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Investment firm Intech Investment Management reduced its stake in Kaiser Aluminum during the fourth quarter, selling a large portion of its holdings in the company.
{alcircleadd}The move came as a number of other institutional investors also adjusted their positions in the aluminium producer. Large shareholders, including Vanguard Group, State Street, Dimensional Fund Advisors, American Century Companies and Wellington Management, continued to hold significant stakes in the company.
Kaiser Aluminum’s shares have performed strongly over the past year, trading well above their 52-week low and approaching record levels reached during the period.
Kaiser Aluminum recently reported quarterly results that beat market expectations. The company posted earnings of USD 3.74 per share, compared with analyst forecasts of USD 1.96 per share. Revenue also increased 42.4 per cent year-on-year to USD 1.11 billion, exceeding estimates of USD 948.5 million.
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Revenue rose compared with the same period a year earlier, while earnings also came in ahead of analyst forecasts.
Kaiser Aluminum also maintained its quarterly dividend, continuing to return cash to shareholders.
Meanwhile, company executives sold shares during recent insider transactions. Chief Executive Officer Keith Harvey and Director Brett Wilcox were among those who reduced their holdings during the period.
Several brokerage firms have changed their views on the stock following the company's latest results. Most analysts continue to maintain a positive outlook on Kaiser Aluminum, with most of them rating it in the buy range.
Kaiser Aluminum still remains one of the major producers of semi-fabricated aluminium products in North America and continues to benefit from demand across industrial, transportation and aerospace markets.
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