Century Aluminum Company (NASDAQ:CENX) Upgraded by Zacks Investment Research to Buy

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, October 9th. The firm currently 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 23.78% from the company’s current price.

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.”

A number of other research analysts have also issued reports on CENX. BidaskClub lowered shares of Century Aluminum from a “buy” rating to a “hold” rating in a report on Saturday, June 17th. Deutsche Bank AG raised shares of Century Aluminum from a “sell” rating to a “hold” rating and upped their price objective for the company from $10.00 to $15.00 in a research note on Friday, June 23rd. BMO Capital Markets reaffirmed a “hold” rating and set a $14.00 price objective on shares of Century Aluminum in a research note on Sunday, July 2nd. Cowen and Company set a $16.00 price objective on shares of Century Aluminum and gave the company a “hold” rating in a research note on Wednesday, August 2nd. Finally, J P Morgan Chase & Co raised shares of Century Aluminum from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $15.00 to $22.00 in a research note on Monday, August 21st. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Century Aluminum has a consensus rating of “Buy” and an average target price of $18.40.

Shares of Century Aluminum (NASDAQ CENX) opened at 15.35 on Monday. Century Aluminum has a one year low of $6.51 and a one year high of $20.68. The firm has a 50-day moving average of $17.73 and a 200 day moving average of $15.69. The stock’s market capitalization is $1.34 billion.

Century Aluminum (NASDAQ:CENX) last released its earnings results on Wednesday, August 2nd. The industrial products company reported $0.01 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.29 by ($0.28). The firm had revenue of $388.80 million during the quarter, compared to analysts’ expectations of $398.33 million. Century Aluminum had a negative net margin of 16.48% and a negative return on equity of 5.61%. Century Aluminum’s revenue for the quarter was up 19.0% on a year-over-year basis. During the same quarter last year, the company posted ($0.05) earnings per share. On average, equities research analysts predict that Century Aluminum will post $0.56 EPS for the current year.

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A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Dimensional Fund Advisors LP increased its position in Century Aluminum by 0.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 7,383,026 shares of the industrial products company’s stock worth $93,690,000 after purchasing an additional 20,424 shares in the last quarter. Vanguard Group Inc. grew its position in Century Aluminum by 2.3% in the second quarter. Vanguard Group Inc. now owns 4,628,874 shares of the industrial products company’s stock valued at $72,117,000 after acquiring an additional 104,392 shares in the last quarter. State Street Corp grew its position in Century Aluminum by 19.9% in the first quarter. State Street Corp now owns 4,491,650 shares of the industrial products company’s stock valued at $56,998,000 after acquiring an additional 744,622 shares in the last quarter. Canada Pension Plan Investment Board grew its position in Century Aluminum by 1.8% in the second quarter. Canada Pension Plan Investment Board now owns 3,223,610 shares of the industrial products company’s stock valued at $50,224,000 after acquiring an additional 57,300 shares in the last quarter. Finally, Balyasny Asset Management LLC grew its position in Century Aluminum by 742.8% in the second quarter. Balyasny Asset Management LLC now owns 3,027,819 shares of the industrial products company’s stock valued at $47,173,000 after acquiring an additional 2,668,550 shares in 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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Analyst Recommendations for Century Aluminum (NASDAQ:CENX)

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