Noranda downgraded by Zacks to Underperform

Noranda Aluminum Holding Corp. was downgraded by Zacks from a “neutral” rating to an “underperform” rating in a research note issued to investors on Friday, Analyst Ratings Network reports. They currently have a $3.20 price objective on the stock. Zacks‘ target price would suggest a potential downside of 5.88% from the stock’s previous close.

Shares of Noranda Aluminum Holding Corp. traded up 0.88% during mid-day trading on Friday, hitting $3.43. Noranda Aluminum Holding Corp. has a one year low of $3.16 and a one year high of $7.85. The stock’s 50-day moving average is currently $3.62. The company has a market cap of $232.9 million and a P/E ratio of 6.92.

Noranda Aluminum Holding Corp.last issued its quarterly earnings data on Wednesday, April 24th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.04. The company had revenue of $338.40 million for the quarter, compared to the consensus estimate of $339.47 million. During the same quarter in the previous year, the company posted $0.18 earnings per share. The company’s revenue for the quarter was down 4.3% on a year-over-year basis. On average, analysts predict that Noranda Aluminum Holding Corp. will post $-0.32 earnings per share for the current fiscal year.

A number of other analysts have also recently weighed in on NOR. Analysts at Jefferies Group reiterated a “neutral” rating on shares of Noranda Aluminum Holding Corp. in a research note to investors on Monday, July 8th. They now have a $4.25 price target on the stock, down previously from $4.75. Separately, analysts at Morgan Stanley downgraded shares of Noranda Aluminum Holding Corp. from an “equal weight” rating to an “underweight” rating in a research note to investors on Tuesday, June 25th. Finally, analysts at TheStreet upgraded shares of Noranda Aluminum Holding Corp. from a “sell” rating to a “hold” rating in a research note to investors on Thursday, May 16th.

Two analysts have rated the stock with a sell rating and six have assigned a hold rating to the stock. Noranda Aluminum Holding Corp. has an average rating of “Hold” and an average target price of $4.69.

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