Century Aluminum (NASDAQ:CENX) Shares Gap Up on Strong Earnings

Century Aluminum (NASDAQ:CENX)’s stock price gapped up before the market opened on Tuesday following a stronger than expected earnings report. The stock had previously closed at $17.54, but opened at $18.75. Century Aluminum shares last traded at $19.72, with a volume of 231,672 shares changing hands.

The industrial products company reported $0.63 EPS for the quarter, topping the consensus estimate of $0.32 by $0.31. Century Aluminum had a net margin of 10.32% and a negative return on equity of 0.04%. The firm had revenue of $539.10 million during the quarter, compared to analysts’ expectations of $587.10 million. During the same quarter in the prior year, the firm earned ($0.13) EPS.

Analysts Set New Price Targets

A number of analysts have recently issued reports on CENX shares. B. Riley reduced their target price on Century Aluminum from $24.00 to $22.00 and set a “buy” rating for the company in a report on Friday, August 9th. StockNews.com downgraded Century Aluminum from a “hold” rating to a “sell” rating in a research note on Friday. Finally, BMO Capital Markets cut their target price on Century Aluminum from $17.00 to $15.00 and set a “market perform” rating on the stock in a report on Friday, August 9th.

Institutional Investors Weigh In On Century Aluminum

A number of institutional investors have recently added to or reduced their stakes in CENX. Covestor Ltd increased its position in shares of Century Aluminum by 13,746.2% during the 1st quarter. Covestor Ltd now owns 1,800 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 1,787 shares in the last quarter. Quest Partners LLC increased its holdings in shares of Century Aluminum by 104.1% during the second quarter. Quest Partners LLC now owns 2,716 shares of the industrial products company’s stock worth $45,000 after buying an additional 1,385 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of Century Aluminum by 39.6% in the third quarter. GAMMA Investing LLC now owns 4,347 shares of the industrial products company’s stock valued at $71,000 after acquiring an additional 1,233 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of Century Aluminum by 7,779.8% in the 1st quarter. Russell Investments Group Ltd. now owns 7,013 shares of the industrial products company’s stock worth $108,000 after acquiring an additional 6,924 shares in the last quarter. Finally, Capstone Investment Advisors LLC bought a new stake in Century Aluminum during the 1st quarter worth approximately $161,000. 61.59% of the stock is owned by institutional investors and hedge funds.

Century Aluminum Price Performance

The stock has a fifty day moving average of $15.51 and a two-hundred day moving average of $16.19. The company has a current ratio of 1.72, a quick ratio of 0.63 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $1.85 billion, a price-to-earnings ratio of 9.43 and a beta of 2.47.

Century Aluminum Company Profile

Century Aluminum Company, together with its subsidiaries, engages in the production of standard-grade and value-added primary aluminum products in the United States and Iceland. It also owns and operates an alumina production facility in Iceland, and a carbon anode production facility in the Netherlands.