Engineers Gate Manager LP Lowers Stock Holdings in Century Aluminum Company $CENX

Key Points

• Engineers Gate Manager LP cut its Century Aluminum stake by 84.6% in the second quarter, selling 251,771 shares and retaining 45,738 shares valued at $2.1 million. Institutional investors and hedge funds collectively own 61.59% of CENX.
• Century Aluminum shares opened at $39.71, down 4.4%, and are trading well below their 50-day and 200-day moving averages. The stock has a market capitalization of $3.93 billion and a one-year range of $25.40 to $70.43.
• The company beat quarterly earnings expectations with $2.46 in EPS versus $2.33 expected, while revenue rose 59% year over year to $752.1 million but fell short of estimates. Analysts maintain a “Moderate Buy” consensus rating with a $72 average price target.

Engineers Gate Manager LP decreased its holdings in Century Aluminum Company (NASDAQ:CENX - Free Report) by 84.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 45,738 shares of the industrial products company's stock after selling 251,771 shares during the quarter. Engineers Gate Manager LP's holdings in Century Aluminum were worth $2,104,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Steamboat Capital Partners LLC boosted its position 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 period. Squarepoint Ops LLC increased its position in shares of Century Aluminum by 65.6% during the second quarter. Squarepoint Ops LLC now owns 679,205 shares of the industrial products company's stock worth $31,250,000 after acquiring an additional 269,112 shares during the period. Arizona State Retirement System increased its position in shares of Century Aluminum by 19.8% during the second quarter. Arizona State Retirement System now owns 18,434 shares of the industrial products company's stock worth $848,000 after acquiring an additional 3,052 shares during the period. Nykredit A S acquired a new stake in shares of Century Aluminum in the second quarter valued at $84,000. Finally, Allianz Asset Management GmbH acquired a new stake in shares of Century Aluminum in the second quarter valued at $2,114,000. 61.59% of the stock is currently owned by institutional investors and hedge funds.

Century Aluminum Trading Down 4.4%

CENX opened at $39.71 on Wednesday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.61 and a current ratio of 2.75. Century Aluminum Company has a one year low of $25.40 and a one year high of $70.43. The company has a market cap of $3.93 billion, a P/E ratio of 6.86 and a beta of 1.99. The business's 50-day simple moving average is $45.53 and its 200-day simple moving average is $53.24.

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, topping the consensus estimate of $2.33 by $0.13. The firm had revenue of $752.10 million during the quarter, compared to analysts' expectations of $817.15 million. Century Aluminum had a return on equity of 33.83% and a net margin of 22.63%.The business's revenue was up 59.0% on a year-over-year basis. As a group, equities research analysts expect that Century Aluminum Company will post 7.75 EPS for the current fiscal year.

Wall Street Analyst Weigh In

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

Century Aluminum Company Profile

Century Aluminum Company is a producer of primary aluminum. The company operates aluminum smelters that convert alumina into aluminum metal, supplying standard-grade and value-added products used in transportation, construction, packaging, and other industrial applications.

Century Aluminum's operations are primarily located in the United States and Iceland. Its U.S. portfolio includes facilities in Sebree, Kentucky, and Mount Holly, South Carolina, while its Icelandic operations include the Grundartangi smelter, operated through its Norðurál subsidiary.

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