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Noranda Aluminum Holding Upgraded to “Buy” at Bank of America (NOR)
Edited by : AL CIRCLE
2 min read
Noranda Aluminum Holding (NYSE: NOR) was upgraded by Bank of America (NYSE: BAC) from a “neutral” rating to a “buy” rating in a research note issued on Monday.
The analysts wrote, “[We] think the negative catalyst of private equity owner Apollo’s share sale has passed. NOR announced a $1.25/shr special dividend on Feb. 29 for shareholders of record on March 12. On March 13 Apollo announced plans to sell 10M shares with a greenshoe option of 1.5M, or ~25% of its stake. After the sale Apollo’s stake fell to 48.9%, below the 50% threshold for a “controlled company” under NYSE rules. We viewed the move as positive as it reduced an overhang on shares. We had downgraded NOR in anticipation of an Apollo sale.”
Separately, analysts at Zacks upgraded shares of Noranda Aluminum Holding from an “underperform” rating to a “neutral” rating in a research note to investors on Tuesday, February 7th.
Shares of Noranda Aluminum Holding opened at 9.97 on Monday. Noranda Aluminum Holding has a 52 week low of $6.67 and a 52 week high of $17.82. The company has a market cap of $671.9 million and a P/E ratio of 4.84.
The company last announced its quarterly results on Wednesday, February 15th. It reported $0.01 earnings per share (EPS) for the previous quarter, missing the Thomson Reuters consensus estimate of $0.06 EPS by $0.05. The company’s quarterly revenue was down 1.7% on a year-over-year basis. On average, analysts predict that Noranda Aluminum Holding will post $0.22 earnings per share next quarter.
Noranda Aluminum Holding Corporation (Noranda HoldCo) is a North American integrated producer of aluminum products and rolled aluminum coils.
The analysts wrote, “[We] think the negative catalyst of private equity owner Apollo’s share sale has passed. NOR announced a $1.25/shr special dividend on Feb. 29 for shareholders of record on March 12. On March 13 Apollo announced plans to sell 10M shares with a greenshoe option of 1.5M, or ~25% of its stake. After the sale Apollo’s stake fell to 48.9%, below the 50% threshold for a “controlled company” under NYSE rules. We viewed the move as positive as it reduced an overhang on shares. We had downgraded NOR in anticipation of an Apollo sale.”
Separately, analysts at Zacks upgraded shares of Noranda Aluminum Holding from an “underperform” rating to a “neutral” rating in a research note to investors on Tuesday, February 7th.
Shares of Noranda Aluminum Holding opened at 9.97 on Monday. Noranda Aluminum Holding has a 52 week low of $6.67 and a 52 week high of $17.82. The company has a market cap of $671.9 million and a P/E ratio of 4.84.
The company last announced its quarterly results on Wednesday, February 15th. It reported $0.01 earnings per share (EPS) for the previous quarter, missing the Thomson Reuters consensus estimate of $0.06 EPS by $0.05. The company’s quarterly revenue was down 1.7% on a year-over-year basis. On average, analysts predict that Noranda Aluminum Holding will post $0.22 earnings per share next quarter.
Noranda Aluminum Holding Corporation (Noranda HoldCo) is a North American integrated producer of aluminum products and rolled aluminum coils.
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