Century Aluminum (NASDAQ:CENX) Given New $79.00 Price Target at Wells Fargo & Company

Key Points

• Wells Fargo raised its price target on Century Aluminum to $79 (from $77) and kept an overweight rating, implying roughly a 32.5% upside from the prior close.
• Analysts collectively rate CENX a Buy with a consensus target of $80 (individual targets include B. Riley $86 and BMO $75); the stock traded at $59.63 with a market cap of $5.90 billion and a 12‑month range of $15.13–$68.69.
• Company insiders have been net sellers recently—EVP and CEO transactions accounted for 251,626 shares sold (~$13.6M) over the last 90 days, leaving insiders with just 0.84% ownership.

Century Aluminum (NASDAQ:CENX - Get Free Report) had its price target boosted by equities research analysts at Wells Fargo & Company from $77.00 to $79.00 in a report released on Friday,Benzinga reports. The brokerage currently has an "overweight" rating on the industrial products company's stock. Wells Fargo & Company's price objective indicates a potential upside of 32.49% from the stock's previous close.

Several other research analysts have also recently weighed in on the company. Wall Street Zen upgraded Century Aluminum from a "hold" rating to a "buy" rating in a research report on Saturday, February 21st. Weiss Ratings upgraded Century Aluminum from a "hold (c-)" rating to a "hold (c)" rating in a research report on Wednesday, April 29th. BMO Capital Markets set a $75.00 price target on Century Aluminum and gave the company an "outperform" rating in a research report on Thursday, April 9th. Zacks Research upgraded Century Aluminum from a "hold" rating to a "strong-buy" rating in a research report on Tuesday. Finally, B. Riley Financial lifted their price target on Century Aluminum from $68.00 to $86.00 and gave the company a "buy" rating in a research report on Tuesday, April 7th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, Century Aluminum currently has a consensus rating of "Buy" and a consensus target price of $80.00.

Century Aluminum Stock Performance

Shares of NASDAQ:CENX traded down $0.96 during trading on Friday, hitting $59.63. The stock had a trading volume of 662,073 shares, compared to its average volume of 2,188,639. Century Aluminum has a 12-month low of $15.13 and a 12-month high of $68.69. The stock has a market capitalization of $5.90 billion, a price-to-earnings ratio of 148.62 and a beta of 1.91. The company has a quick ratio of 0.98, a current ratio of 1.97 and a debt-to-equity ratio of 0.52. The stock has a 50-day simple moving average of $57.93 and a two-hundred day simple moving average of $45.29.

Century Aluminum (NASDAQ:CENX - Get Free Report) last announced its quarterly earnings data on Thursday, February 19th. The industrial products company reported $1.25 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.25. The firm had revenue of $633.70 million during the quarter, compared to analysts' expectations of $661.63 million. Century Aluminum had a return on equity of 5.57% and a net margin of 1.65%.The company's revenue for the quarter was up .4% compared to the same quarter last year. During the same period last year, the business posted $0.49 earnings per share. On average, equities research analysts expect that Century Aluminum will post 10.3 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP John Dezee sold 66,000 shares of the business's stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $50.72, for a total value of $3,347,520.00. Following the completion of the sale, the executive vice president directly owned 97,647 shares in the company, valued at $4,952,655.84. The trade was a 40.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Jesse E. Gary sold 150,000 shares of the business's stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $55.47, for a total value of $8,320,500.00. Following the completion of the sale, the chief executive officer owned 142,580 shares of the company's stock, valued at $7,908,912.60. This trade represents a 51.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 251,626 shares of company stock valued at $13,619,411 over the last ninety days. 0.84% of the stock is owned by corporate insiders.

Institutional Trading of Century Aluminum

A number of institutional investors and hedge funds have recently made changes to their positions in CENX. AQR Capital Management LLC increased its position in shares of Century Aluminum by 22.1% in the first quarter. AQR Capital Management LLC now owns 39,001 shares of the industrial products company's stock valued at $724,000 after buying an additional 7,051 shares in the last quarter. Jones Financial Companies Lllp acquired a new stake in shares of Century Aluminum in the first quarter worth approximately $25,000. Empowered Funds LLC boosted its stake in shares of Century Aluminum by 1.8% in the first 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 during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Century Aluminum by 21.2% in the first 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 during the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in shares of Century Aluminum by 7.1% in the second 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 currently owned by hedge funds and other institutional investors.

About Century Aluminum

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.

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