Noranda Aluminum given New $6.00 Price Target

Analysts at Credit Suisse lowered their target price on shares of Noranda Aluminum Holding Corp. from $7.00 to $6.00 in a research report issued to clients and investors on Thursday, Stock Ratings Network.com reports. Credit Suisse’s price target suggests a potential upside of 96.08% from the stock’s previous close.

Noranda Aluminum Holding Corp. traded up 4.44% on Thursday, hitting $3.06. 209,561 shares of the company’s stock traded hands. Noranda Aluminum Holding Corp. has a 1-year low of $2.93 and a 1-year high of $7.85. The stock’s 50-day moving average is $3.20 and its 200-day moving average is $3.99. The company’s market cap is $208.1 million.

Noranda Aluminum Holding Corp. last posted its quarterly earnings results on Wednesday, July 24th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by $0.02. The company had revenue of $352.00 million for the quarter, compared to the consensus estimate of $340.08 million. During the same quarter in the previous year, the company posted $0.11 earnings per share. The company’s revenue for the quarter was down 5.3% on a year-over-year basis. Analysts expect that Noranda Aluminum Holding Corp. will post $-0.57 EPS for the current fiscal year.

Several other analysts have also recently commented on the stock. Analysts at Merrill Lynch downgraded shares of Noranda Aluminum Holding Corp. to an “underperform” rating in a research note to investors on Friday, August 16th. Separately, analysts at Bank of America Corp. downgraded shares of Noranda Aluminum Holding Corp. from a “neutral” rating to an “underperform” rating in a research note to investors on Friday, August 16th. Finally, analysts at UBS AG downgraded shares of Noranda Aluminum Holding Corp. from a “buy” rating to a “neutral” rating in a research note to investors on Thursday, July 25th. They now have a $3.50 price target on the stock, down previously from $4.25.

Four equities research analysts have rated the stock with a sell rating and five have issued a hold rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $4.39.

The company also recently declared a quarterly dividend, which is scheduled for Wednesday, August 28th. Stockholders of record on Monday, August 5th will be given a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a yield of 5.23%. The ex-dividend date of this dividend is Thursday, August 1st.

Noranda Aluminum Holding Corporation is a North American integrated producer of aluminum products and rolled aluminum coils.