Dallas, Texas 01/23/2014 (FINANCIALSTRENDS) – Century Aluminum Co (NASDAQ:CENX) is the US based aluminium company which though not as big as Alcoa is expected to see some great action at the stock market given the overall upward trend in the industry.
Century Aluminum too benefits from industry changes
The recent change in regulations by some of the major aluminium raw resource-holding countries and the output limitations, had definitely driven the basic cost of aluminium higher. Along with this the increased demand and less supply has also meant, the until now flat-trading basic materials industry is definitely set on the upward growth trend.
Century Aluminum Co (NASDAQ:CENX) is seeing some great rally already in Alcoa, even as it builds on its strategy for the coming trends. Currently, JP Morgan has stated that Alcoa will see great prices driven by the overall positive changes in the aluminium industry. Boost in earnings was the operative word the banking investment firm offered even as it upgraded the company from Overweight to Neutral. The company will now revise the target price for the same at $15 per share. This is much higher than the earlier $9 for Aloca. For Century Aluminium too JP Morgan raises the target price from its old $6 to $13 and moves it to Overweight from Underweight.
Century Aluminum Co (NASDAQ:CENX) is a market cap of $1.09 billion with volumes of 1,300,577. The share holds a 52 week high stock price of $12.58 and 52 week low of $6.26. EPS is negative at -0.45.
Century Aluminum Co (NASDAQ:CENX) was recently revealed to be one of those companies which held ‘shadow warehouses’ holding basic raw materials varying from nickel to zinc to copper and aluminium for banks as well as commodity market stakeholders, besides hedge funds, according to news from the WallStreet Journal at close of December last.