Century Aluminum Company $CENX Position Lessened by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management reduced its Century Aluminum stake by 28.6% in the third quarter, selling 437,772 shares and retaining 1.09 million shares worth approximately $39.34 million. Institutional investors collectively own 61.59% of the company.
• Analyst sentiment is mixed: four analysts rate the stock a Buy, two Hold, and one Sell. The consensus rating is Hold, with an average price target of $64.60, while several firms recently lowered targets.
• Century Aluminum reported adjusted earnings of $2.46 per share, exceeding estimates, while quarterly revenue reached $752.1 million—up 59% year over year but below expectations. The stock opened at $35.03, well below its 52-week high of $70.43.

Assenagon Asset Management S.A. decreased its stake in shares of Century Aluminum Company (NASDAQ:CENX - Free Report) by 28.6% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,093,395 shares of the industrial products company's stock after selling 437,772 shares during the quarter. Assenagon Asset Management S.A. owned about 1.10% of Century Aluminum worth $39,340,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of CENX. Cetera Investment Advisers grew its position in Century Aluminum by 510.6% in the 1st 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. Allianz Asset Management GmbH purchased a new stake in Century Aluminum in the 2nd quarter valued at about $2,114,000. Steamboat Capital Partners LLC increased its stake in Century Aluminum by 7.4% in the 2nd quarter. Steamboat Capital Partners LLC now owns 296,666 shares of the industrial products company's stock valued at $13,650,000 after buying an additional 20,418 shares during the last quarter. Bank of America Corp DE lifted its position in shares of Century Aluminum by 98.0% during the 1st quarter. Bank of America Corp DE now owns 608,794 shares of the industrial products company's stock worth $35,730,000 after buying an additional 301,268 shares in the last quarter. Finally, The Manufacturers Life Insurance Company bought a new position in shares of Century Aluminum during the 2nd quarter worth approximately $2,140,000. Institutional investors own 61.59% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on CENX shares. Wells Fargo & Company cut their target price on Century Aluminum from $83.00 to $79.00 and set an "overweight" rating on the stock in a research note on Friday, September 18th. UBS Group reduced their target price on Century Aluminum from $60.00 to $55.00 and set a "buy" rating for the company in a report on Thursday, October 8th. Weiss Ratings downgraded Century Aluminum from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Tuesday, July 21st. Wall Street Zen lowered Century Aluminum from a "strong-buy" rating to a "buy" rating in a report on Sunday, September 20th. Finally, Barclays assumed coverage on Century Aluminum in a report on Wednesday. They set an "equal weight" rating and a $40.00 price target on the stock. Four equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $64.60.

Century Aluminum Price Performance

NASDAQ CENX opened at $35.03 on Friday. The company has a market cap of $3.47 billion, a PE ratio of 6.05 and a beta of 2.07. Century Aluminum Company has a 52 week low of $25.40 and a 52 week high of $70.43. The company has a quick ratio of 1.61, a current ratio of 2.75 and a debt-to-equity ratio of 0.31. The firm's 50-day simple moving average is $41.78 and its two-hundred day simple moving average is $50.71.

Century Aluminum (NASDAQ:CENX - Get Free Report) last issued its earnings results on Thursday, August 6th. The industrial products company reported $2.46 earnings per share for the quarter, topping analysts' consensus estimates of $2.33 by $0.13. The firm had revenue of $752.10 million during 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 company's quarterly revenue was up 59.0% compared to the same quarter last year. Research analysts predict that Century Aluminum Company will post 7.75 earnings per share for the current year.

Century Aluminum Company Profile

Century Aluminum Company is a producer of primary aluminum. The company operates aluminum reduction facilities that convert alumina into aluminum metal through the electrolytic smelting process. Its products include standard-grade and value-added primary aluminum, which is supplied to manufacturers and other industrial customers.

Century Aluminum serves markets such as automotive, aerospace, construction, packaging and consumer products. Its operations have included facilities in the United States and Iceland, including smelters in Kentucky, South Carolina and at Grundartangi, Iceland.

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