Noranda Aluminum neutral rating reaffirmed by Citigroup

Citigroup Inc. reaffirmed their neutral rating on shares of Noranda Aluminum Holding Corp. in a research note issued to investors on Monday, StockRatingsNetwork.com reports. The firm currently has a $3.20 price target on the stock, down from their previous price target of $3.50.

“Based on our 2014E and a 8.0x multiple we apply a 60% weighting on our $2.00/sh EV/EBITDA valuation and a 40% weighting on our DCF derived valuation of $5.10/sh to arrive at our reduced target price of $3.20/sh on lowered estimates. Based on our revised commodity price forecasts, we have lowered our EPS estimates for ’13 to -$0.67 from -$0.62. No change to our Neutral/High Risk (2H) rating.,” Citigroup Inc.’s analyst wrote.

NOR has been the subject of a number of other recent research reports. Analysts at UBS AG reiterated a hold rating on shares of Noranda Aluminum Holding Corp. in a research note to investors on Thursday, October 17th. They now have a $2.40 price target on the stock. Finally, analysts at Zacks upgraded shares of Noranda Aluminum Holding Corp. from an underperform rating to a neutral rating in a research note to investors on Tuesday, October 8th. They now have a $2.40 price target on the stock. Two analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the stock. The company presently has an average rating of Hold and an average target price of $3.68.

Noranda Aluminum Holding Corp. traded up 1.06% during mid-day trading on Monday, hitting $2.86. The stock had a trading volume of 258,586 shares. Noranda Aluminum Holding Corp. has a 1-year low of $2.21 and a 1-year high of $6.85. The stock’s 50-day moving average is $2.63 and its 200-day moving average is $3.1. The company’s market cap is $194.5 million.

Noranda Aluminum Holding Corp. last released its earnings data on Wednesday, October 30th. The company reported ($0.30) earnings per share for the quarter, missing the analysts’ consensus estimate of ($0.29) by $0.01. The company had revenue of $339.90 million for the quarter, compared to the consensus estimate of $326.47 million. During the same quarter in the previous year, the company posted ($0.16) earnings per share. The company’s revenue for the quarter was up .9% on a year-over-year basis. On average, analysts predict that Noranda Aluminum Holding Corp. will post $-0.65 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which is scheduled for Thursday, December 5th. Shareholders of record on Tuesday, November 12th will be given a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 1.41%. The ex-dividend date of this dividend is Thursday, November 7th.

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