Century Aluminum (NASDAQ:CENX) Shares Up 13.6% Following Strong Earnings

Shares of Century Aluminum Company (NASDAQ:CENX) rose 13.6% during trading on Friday following a stronger than expected earnings report. The stock traded as high as $52.65 and last traded at $52.2130. Approximately 1,169,686 shares traded hands during mid-day trading, a decline of 46% from the average daily volume of 2,166,267 shares. The stock had previously closed at $45.95.

The industrial products company reported $2.46 earnings per share for the quarter, beating the consensus estimate of $2.33 by $0.13. Century Aluminum had a return on equity of 38.74% and a net margin of 22.63%.The company had revenue of $752.10 million during the quarter, compared to analysts’ expectations of $817.15 million. Century Aluminum’s quarterly revenue was up 59.0% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Wall Street Zen lowered shares of Century Aluminum from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 4th. B. Riley Financial reduced their target price on shares of Century Aluminum from $86.00 to $74.00 and set a “buy” rating for the company in a research note on Tuesday, July 7th. Zacks Research downgraded Century Aluminum from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 8th. Weiss Ratings lowered Century Aluminum from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, July 21st. Finally, Wells Fargo & Company upped their price target on Century Aluminum from $77.00 to $79.00 and gave the company an “overweight” rating in a report on Friday, May 8th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $76.00.

Hedge Funds Weigh In On Century Aluminum

Several institutional investors have recently added to or reduced their stakes in CENX. AQR Capital Management LLC grew its stake in Century Aluminum by 22.1% during the first quarter. AQR Capital Management LLC now owns 39,001 shares of the industrial products company’s stock worth $724,000 after buying an additional 7,051 shares during the last quarter. Jones Financial Companies Lllp bought a new position in shares of Century Aluminum in the first quarter valued at approximately $25,000. Empowered Funds LLC boosted its holdings in shares of Century Aluminum by 1.8% in the 1st quarter. Empowered Funds LLC now owns 59,186 shares of the industrial products company’s stock worth $1,098,000 after acquiring an additional 1,069 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Century Aluminum by 21.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 124,001 shares of the industrial products company’s stock worth $2,301,000 after acquiring an additional 21,702 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its position in Century Aluminum by 7.1% during the 2nd quarter. JPMorgan Chase & Co. now owns 147,046 shares of the industrial products company’s stock worth $2,650,000 after acquiring an additional 9,721 shares during the last quarter. 61.59% of the stock is owned by institutional investors.

Century Aluminum Stock Performance

The stock has a 50-day moving average of $49.67 and a 200 day moving average of $53.89. The firm has a market capitalization of $5.07 billion, a P/E ratio of 8.85 and a beta of 1.96. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.36 and a current ratio of 2.30.

Century Aluminum Company Profile

Century Aluminum Company is a primary aluminum producer that develops and operates smelters designed to supply low-carbon, high-purity aluminum products to a range of industrial and commercial markets. Established in 1995, the company has grown to become a significant North American aluminum producer with an expanding international footprint. Century Aluminum is headquartered in the United States and is focused on energy-efficient operations and cost management.

The company’s core operations include three primary aluminum smelting facilities located in Hawesville, Kentucky; Mount Holly, South Carolina; and Grundartangi, Iceland.