California State Teachers Retirement System Increases Stake in Kaiser Aluminum Corporation $KALU

Key Points

• California State Teachers Retirement System increased its Kaiser Aluminum stake by 18,986% to 3.94 million shares, representing about 24.08% of the company and valued at $770.3 million. Institutional investors collectively own 99.29% of KALU.
• Kaiser Aluminum reported strong quarterly results, with earnings of $5.53 per share versus the $2.66 consensus estimate and revenue of $1.26 billion, up 52.7% year over year.
• The company maintains a quarterly dividend of $0.77, equivalent to a 2.0% yield. Analysts give KALU a consensus “Moderate Buy” rating with an average price target of $169.50.

California State Teachers Retirement System raised its stake in shares of Kaiser Aluminum Corporation (NASDAQ:KALU - Free Report) by 18,986.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,937,445 shares of the industrial products company's stock after acquiring an additional 3,916,815 shares during the quarter. California State Teachers Retirement System owned approximately 24.08% of Kaiser Aluminum worth $770,282,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. State Street Corp raised its position in Kaiser Aluminum by 31.9% during the second quarter. State Street Corp now owns 1,154,415 shares of the industrial products company's stock valued at $92,238,000 after acquiring an additional 279,231 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Kaiser Aluminum by 1.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 831,652 shares of the industrial products company's stock valued at $95,528,000 after acquiring an additional 13,909 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of Kaiser Aluminum by 1.1% during the 3rd quarter. Wellington Management Group LLP now owns 502,446 shares of the industrial products company's stock worth $38,769,000 after purchasing an additional 5,623 shares during the period. Bank of New York Mellon Corp grew its stake in shares of Kaiser Aluminum by 16.8% in the fourth quarter. Bank of New York Mellon Corp now owns 198,354 shares of the industrial products company's stock valued at $22,783,000 after buying an additional 28,495 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in shares of Kaiser Aluminum by 111.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 179,781 shares of the industrial products company's stock worth $20,650,000 after acquiring an additional 94,874 shares in the last quarter. 99.29% of the stock is currently owned by hedge funds and other institutional investors.

Kaiser Aluminum Stock Performance

Shares of KALU stock opened at $157.20 on Monday. The stock's fifty day simple moving average is $165.63 and its 200-day simple moving average is $159.65. The company has a market capitalization of $2.57 billion, a price-to-earnings ratio of 11.65 and a beta of 1.61. Kaiser Aluminum Corporation has a 1-year low of $73.08 and a 1-year high of $199.89. The company has a current ratio of 2.50, a quick ratio of 1.17 and a debt-to-equity ratio of 1.10.

Kaiser Aluminum (NASDAQ:KALU - Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The industrial products company reported $5.53 EPS for the quarter, beating analysts' consensus estimates of $2.66 by $2.87. Kaiser Aluminum had a net margin of 5.49% and a return on equity of 24.71%. The company had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.12 billion. During the same quarter last year, the firm posted $1.21 earnings per share. The company's quarterly revenue was up 52.7% compared to the same quarter last year. On average, sell-side analysts predict that Kaiser Aluminum Corporation will post 10.63 earnings per share for the current fiscal year.

Kaiser Aluminum Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 24th were issued a $0.77 dividend. This represents a $3.08 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend was Friday, July 24th. Kaiser Aluminum's payout ratio is presently 22.83%.

Analyst Ratings Changes

Several research analysts have commented on the stock. Wells Fargo & Company boosted their price target on shares of Kaiser Aluminum from $158.00 to $169.00 and gave the stock an "underweight" rating in a report on Friday, July 24th. Wall Street Zen upgraded shares of Kaiser Aluminum from a "buy" rating to a "strong-buy" rating in a research report on Sunday, August 2nd. Zacks Research upgraded Kaiser Aluminum from a "hold" rating to a "strong-buy" rating in a report on Wednesday, July 29th. Weiss Ratings downgraded Kaiser Aluminum from a "buy (b)" rating to a "buy (b-)" rating in a research report on Wednesday, September 2nd. Finally, UBS Group upgraded shares of Kaiser Aluminum from a "neutral" rating to a "buy" rating and boosted their target price for the company from $179.00 to $184.00 in a report on Monday, August 31st. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have assigned a Sell rating to the company. According to MarketBeat, Kaiser Aluminum currently has a consensus rating of "Moderate Buy" and a consensus target price of $169.50.

About Kaiser Aluminum

Kaiser Aluminum Corporation is a manufacturer of semi-fabricated aluminum products. The company produces flat-rolled, extruded and forged aluminum products used by manufacturers in the aerospace, automotive, packaging, industrial and other specialized markets.

Its product portfolio includes aerospace plate and sheet, automotive body sheet, extruded shapes, rod and bar, forged components, and other customized aluminum products. Kaiser Aluminum serves original equipment manufacturers and suppliers that use aluminum for its light weight, strength, durability and recyclability.

The company traces its history to 1946 and operates manufacturing facilities in the United States.

Want to see what other hedge funds are holding KALU? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Kaiser Aluminum Corporation (NASDAQ:KALU - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.