Russell Investments Group Ltd. announced a significant surge in its stake in Century Aluminum during the first quarter this week, marking a 33.1% increase. This move brings the fund’s ownership to 130,391 shares of the industrial products company’s stock, following the acquisition of an additional 32,426 shares in the same period. This places Russell Investments Group Ltd.’s ownership at around 0.14% of Century Aluminum, valued at US$1,304,000 as indicated in the latest SEC filing.
This change in ownership comes amid a series of adjustments made by various hedge funds towards Century Aluminum. Yousif Capital Management LLC raised its stake by 1.9% during the first quarter, now owning 46,644 shares of the company’s stock valued at US$1,227,000. Captrust Financial Advisors increased their stake by 26.1% in the same period, bringing their ownership to 7,395 shares worth US$195,000.
Century Aluminum, which operates within the industrial products sector, has seen its stock performance fluctuate. With a 12-month low of US$5.27 and a high of US$12.97, the company opened at US$7.55 on Wednesday. The stock’s 50-day moving average is US$8.61, and the two-hundred day moving average stands at US$9.07. Despite the volatility, Century Aluminum boasts a market capitalization of US$697.54 million, accompanied by a P/E ratio of -6.51 and a beta of 2.69.
Amid these developments, equities analysts have also weighed in on Century Aluminum’s outlook. Wolfe Research downgraded the company from “peer perform” to “underperform” while setting a price target of US$6.00. B. Riley adjusted their price objective to US$9.00 with a “neutral” rating, down from the previous US$10.00. Additionally, StockNews.com upgraded Century Aluminum to a “sell” rating.
The backdrop of these ownership shifts, stock performance metrics, and analyst insights paints a picture of a company navigating a dynamic landscape. As stakeholders continue to assess the trajectory of Century Aluminum, these factors will undoubtedly play a role in shaping its future direction within the industrial products sector.