Century Aluminum (CENX) Rating Lowered to Sell at Zacks Investment Research

Century Aluminum (NASDAQ:CENX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday.

According to Zacks, “Quarterly earnings estimate of Century Aluminum have been going down of late. The company faces a difficult pricing environment and is seeing high costs for certain key raw materials. Century Aluminum also has to pay a high price for power for the Mt. Holly smelter. Moreover, high levels of production from China is still hurting the aluminum industry. The company has a negative record of earnings suprises in the last few quarters. “

Several other equities research analysts also recently weighed in on the stock. Deutsche Bank raised shares of Century Aluminum from a “hold” rating to a “buy” rating and set a $20.00 target price for the company in a research report on Tuesday, October 17th. JPMorgan Chase & Co. downgraded shares of Century Aluminum from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $22.00 to $14.50 in a research report on Monday, October 30th. Cowen set a $16.00 price objective on shares of Century Aluminum and gave the company a “hold” rating in a research report on Sunday, October 29th. BidaskClub raised shares of Century Aluminum from a “sell” rating to a “hold” rating in a research report on Thursday, December 14th. Finally, BMO Capital Markets set a $16.00 price objective on shares of Century Aluminum and gave the company a “hold” rating in a research report on Friday, October 27th. One investment analyst has rated the stock with a sell rating and seven have given a hold rating to the stock. Century Aluminum presently has an average rating of “Hold” and an average target price of $15.90.

Century Aluminum (NASDAQ:CENX) traded up $1.03 on Tuesday, hitting $20.61. 2,952,000 shares of the stock traded hands, compared to its average volume of 2,413,871. The company has a market cap of $1,800.00, a P/E ratio of -11.51 and a beta of 0.42. Century Aluminum has a one year low of $8.73 and a one year high of $21.78. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.61 and a quick ratio of 1.27.

Century Aluminum (NASDAQ:CENX) last released its earnings results on Thursday, October 26th. The industrial products company reported $0.15 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.23 by ($0.08). The company had revenue of $388.80 million during the quarter, compared to the consensus estimate of $392.28 million. Century Aluminum had a negative return on equity of 0.17% and a negative net margin of 10.45%. Century Aluminum’s revenue for the quarter was up 16.5% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.31) EPS. sell-side analysts expect that Century Aluminum will post 0.35 earnings per share for the current year.

A number of institutional investors have recently bought and sold shares of CENX. Balyasny Asset Management LLC boosted its stake in Century Aluminum by 742.8% during the 2nd quarter. Balyasny Asset Management LLC now owns 3,027,819 shares of the industrial products company’s stock valued at $47,173,000 after purchasing an additional 2,668,550 shares during the period. ING Groep NV boosted its stake in Century Aluminum by 760.7% during the 3rd quarter. ING Groep NV now owns 2,443,639 shares of the industrial products company’s stock valued at $40,516,000 after purchasing an additional 2,159,729 shares during the period. Impala Asset Management LLC boosted its stake in Century Aluminum by 63.2% during the 2nd quarter. Impala Asset Management LLC now owns 2,797,458 shares of the industrial products company’s stock valued at $43,584,000 after purchasing an additional 1,083,314 shares during the period. Amerigo Asset Management acquired a new position in Century Aluminum during the 3rd quarter valued at about $13,496,000. Finally, JPMorgan Chase & Co. boosted its stake in Century Aluminum by 35.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,179,380 shares of the industrial products company’s stock valued at $33,955,000 after purchasing an additional 569,285 shares during the period. 67.98% of the stock is owned by hedge funds and other institutional investors.

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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. The Company’s primary aluminum facilities produce standard grade primary aluminum products.

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