Century Aluminum Co (CENX) Cut to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of Century Aluminum Co (NASDAQ:CENX) from a buy rating to a hold rating in a research report released on Wednesday, Market Beatreports.

According to Zacks, “Century Aluminum swung to a loss in the first quarter of 2016. However, adjusted loss for the quarter was lower than the Zacks Consensus Estimate. Revenues tumbled year over year on lower shipments, and missed expectations. Century Aluminum is taking a number of measures to reduce costs and preserve cash amid a weak pricing environment. It should also gain from acquisitions and strong aluminum demand across automotive and aerospace markets. The company also has low financial leverage with no debt maturities in the near term. However, a weak aluminum pricing environment may continue to affect its earnings. Surging exports from China is keeping aluminum prices under significant pressure.”

Other hedge funds have recently bought and sold shares of the company. California State Teachers Retirement System increased its stake in Century Aluminum by 1.8% in the fourth quarter. California State Teachers Retirement System now owns 91,333 shares of the company’s stock worth $404,000 after buying an additional 1,624 shares during the last quarter. Jennison Associates increased its stake in Century Aluminum by 1.3% in the third quarter. Jennison Associates now owns 964,870 shares of the company’s stock worth $4,438,000 after buying an additional 12,585 shares during the last quarter. Principal Financial Group Inc. increased its stake in Century Aluminum by 4.6% in the fourth quarter. Principal Financial Group Inc. now owns 326,146 shares of the company’s stock worth $1,442,000 after buying an additional 14,465 shares during the last quarter. Aperio Group LLC increased its stake in Century Aluminum by 111.4% in the first quarter. Aperio Group LLC now owns 44,542 shares of the company’s stock worth $314,000 after buying an additional 23,474 shares during the last quarter. Finally, Pacad Investment Ltd. purchased a new stake in Century Aluminum during the first quarter worth approximately $170,000.

Century Aluminum (NASDAQ:CENX) traded down 8.4954% during mid-day trading on Wednesday, reaching $7.0001. 1,666,493 shares of the company’s stock were exchanged. The company’s 50-day moving average is $7.54 and its 200 day moving average is $5.37. The firm’s market capitalization is $609.27 million. Century Aluminum has a one year low of $2.63 and a one year high of $14.74.

Century Aluminum (NASDAQ:CENX) last posted its earnings results on Thursday, April 28th. The company reported ($0.23) earnings per share for the quarter, topping the consensus estimate of ($0.44) by $0.21. The business had revenue of $318.90 million for the quarter, compared to analysts’ expectations of $335.08 million. During the same quarter in the previous year, the firm earned $0.76 EPS. Century Aluminum’s revenue for the quarter was down 45.8% compared to the same quarter last year. Equities analysts predict that Century Aluminum will post ($0.60) earnings per share for the current fiscal year.

CENX has been the subject of several other research reports. Nomura restated a neutral rating and set a $5.00 target price on shares of Century Aluminum in a research note on Friday, March 18th. TheStreet lowered Century Aluminum from a hold rating to a sell rating in a research report on Thursday, February 18th. Deutsche Bank lifted their price target on Century Aluminum from $4.00 to $6.00 and gave the stock a hold rating in a research report on Monday, February 22nd. Cowen and Company lifted their price target on Century Aluminum from $4.00 to $6.00 and gave the stock a market perform rating in a research report on Friday, February 19th. Finally, BMO Capital Markets lowered Century Aluminum from an outperform rating to a market perform rating and set a $6.00 price target on the stock. in a research report on Monday, February 22nd. One research analyst has rated the stock with a sell rating and seven have issued a hold rating to the stock. The company presently has a consensus rating of Hold and an average price target of $6.86.

Century Aluminum Company (NASDAQ:CENX) is a holding company, engaged in the production of primary aluminum and operation of aluminum reduction facilities, or smelters, in the United States and Iceland. The Company operates three United States aluminum smelters, in Hawesville, Kentucky (Hawesville), Robards, Kentucky (Sebree) and Mt.

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