Assenagon Asset Management S.A. Lowers Position in Century Aluminum Company $CENX

Key Points

• Assenagon Asset Management cut its Century Aluminum position by 16.3% in the second quarter, selling 299,157 shares and retaining 1.53 million shares valued at approximately $70.45 million. Institutional investors collectively own 61.59% of CENX.
• Analyst sentiment is mixed: three analysts rate the stock Buy, one rates it Hold and one Sell. The consensus rating is Hold, with an average price target of $76.
• Century Aluminum reported quarterly EPS of $2.46, exceeding estimates of $2.33, while revenue of $752.1 million fell short of expectations but increased 59% year over year. Shares opened at $51.23, with a 12-month range of $20.91 to $70.43.

Assenagon Asset Management S.A. trimmed its position in shares of Century Aluminum Company (NASDAQ:CENX - Free Report) by 16.3% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,531,167 shares of the industrial products company's stock after selling 299,157 shares during the quarter. Assenagon Asset Management S.A. owned approximately 1.55% of Century Aluminum worth $70,449,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CENX. GAMMA Investing LLC raised its position in shares of Century Aluminum by 9.1% in the second quarter. GAMMA Investing LLC now owns 4,771 shares of the industrial products company's stock worth $220,000 after acquiring an additional 398 shares during the period. CoreCap Advisors LLC grew its position in shares of Century Aluminum by 33.7% during the 2nd quarter. CoreCap Advisors LLC now owns 1,855 shares of the industrial products company's stock valued at $85,000 after acquiring an additional 468 shares during the period. Wealth High Governance Capital Ltda grew its position in shares of Century Aluminum by 44.2% during the 1st quarter. Wealth High Governance Capital Ltda now owns 140,525 shares of the industrial products company's stock valued at $8,247,000 after acquiring an additional 43,091 shares during the period. Wealth High Governance Asset Management Ltda. increased its stake in shares of Century Aluminum by 115.8% in the 1st quarter. Wealth High Governance Asset Management Ltda. now owns 118,950 shares of the industrial products company's stock valued at $6,981,000 after purchasing an additional 63,818 shares in the last quarter. Finally, PVG Asset Management Corp increased its stake in shares of Century Aluminum by 531.2% in the 1st quarter. PVG Asset Management Corp now owns 33,098 shares of the industrial products company's stock valued at $1,805,000 after purchasing an additional 27,854 shares in the last quarter. Institutional investors and hedge funds own 61.59% of the company's stock.

Wall Street Analysts Forecast Growth

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

Century Aluminum Price Performance

Shares of CENX stock opened at $51.23 on Friday. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.30 and a quick ratio of 1.36. The firm's 50-day moving average is $49.67 and its two-hundred day moving average is $53.89. Century Aluminum Company has a 12 month low of $20.91 and a 12 month high of $70.43. The company has a market capitalization of $5.07 billion, a PE ratio of 8.85 and a beta of 1.96.

Century Aluminum (NASDAQ:CENX - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The industrial products company reported $2.46 earnings per share for the quarter, beating the consensus estimate of $2.33 by $0.13. The business had revenue of $752.10 million during the quarter, compared to analysts' expectations of $817.15 million. Century Aluminum had a net margin of 22.63% and a return on equity of 38.74%. The business's revenue for the quarter was up 59.0% on a year-over-year basis. Analysts predict that Century Aluminum Company will post 8.34 earnings per share for the current year.

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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