Envestnet Asset Management expands its holding in Kaiser Aluminum

According to a recent filing with the US Securities and Exchange Commission (SEC), Envestment Asset Management Inc. has increased its investment in Kaiser Aluminium Corporation by 62 per cent by acquiring 25,546 shares. So, compared to the earlier shareholding of 41,227, it now owns 66,773 shares.

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Increased exposure of the institutional investors 

Alongside Envestment Asset Management Inc, other institutional shareholders of Kaiser Aluminum have also adjusted their positions:

• Third Avenue Management LLC purchased an additional 205 shares
• Cetera Investment Advisers expanded its holdings by 7.3 per cent 
• Mirae Asset Global ETFs Holdings Ltd. expanded its position by 4.4 per cent 
• Central Pacific Bank Trust Division increased its ownership by 9.9 per cent
• The State of Alaska Department of Revenue expanded its shareholding by 7.6 per cent

With the recent adjustments, institutional investors collectively own 99.29 per cent of Kaiser Aluminum stock, which reflects the global investors’ confidence in the industrial product manufacturer. 

Read More: Kaiser Aluminium expands Trentwood operations after pandemic pause with a USD 25 million investment

Insider activity

In corporate developments, Executive Vice President Blain Tiffany sold 8,656 shares of Kaiser Aluminum on November 7, at an average price of USD 93.92 per share, totalling USD 812,972. Following the transaction, Tiffany retains 26,275 shares, valued at approximately USD 2.47 million. The sale, which represented a reduction of roughly 25 per cent in the executive’s holdings, was disclosed in a filing with the Securities and Exchange Commission (SEC). Currently, corporate insiders hold approximately 1.40 per cent of the company’s outstanding stock.

Stock overview

Kaiser Aluminum shares opened at USD 95.09 on Thursday. The company maintains a debt-to-equity ratio of 1.29, a current ratio of 2.48, and a quick ratio of 1.08. Over the past year, the stock has traded between a low of USD 46.81 and a high of USD 97.63. 

Its 50-day moving average stands at USD 82.12, while the 200-day moving average is USD 78.84. The company’s market capitalisation is valued at USD 1.54 billion, with a price-to-earnings (P/E) ratio of 17.20 and a beta of 1.58, indicating moderate volatility compared to the broader market.

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