Kaiser Aluminum Corporation (NASDAQ:KALU) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Friday, July 14th.
According to Zacks, “KAISER ALUMINUM is a leading producer of fabricated aluminum products for aerospace and high strength, general engineering, automotive, and custom industrial applications. Repeatedly acknowledged as Best in Class among its global customer base,Their 11 fabrication plants typically produce and ship more than 500 million pounds of product annually. “
Several other brokerages have also recently issued reports on KALU. BidaskClub upgraded shares of Kaiser Aluminum Corporation from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. Deutsche Bank AG restated a “buy” rating on shares of Kaiser Aluminum Corporation in a report on Saturday, June 24th. Cowen and Company restated an “outperform” rating and issued a $96.00 target price (up previously from $92.00) on shares of Kaiser Aluminum Corporation in a report on Friday, April 21st. Finally, Sidoti upgraded shares of Kaiser Aluminum Corporation from a “neutral” rating to a “buy” rating and set a $109.00 price target on the stock in a report on Monday, March 20th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $96.13.
Shares of Kaiser Aluminum Corporation (NASDAQ KALU) opened at 95.47 on Friday. Kaiser Aluminum Corporation has a 1-year low of $69.41 and a 1-year high of $98.72. The firm has a market cap of $1.61 billion, a PE ratio of 20.97 and a beta of 0.54. The stock’s 50 day moving average is $93.03 and its 200-day moving average is $84.11.
Kaiser Aluminum Corporation (NASDAQ:KALU) last announced its quarterly earnings results on Wednesday, July 19th. The industrial products company reported $1.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.01 by $0.46. The firm had revenue of $356 million for the quarter, compared to the consensus estimate of $349.62 million. Kaiser Aluminum Corporation had a net margin of 5.87% and a return on equity of 11.71%. The company’s revenue for the quarter was up 6.3% on a year-over-year basis. During the same period in the prior year, the firm posted $1.02 earnings per share. Analysts expect that Kaiser Aluminum Corporation will post $5.47 earnings per share for the current year.
Kaiser Aluminum Corporation declared that its Board of Directors has approved a stock repurchase plan on Monday, April 17th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the industrial products company to reacquire up to 7.4% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its stock is undervalued.
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In other news, CEO Jack A. Hockema sold 9,000 shares of Kaiser Aluminum Corporation stock in a transaction dated Monday, July 10th. The stock was sold at an average price of $91.18, for a total value of $820,620.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Carolyn Bartholomew sold 1,000 shares of Kaiser Aluminum Corporation stock in a transaction dated Monday, July 10th. The stock was sold at an average price of $92.00, for a total value of $92,000.00. Following the completion of the transaction, the director now directly owns 14,344 shares of the company’s stock, valued at approximately $1,319,648. The disclosure for this sale can be found here. Insiders have sold 13,599 shares of company stock valued at $1,260,787 in the last three months. Insiders own 3.00% of the company’s stock.
Institutional investors have recently modified their holdings of the company. BlackRock Inc. raised its position in shares of Kaiser Aluminum Corporation by 12,449.4% in the first quarter. BlackRock Inc. now owns 2,174,693 shares of the industrial products company’s stock worth $173,757,000 after buying an additional 2,157,364 shares during the period. Victory Capital Management Inc. increased its stake in Kaiser Aluminum Corporation by 36,359.9% in the first quarter. Victory Capital Management Inc. now owns 498,407 shares of the industrial products company’s stock worth $39,823,000 after buying an additional 497,040 shares in the last quarter. Norges Bank purchased a new stake in Kaiser Aluminum Corporation during the fourth quarter worth about $21,690,000. FMR LLC increased its stake in Kaiser Aluminum Corporation by 136.8% in the second quarter. FMR LLC now owns 205,561 shares of the industrial products company’s stock worth $18,196,000 after buying an additional 118,741 shares in the last quarter. Finally, Aberdeen Asset Management PLC UK increased its stake in Kaiser Aluminum Corporation by 18.2% in the first quarter. Aberdeen Asset Management PLC UK now owns 627,706 shares of the industrial products company’s stock worth $50,154,000 after buying an additional 96,509 shares in the last quarter. 98.74% of the stock is owned by institutional investors and hedge funds.
About Kaiser Aluminum Corporation
Kaiser Aluminum Corporation manufactures and sells semi-fabricated specialty aluminum mill products. The Company operates in the Fabricated Products segment. The Company’s Fabricated Products segment focuses on producing rolled, extruded and drawn aluminum products used principally for aerospace and defense, automotive and general engineering products that include consumer durables, electronics, electrical and machinery and equipment applications.
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