Man Group plc Purchases New Position in Century Aluminum Company $CENX

Key Points

• Man Group purchased 60,517 Century Aluminum shares in the second quarter, valued at approximately $2.8 million, while institutional investors collectively owned 61.59% of the company.
• Century Aluminum reported quarterly EPS of $2.46, exceeding the $2.33 consensus estimate, although revenue of $752.1 million fell short of expectations despite rising 59% year over year.
• CENX shares opened at $45.77, down 1.8%; analysts’ consensus rating is “Moderate Buy”, with an average price target of $72.00.

Man Group plc purchased a new stake in Century Aluminum Company (NASDAQ:CENX - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 60,517 shares of the industrial products company's stock, valued at approximately $2,784,000. Man Group plc owned 0.06% of Century Aluminum at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Jupiter Topco LLC purchased a new position in shares of Century Aluminum during the 2nd quarter valued at approximately $1,375,000. Kinetic Partners Management LP purchased a new stake in Century Aluminum during the second quarter worth $35,736,000. Hsbc Holdings PLC acquired a new stake in Century Aluminum during the second quarter valued at $804,000. Canada Pension Plan Investment Board acquired a new stake in Century Aluminum during the second quarter valued at $16,812,000. Finally, Nicholas Investment Partners LP purchased a new position in Century Aluminum in the second quarter valued at $9,110,000. Institutional investors and hedge funds own 61.59% of the company's stock.

Century Aluminum Stock Down 1.8%

CENX opened at $45.77 on Tuesday. The company has a market cap of $4.53 billion, a PE ratio of 7.91 and a beta of 1.96. Century Aluminum Company has a twelve month low of $20.91 and a twelve month high of $70.43. The company has a 50-day moving average price of $45.51 and a 200 day moving average price of $53.65. The company has a quick ratio of 1.61, a current ratio of 2.75 and a debt-to-equity ratio of 0.31.

Century Aluminum (NASDAQ:CENX - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The industrial products company reported $2.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.33 by $0.13. Century Aluminum had a return on equity of 33.83% and a net margin of 22.63%.The company had revenue of $752.10 million for the quarter, compared to analysts' expectations of $817.15 million. Century Aluminum's revenue was up 59.0% on a year-over-year basis. Sell-side analysts expect that Century Aluminum Company will post 7.75 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on CENX. Wells Fargo & Company upped their price objective on shares of Century Aluminum from $77.00 to $79.00 and gave the stock an "overweight" rating in a research report on Friday, May 8th. UBS Group assumed coverage on Century Aluminum in a research note on Monday, August 10th. They issued a "buy" rating and a $60.00 price target for the company. Zacks Research cut Century Aluminum from a "hold" rating to a "strong sell" rating in a report on Wednesday, July 8th. Wall Street Zen downgraded Century Aluminum from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 4th. Finally, B. Riley Financial reissued a "buy" rating on shares of Century Aluminum in a report on Tuesday, August 18th. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $72.00.

About Century Aluminum

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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