Century Aluminum Company $CENX Shares Sold by Impala Asset Management LLC

Key Points

• Impala Asset Management cut its stake in Century Aluminum (CENX) by 14.3% to 689,000 shares, still representing about 13.7% of Impala’s portfolio and roughly $20.23 million, making CENX its second-largest holding.
• Significant insider selling: CEO Jesse E. Gary sold 150,000 shares for about $7.23 million and insiders have dumped 231,097 shares (~$11.37 million) in the last 90 days, leaving insiders with just 0.76% ownership.
• Analyst and financial backdrop: Consensus rating is a Buy with a $54.33 price target after quarter results that met EPS ($1.25) but missed revenue, and the stock trades around $53.90 with a ~$5.03 billion market cap.

Impala Asset Management LLC decreased its stake in Century Aluminum Company (NASDAQ:CENX - Free Report) by 14.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 689,000 shares of the industrial products company's stock after selling 114,894 shares during the quarter. Century Aluminum accounts for about 13.7% of Impala Asset Management LLC's portfolio, making the stock its 2nd largest position. Impala Asset Management LLC owned approximately 0.74% of Century Aluminum worth $20,229,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. AQR Capital Management LLC raised its position in shares of Century Aluminum by 22.1% in the 1st quarter. AQR Capital Management LLC now owns 39,001 shares of the industrial products company's stock valued at $724,000 after acquiring an additional 7,051 shares during the period. Jones Financial Companies Lllp bought a new position in shares of Century Aluminum during the first quarter worth $25,000. Empowered Funds LLC grew its holdings in shares of Century Aluminum by 1.8% in the 1st quarter. Empowered Funds LLC now owns 59,186 shares of the industrial products company's stock valued at $1,098,000 after buying an additional 1,069 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Century Aluminum by 21.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 124,001 shares of the industrial products company's stock valued at $2,301,000 after buying an additional 21,702 shares in the last quarter. Finally, Teacher Retirement System of Texas raised its stake in Century Aluminum by 18.6% during the 2nd quarter. Teacher Retirement System of Texas now owns 39,630 shares of the industrial products company's stock worth $714,000 after buying an additional 6,216 shares during the period. Institutional investors own 61.59% of the company's stock.

Wall Street Analyst Weigh In

CENX has been the subject of several recent analyst reports. Weiss Ratings restated a "hold (c)" rating on shares of Century Aluminum in a report on Wednesday, January 21st. Wells Fargo & Company lifted their price target on shares of Century Aluminum from $46.00 to $61.00 and gave the company an "overweight" rating in a research note on Tuesday, January 13th. B. Riley Financial upped their price target on shares of Century Aluminum from $64.00 to $68.00 and gave the company a "buy" rating in a report on Tuesday, February 24th. BMO Capital Markets raised their price objective on shares of Century Aluminum from $30.00 to $34.00 and gave the stock an "outperform" rating in a report on Friday, November 7th. Finally, Zacks Research raised shares of Century Aluminum from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, February 17th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $54.33.

Insiders Place Their Bets

In other news, CEO Jesse E. Gary sold 150,000 shares of the company's stock in a transaction that occurred on Friday, January 23rd. The stock was sold at an average price of $48.19, for a total transaction of $7,228,500.00. Following the sale, the chief executive officer owned 292,580 shares in the company, valued at $14,099,430.20. This represents a 33.89% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Matt Aboud sold 12,126 shares of the stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $52.50, for a total value of $636,615.00. Following the completion of the sale, the senior vice president directly owned 67,814 shares of the company's stock, valued at approximately $3,560,235. The trade was a 15.17% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 231,097 shares of company stock valued at $11,369,118 in the last 90 days. 0.76% of the stock is currently owned by insiders.

Century Aluminum Stock Up 0.9%

Shares of CENX stock opened at $53.90 on Friday. The firm's fifty day moving average price is $47.88 and its two-hundred day moving average price is $35.27. The company has a current ratio of 1.97, a quick ratio of 0.98 and a debt-to-equity ratio of 0.52. Century Aluminum Company has a 1 year low of $13.05 and a 1 year high of $56.96. The firm has a market capitalization of $5.03 billion, a P/E ratio of 134.75 and a beta of 2.17.

Century Aluminum (NASDAQ:CENX - Get Free Report) last announced its quarterly earnings data on Thursday, February 19th. The industrial products company reported $1.25 earnings per share for the quarter, meeting the consensus estimate of $1.25. Century Aluminum had a return on equity of 5.57% and a net margin of 1.65%.The company had revenue of $633.70 million during the quarter, compared to analysts' expectations of $661.63 million. During the same quarter last year, the company earned $0.49 EPS. Century Aluminum's revenue for the quarter was up .4% compared to the same quarter last year. On average, equities analysts predict that Century Aluminum Company will post 2.76 EPS for the current fiscal year.

Century Aluminum Profile

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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