Assenagon Asset Management S.A. Sells 40,515 Shares of Kaiser Aluminum Corporation $KALU

Key Points

• Assenagon Asset Management cut its Kaiser Aluminum stake by 74.4% in the third quarter, selling 40,515 shares and retaining 13,969 shares worth approximately $2.02 million.
• Kaiser Aluminum reported quarterly EPS of $1.89, below the $2.37 analyst consensus, while revenue reached $1.21 billion, up 43.9% year over year and in line with estimates.
• The company declared a quarterly dividend of $0.77 per share, equating to an annualized $3.08 payout and a 2.0% yield. Analysts maintain a consensus “Hold” rating with an average price target of $169.40.

Assenagon Asset Management S.A. lowered its stake in shares of Kaiser Aluminum Corporation (NASDAQ:KALU - Free Report) by 74.4% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 13,969 shares of the industrial products company's stock after selling 40,515 shares during the period. Assenagon Asset Management S.A. owned approximately 0.09% of Kaiser Aluminum worth $2,023,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in KALU. Allworth Financial LP grew its stake in shares of Kaiser Aluminum by 146.6% in the second quarter. Allworth Financial LP now owns 143 shares of the industrial products company's stock valued at $28,000 after buying an additional 85 shares in the last quarter. Nykredit A S purchased a new stake in shares of Kaiser Aluminum during the second quarter worth approximately $30,000. KBC Group NV acquired a new stake in shares of Kaiser Aluminum in the 1st quarter valued at $44,000. Farther Finance Advisors LLC lifted its holdings in Kaiser Aluminum by 32.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 400 shares of the industrial products company's stock worth $58,000 after buying an additional 98 shares during the last quarter. Finally, Parallel Advisors LLC increased its stake in Kaiser Aluminum by 107.2% in the first quarter. Parallel Advisors LLC now owns 487 shares of the industrial products company's stock valued at $59,000 after purchasing an additional 252 shares during the last quarter. Institutional investors and hedge funds own 99.29% of the company's stock.

Kaiser Aluminum Stock Up 0.9%

Shares of NASDAQ:KALU opened at $153.95 on Thursday. The company has a debt-to-equity ratio of 1.10, a quick ratio of 1.17 and a current ratio of 2.50. Kaiser Aluminum Corporation has a 1 year low of $77.24 and a 1 year high of $199.89. The stock has a market capitalization of $2.52 billion, a P/E ratio of 11.41 and a beta of 1.59. The stock has a 50-day simple moving average of $156.18 and a 200-day simple moving average of $165.35.

Kaiser Aluminum (NASDAQ:KALU - Get Free Report) last posted its earnings results on Wednesday, October 21st. The industrial products company reported $1.89 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.37 by ($0.48). Kaiser Aluminum had a return on equity of 24.71% and a net margin of 5.49%. The business had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.21 billion. During the same period last year, the company posted $1.86 EPS. The firm's revenue for the quarter was up 43.9% compared to the same quarter last year. Equities analysts forecast that Kaiser Aluminum Corporation will post 13.40 earnings per share for the current year.

Kaiser Aluminum Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Friday, October 23rd will be paid a dividend of $0.77 per share. This represents a $3.08 annualized dividend and a yield of 2.0%. The ex-dividend date is Friday, October 23rd. Kaiser Aluminum's payout ratio is currently 22.83%.

Analysts Set New Price Targets

KALU has been the topic of a number of research analyst reports. Weiss Ratings cut Kaiser Aluminum from a "buy (b)" rating to a "buy (b-)" rating in a research report on Wednesday, September 2nd. KeyCorp dropped their price target on shares of Kaiser Aluminum from $183.00 to $181.00 and set an "overweight" rating on the stock in a research note on Thursday, October 8th. Wells Fargo & Company raised Kaiser Aluminum from an "underweight" rating to an "equal weight" rating and reduced their target price for the company from $169.00 to $160.00 in a report on Friday, September 18th. Zacks Research cut shares of Kaiser Aluminum from a "strong-buy" rating to a "hold" rating in a research note on Friday, September 25th. Finally, Wall Street Zen raised Kaiser Aluminum from a "buy" rating to a "strong-buy" rating in a report on Sunday, August 2nd. Four analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Kaiser Aluminum presently has an average rating of "Hold" and a consensus price target of $169.40.

Kaiser Aluminum Company Profile

Kaiser Aluminum Corporation is a producer of semi-fabricated aluminum products used by manufacturers in the aerospace and defense, automotive, industrial, and consumer products markets. The company supplies aluminum materials designed for applications that require strength, light weight, corrosion resistance, and other specialized performance characteristics.

Its product portfolio includes rolled aluminum sheet and plate, extruded products, forged components, and other fabricated aluminum products.

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