Century Aluminum (NASDAQ:CENX) Shares Down 7.5% - Here's What Happened

Key Points

• Century Aluminum shares fell 7.5% to about $44.10, with trading volume 66% below the average daily level.
• Analyst sentiment remains mixed but leans positive: the stock has a “Moderate Buy” consensus rating and a $72 average price target, despite recent downgrades from Weiss Ratings and Zacks Research.
• The company exceeded quarterly EPS expectations ($2.46 versus $2.33) and reported 59% year-over-year revenue growth, although revenue of $752.1 million came in below estimates.

Century Aluminum Company (NASDAQ:CENX - Get Free Report) dropped 7.5% during trading on Thursday . The company traded as low as $44.17 and last traded at $44.0980. 720,886 shares were traded during mid-day trading, a decline of 66% from the average daily volume of 2,138,765 shares. The stock had previously closed at $47.69.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Weiss Ratings lowered Century Aluminum from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday, July 21st. Zacks Research cut shares of Century Aluminum from a "hold" rating to a "strong sell" rating in a research note on Wednesday, July 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 objective for the company. Wall Street Zen downgraded Century Aluminum from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 4th. Finally, B. Riley Financial reaffirmed 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 stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $72.00.

Century Aluminum Stock Down 6.8%

The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.61 and a current ratio of 2.75. The firm's 50 day moving average price is $45.73 and its two-hundred day moving average price is $53.53. The company has a market cap of $4.40 billion, a P/E ratio of 7.68 and a beta of 1.99.

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

Institutional Investors Weigh In On Century Aluminum

A number of hedge funds have recently added to or reduced their stakes in CENX. Jones Financial Companies Lllp bought a new position in shares of Century Aluminum in the 1st quarter worth $25,000. Hollencrest Capital Management bought a new position in shares of Century Aluminum in the first quarter valued at $29,000. EverSource Wealth Advisors LLC grew its holdings in shares of Century Aluminum by 253.1% during the second quarter. EverSource Wealth Advisors LLC now owns 1,822 shares of the industrial products company's stock valued at $33,000 after buying an additional 1,306 shares during the last quarter. Advisory Services Network LLC acquired a new position in shares of Century Aluminum during the third quarter valued at about $34,000. Finally, Northwestern Mutual Wealth Management Co. bought a new stake in shares of Century Aluminum during the second quarter worth about $37,000. Institutional investors and hedge funds own 61.59% of the company's stock.

Century Aluminum Company 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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