Antipodes Partners Ltd has taken a fresh position in Century Aluminium Company (NASDAQ: CENX), according to its latest SEC filing. The Sydney-based investment firm acquired 153,131 shares in the industrial metals producer, a stake valued at roughly USD 2.8 million at the time of purchase. By the end of the quarter, the holding represented about 0.16 per cent of Century Aluminium’s total stock.
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Institutional investment renews market confidence
Besides Antipodes Partners, a number of other major funds have also increased their exposure to the company this year. Woodline Partners LP opened a new position in the first quarter valued at about USD 19.3 million. Impala Asset Management LLC raised its stake by a third to more than 932,000 shares, now worth over USD 17 million. Nuveen LLC and Encompass Capital Advisors LLC each initiated holdings of roughly USD 14.7 million and USD 13.9 million, respectively. Wellington Management Group LLP lifted its interest by almost 70 per cent, now owning close to 694,000 shares valued at USD 12.9 million.
Altogether, institutional investors control just over 61 per cent of Century Aluminium’s shares.
Share performance and market snapshot
Century Aluminium’s shares opened at USD 29.62, down 0.1 per cent. The stock trades well above its 200-day average of USD 21.83, valuing the firm at approximately USD 2.8 billion. Over the year, prices ranged from USD 13.05 to USD 34.51. Key financial ratios include a current ratio of 1.75, quick ratio of 0.61, and debt-to-equity ratio of 0.66.
Two senior vice presidents sold portions of their holdings earlier in the year. Matt Aboud disposed of just over 12,000 shares at an average price of USD 23.27, reducing his position by roughly 16 per cent. Agust Hafberg sold around 9,500 shares at USD 27.91, trimming his stake by nearly 15 per cent. Company insiders collectively hold about 0.76 per cent of the stock.
Read More: Century Aluminium’s Jamalco refinery resumes operations after Hurricane Melissa
Analyst views
Brokerage sentiment remains largely positive. Wells Fargo & Co. recently trimmed its price target from USD 37 to USD 34, maintaining an overweight stance. BMO Capital Markets reaffirmed an outperform rating, while Zacks Research upgraded the shares to strong buy in mid-August. According to the top five analysts' ratings, Century Aluminium is a buy or strong buy, with one recommending hold, giving an average target price of about USD 27.75.
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