Kaiser Aluminum (NASDAQ:KALU) Stock Price Down 4.5% on Disappointing Earnings

Kaiser Aluminum Co. (NASDAQ:KALU) shares dropped 4.5% during mid-day trading on Thursday following a dissappointing earnings announcement. The stock traded as low as $64.51 and last traded at $64.51. Approximately 52,595 shares were traded during trading, a decline of 63% from the average daily volume of 140,688 shares. The stock had previously closed at $67.55.

The industrial products company reported $0.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.69 by ($0.18). The company had revenue of $748.00 million during the quarter, compared to analysts’ expectations of $793.30 million. Kaiser Aluminum had a net margin of 1.37% and a return on equity of 6.84%. The firm’s quarterly revenue was up .5% on a year-over-year basis. During the same quarter last year, the firm posted $0.46 earnings per share.

Kaiser Aluminum Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Friday, October 25th will be issued a $0.77 dividend. The ex-dividend date is Friday, October 25th. This represents a $3.08 annualized dividend and a yield of 4.68%. Kaiser Aluminum’s dividend payout ratio (DPR) is currently 89.53%.

Analysts Set New Price Targets

Separately, Benchmark boosted their price target on shares of Kaiser Aluminum from $84.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday, July 12th.

Insider Buying and Selling

In other news, CEO Keith Harvey bought 2,588 shares of the business’s stock in a transaction that occurred on Monday, July 29th. The shares were purchased at an average cost of $77.23 per share, for a total transaction of $199,871.24. Following the completion of the purchase, the chief executive officer now owns 103,550 shares of the company’s stock, valued at approximately $7,997,166.50. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.50% of the company’s stock.

Institutional Investors Weigh In On Kaiser Aluminum

Large investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Kaiser Aluminum by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 1,887,751 shares of the industrial products company’s stock valued at $134,389,000 after acquiring an additional 10,676 shares during the period. UniSuper Management Pty Ltd acquired a new stake in shares of Kaiser Aluminum in the first quarter valued at approximately $593,000. SageView Advisory Group LLC acquired a new stake in shares of Kaiser Aluminum in the first quarter valued at approximately $1,264,000. First Hawaiian Bank purchased a new stake in shares of Kaiser Aluminum during the second quarter worth approximately $726,000. Finally, Russell Investments Group Ltd. raised its stake in shares of Kaiser Aluminum by 10.3% during the first quarter. Russell Investments Group Ltd. now owns 226,171 shares of the industrial products company’s stock worth $20,211,000 after purchasing an additional 21,192 shares during the last quarter. 99.29% of the stock is owned by institutional investors and hedge funds.

Kaiser Aluminum Price Performance

The company has a debt-to-equity ratio of 1.57, a current ratio of 2.55 and a quick ratio of 1.42. The company has a 50 day moving average price of $71.23 and a 200 day moving average price of $83.20. The firm has a market cap of $1.06 billion, a PE ratio of 18.75 and a beta of 1.33.

About Kaiser Aluminum

Kaiser Aluminum Corporation, together with its subsidiaries, engages in manufacture and sale of semi-fabricated specialty aluminum mill products in the United States and internationally. It offers rolled, extruded, and drawn aluminum products used for aerospace and defense, aluminum beverage and food packaging, automotive and general engineering products.