Bastion Asset Management Inc. Invests $3 Million in Century Aluminum Company (NASDAQ:CENX)

Key Points

• Bastion Asset Management Inc. purchased 161,437 shares of Century Aluminum Company for approximately $2.99 million, making it the fund's 29th largest position.
• Various hedge funds increased their holdings in Century Aluminum, with Teacher Retirement System of Texas boosting its stake by 130.4% in the first quarter.
• Analysts recently upgraded Century Aluminum's rating from "hold" to "buy," following disappointing earnings results where the company missed expectations.

Bastion Asset Management Inc. acquired a new stake in Century Aluminum Company (NASDAQ:CENX - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 161,437 shares of the industrial products company's stock, valued at approximately $2,998,000. Century Aluminum comprises approximately 1.6% of Bastion Asset Management Inc.'s portfolio, making the stock its 29th largest position. Bastion Asset Management Inc. owned 0.17% of Century Aluminum as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the business. Glencore plc purchased a new position in Century Aluminum in the 4th quarter valued at about $729,427,000. Dimensional Fund Advisors LP grew its stake in Century Aluminum by 1.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,937,970 shares of the industrial products company's stock worth $53,531,000 after acquiring an additional 28,557 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Century Aluminum by 5.7% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,067,234 shares of the industrial products company's stock worth $37,665,000 after acquiring an additional 111,203 shares during the period. Yaupon Capital Management LP raised its holdings in Century Aluminum by 76.3% in the 4th quarter. Yaupon Capital Management LP now owns 567,837 shares of the industrial products company's stock valued at $10,346,000 after acquiring an additional 245,813 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in shares of Century Aluminum by 5.8% during the 4th quarter. Northern Trust Corp now owns 540,448 shares of the industrial products company's stock worth $9,847,000 after purchasing an additional 29,400 shares during the period. 61.59% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Wall Street Zen raised Century Aluminum from a "hold" rating to a "buy" rating in a research report on Saturday.

Century Aluminum Trading Down 1.1%

Shares of CENX traded down $0.26 during mid-day trading on Monday, hitting $22.64. The company had a trading volume of 1,431,569 shares, compared to its average volume of 1,465,027. Century Aluminum Company has a 1-year low of $11.40 and a 1-year high of $25.39. The business's 50-day simple moving average is $18.76 and its 200-day simple moving average is $18.33. The stock has a market cap of $2.11 billion, a PE ratio of 19.19 and a beta of 2.55. The company has a quick ratio of 0.63, a current ratio of 1.84 and a debt-to-equity ratio of 0.66.

Century Aluminum (NASDAQ:CENX - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The industrial products company reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.25). The company had revenue of $633.90 million for the quarter, compared to analysts' expectations of $643.80 million. Century Aluminum had a net margin of 5.17% and a return on equity of 19.06%. Sell-side analysts forecast that Century Aluminum Company will post 2.76 earnings per share for the current year.

Century Aluminum Profile

Century Aluminum Company, together with its subsidiaries, engages in the production of standard-grade and value-added primary aluminum products in the United States and Iceland. It also owns and operates an alumina production facility in Iceland, and a carbon anode production facility in the Netherlands.