BlackRock Inc. Takes $474.13 Million Position in Century Aluminum Company $CENX

Key Points

• BlackRock acquired 10.3 million Century Aluminum shares worth approximately $474.1 million, giving it a 10.41% stake. Institutional investors collectively own 61.59% of CENX.
• Analyst sentiment is generally positive, with a consensus rating of “Moderate Buy” and a $72 price target, although ratings range from Strong Sell to Buy.
• Century Aluminum beat quarterly earnings expectations with $2.46 per share versus $2.33 forecast, while revenue rose 59% year over year to $752.1 million but fell short of estimates.

BlackRock Inc. purchased a new stake in Century Aluminum Company (NASDAQ:CENX - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 10,304,905 shares of the industrial products company's stock, valued at approximately $474,129,000. BlackRock Inc. owned 10.41% of Century Aluminum as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Cetera Investment Advisers increased its position in shares of Century Aluminum by 510.6% during the first quarter. Cetera Investment Advisers now owns 43,612 shares of the industrial products company's stock worth $2,560,000 after purchasing an additional 36,469 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Century Aluminum by 18.7% in the 4th quarter. Vanguard Group Inc. now owns 6,939,794 shares of the industrial products company's stock valued at $271,901,000 after purchasing an additional 1,094,257 shares in the last quarter. Sigma Planning Corp purchased a new position in Century Aluminum in the 4th quarter valued at $1,249,000. Kailix Advisors LLC acquired a new stake in Century Aluminum during the 4th quarter worth $5,742,000. Finally, GSA Capital Partners LLP boosted its stake in Century Aluminum by 132.4% during the 4th quarter. GSA Capital Partners LLP now owns 46,609 shares of the industrial products company's stock worth $1,826,000 after purchasing an additional 26,552 shares during the last quarter. Hedge funds and other institutional investors own 61.59% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on CENX shares. UBS Group initiated coverage on shares of Century Aluminum in a research report on Monday, August 10th. They issued a "buy" rating and a $60.00 target price for the company. Wall Street Zen lowered shares of Century Aluminum from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 4th. Zacks Research cut shares of Century Aluminum from a "hold" rating to a "strong sell" rating in a research note on Wednesday, July 8th. Weiss Ratings downgraded shares of Century Aluminum from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, July 21st. Finally, B. Riley Financial reissued a "buy" rating on shares of Century Aluminum in a research note on Tuesday, August 18th. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Century Aluminum has a consensus rating of "Moderate Buy" and a consensus price target of $72.00.

Century Aluminum Price Performance

Century Aluminum stock opened at $43.66 on Tuesday. Century Aluminum Company has a 12-month low of $20.91 and a 12-month high of $70.43. The stock has a market cap of $4.32 billion, a P/E ratio of 7.54 and a beta of 1.96. The company has a 50-day moving average price of $46.20 and a 200 day moving average price of $53.83. 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 (NASDAQ:CENX - Get Free Report) last posted its 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 company had revenue of $752.10 million for the quarter, compared to analyst estimates of $817.15 million. Century Aluminum had a net margin of 22.63% and a return on equity of 33.83%. The firm's revenue was up 59.0% compared to the same quarter last year. Sell-side analysts anticipate 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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