Stanley now owns 132,281 shares of the company’s stock valued at $11,066,000 after buying an additional 25,245 shares during the period.
Shares of Kaiser Aluminum Corp. (NASDAQ:KALU) traded up 0.19% during midday trading on Thursday, reaching $83.29. The company’s stock had a trading volume of 103,418 shares. Kaiser Aluminum Corp. has a 52 week low of $70.14 and a 52 week high of $96.06. The stock has a market capitalization of $1.49 billion and a PE ratio of 16.84. The stock has a 50-day moving average price of $88.44 and a 200 day moving average price of $83.93.
The firm also recently announced a quarterly dividend, which will be paid on Monday, August 15th. Stockholders of record on Monday, July 25th will be given a $0.45 dividend. The ex-dividend date of this dividend is Thursday, July 21st. This represents a $1.80 annualized dividend and a dividend yield of 2.16%.
Several equities analysts recently weighed in on KALU shares. Goldman Sachs Group Inc. started coverage on Kaiser Aluminum Corp. in a research report on Thursday, May 19th. They set a “sell” rating on the stock. Bank of America Corp. downgraded Kaiser Aluminum Corp. from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $94.00 to $92.00 in a research report on Wednesday, July 20th. Credit Suisse Group AG set a $85.00 target price on Kaiser Aluminum Corp. and gave the stock a “hold” rating in a research report on Wednesday, July 20th. Cowen and Company increased their target price on Kaiser Aluminum Corp. from $86.00 to $90.00 and gave the stock an “outperform” rating in a research report on Friday, April 22nd. Finally, Zacks Investment Research downgraded Kaiser Aluminum Corp. from a “buy” rating to a “hold” rating in a research report on Monday, July 18th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the stock. Kaiser Aluminum Corp. presently has a consensus rating of “Hold” and an average target price of $90.33.
In other news, EVP John Malcolm Donnan sold 2,083 shares of the firm’s stock in a transaction on Wednesday, May 4th. The stock was sold at an average price of $90.70, for a total value of $188,928.10. Following the completion of the sale, the executive vice president now owns 25,767 shares of the company’s stock, valued at $2,337,066.90. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Keith Harvey sold 6,999 shares of the firm’s stock in a transaction on Wednesday, May 4th. The stock was sold at an average price of $92.08, for a total value of $644,467.92. Following the completion of the sale, the chief operating officer now directly owns 44,735 shares of the company’s stock, valued at approximately $4,119,198.80. The disclosure for this sale can be found here.
Kaiser Aluminum Corporation is engaged in the production of semi-fabricated specialty aluminum products. The Company manufactures aluminum plate and sheet, and extruded and drawn products, primarily used in aerospace/high strength, automotive, general engineering and other industrial end market applications.
