Drummond Knight Asset Management Pty Ltd Invests $12.28 Million in Century Aluminum Company $CENX

Key Points

• Drummond Knight Asset Management opened a new position in Century Aluminum (CENX) of 313,376 shares worth about $12.28 million, making CENX 3.4% of the firm's portfolio and representing 0.34% ownership of the company.
• Analyst sentiment has turned more bullish with multiple upgrades and higher price targets (e.g., B. Riley to $68, Wells Fargo to $69), leaving CENX with an average "Buy" rating and a consensus target of $57 while the stock has recently traded up and neared its 12‑month high.
• Significant insider selling occurred recently—insiders sold 401,626 shares in the past 90 days worth about $20.85 million (including sales by the CAO and an EVP), and insiders now own roughly 0.76% of the company.

Drummond Knight Asset Management Pty Ltd acquired a new position in Century Aluminum Company (NASDAQ:CENX - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 313,376 shares of the industrial products company's stock, valued at approximately $12,278,000. Century Aluminum comprises 3.4% of Drummond Knight Asset Management Pty Ltd's portfolio, making the stock its 10th biggest holding. Drummond Knight Asset Management Pty Ltd owned 0.34% of Century Aluminum at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in CENX. Jones Financial Companies Lllp acquired a new position in shares of Century Aluminum in the 1st quarter worth approximately $25,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Century Aluminum by 253.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,822 shares of the industrial products company's stock worth $33,000 after acquiring an additional 1,306 shares during the last quarter. Advisory Services Network LLC acquired a new position in shares of Century Aluminum in the 3rd quarter worth approximately $34,000. CWM LLC lifted its holdings in shares of Century Aluminum by 26.3% in the 3rd quarter. CWM LLC now owns 1,592 shares of the industrial products company's stock worth $47,000 after acquiring an additional 332 shares during the last quarter. Finally, USA Financial Formulas acquired a new position in shares of Century Aluminum in the 4th quarter worth approximately $60,000. 61.59% of the stock is currently owned by institutional investors and hedge funds.

Century Aluminum Trading Up 3.1%

NASDAQ CENX opened at $64.54 on Tuesday. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.97 and a quick ratio of 0.98. The firm's fifty day moving average price is $52.47 and its 200 day moving average price is $40.38. The company has a market capitalization of $6.39 billion, a price-to-earnings ratio of 161.35 and a beta of 1.99. Century Aluminum Company has a 12 month low of $13.05 and a 12 month high of $64.85.

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

Analyst Upgrades and Downgrades

CENX has been the topic of several recent analyst reports. B. Riley Financial upped their price objective on shares of Century Aluminum from $64.00 to $68.00 and gave the stock a "buy" rating in a report on Tuesday, February 24th. Zacks Research upgraded shares of Century Aluminum from a "hold" rating to a "strong-buy" rating in a report on Tuesday, February 17th. Wall Street Zen upgraded shares of Century Aluminum from a "hold" rating to a "buy" rating in a report on Saturday, February 21st. Weiss Ratings reiterated a "hold (c)" rating on shares of Century Aluminum in a report on Wednesday, January 21st. Finally, Wells Fargo & Company increased their target price on shares of Century Aluminum from $61.00 to $69.00 and gave the stock an "overweight" rating in a report on Thursday, March 12th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $57.00.

Insider Activity at Century Aluminum

In related news, CAO Robert F. Hoffman sold 10,529 shares of the stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $56.51, for a total value of $594,993.79. Following the transaction, the chief accounting officer directly owned 56,643 shares of the company's stock, valued at $3,200,895.93. This trade represents a 15.67% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP John Dezee sold 66,000 shares of the stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $50.72, for a total transaction of $3,347,520.00. Following the completion of the transaction, the executive vice president directly owned 97,647 shares in the company, valued at $4,952,655.84. This trade represents a 40.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 401,626 shares of company stock valued at $20,847,911. Corporate insiders own 0.76% of the company's stock.

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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