Bank of America Corp DE Grows Holdings in Century Aluminum Company $CENX

Key Points

• Bank of America nearly doubled its Century Aluminum position in the first quarter, adding 301,268 shares to own 608,794 shares worth approximately $35.7 million. Institutional and hedge-fund investors collectively own 61.59% of CENX.
• Century Aluminum reported quarterly earnings of $2.46 per share, exceeding estimates of $2.33, while revenue rose 59% year over year to $752.1 million, below the $817.15 million consensus forecast.
• Analyst sentiment remains mixed but leans positive: four analysts rate the stock Buy, one rates it Hold and one rates it Sell, producing a “Moderate Buy” consensus and an average price target of $72 versus the reported $46.72 share price.

Bank of America Corp DE raised its position in shares of Century Aluminum Company (NASDAQ:CENX - Free Report) by 98.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 608,794 shares of the industrial products company's stock after purchasing an additional 301,268 shares during the quarter. Bank of America Corp DE owned 0.62% of Century Aluminum worth $35,730,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Hollencrest Capital Management bought a new position in Century Aluminum in the 1st quarter worth $29,000. Summit Securities Group LLC purchased a new position in shares of Century Aluminum during the first quarter valued at about $42,000. Private Trust Co. NA bought a new stake in shares of Century Aluminum in the fourth quarter worth about $28,000. Strs Ohio bought a new stake in shares of Century Aluminum in the first quarter worth about $47,000. Finally, Transamerica Financial Advisors LLC purchased a new stake in shares of Century Aluminum in the fourth quarter worth about $40,000. 61.59% of the stock is owned by hedge funds and other institutional investors.

Century Aluminum Trading Up 0.7%

Shares of CENX opened at $46.72 on Friday. The firm has a 50-day moving average price of $48.05 and a 200 day moving average price of $53.92. The firm has a market capitalization of $4.62 billion, a P/E ratio of 8.07 and a beta of 1.96. The company has a current ratio of 2.75, a quick ratio of 1.61 and a debt-to-equity ratio of 0.31. Century Aluminum Company has a 12-month low of $20.91 and a 12-month high of $70.43.

Century Aluminum (NASDAQ:CENX - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The industrial products company reported $2.46 EPS for the quarter, beating the consensus estimate of $2.33 by $0.13. The business had revenue of $752.10 million for the quarter, compared to analyst estimates of $817.15 million. Century Aluminum had a return on equity of 33.83% and a net margin of 22.63%.The company's revenue for the quarter was up 59.0% on a year-over-year basis. Sell-side analysts forecast that Century Aluminum Company will post 8.34 EPS for the current year.

Analysts Set New Price Targets

CENX has been the topic of a number of recent research reports. B. Riley Financial decreased their price objective on Century Aluminum from $86.00 to $74.00 and set a "buy" rating on the stock in a research report on Tuesday, July 7th. Weiss Ratings lowered Century Aluminum from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Tuesday, July 21st. Wells Fargo & Company increased their price objective on shares of Century Aluminum from $77.00 to $79.00 and gave the company an "overweight" rating in a research note on Friday, May 8th. UBS Group started coverage on Century Aluminum in a research report on Monday. They set a "buy" rating and a $60.00 price objective on the stock. Finally, Zacks Research downgraded Century Aluminum from a "hold" rating to a "strong sell" rating in a research report on Wednesday, July 8th. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $72.00.

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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