Royal Bank of Canada raises Kaiser Aluminum stake 98.5%: Earnings hit $5.53 per share

Royal Bank of Canada (RBC) increased its stake in Kaiser Aluminum by 98.5 per cent during the first quarter, according to its latest Form 13F filing with the US Securities and Exchange Commission (SEC). RBC bought an additional 11,769 shares, taking its total holding to 23,714 shares, worth about USD 2.86 million at the end of the reporting period.

Other institutional investors also increased their holdings. Farther Finance Advisors raised its stake by 389.3 per cent in the fourth quarter, while Global Retirement Partners increased its position by 408.3 per cent. Parallel Advisors boosted its holding by 107.2 per cent in the first quarter. KBC Group also acquired a new position, worth around USD 44,000. Institutional investors and hedge funds now own about 99.29 per cent of Kaiser Aluminum's shares.

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The company has also received mixed signals from analysts. Wall Street Zen and Zacks Research upgraded the stock to “strong buy”, while UBS maintained a “neutral” rating despite raising its price target to USD 179. JPMorgan kept an “underweight” rating but increased its target to USD 142. MarketBeat's consensus rating remains “Hold”, with an average price target of USD 168.25.

Kaiser Aluminum reported stronger-than-expected quarterly results on July 22. The company posted earnings of USD 5.53 per share, well above the USD 2.66 analyst estimate, while revenue reached USD 1.26 billion, up 52.7 per cent from the same period a year earlier and above the USD 1.12 billion estimate.

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Kaiser Aluminum's shares opened at USD 181.73, with a 52-week range of USD 73.08 to USD 199.89. The company has a market capitalisation of about USD 2.97 billion and a P/E ratio of 13.47. It also recently paid a quarterly dividend of USD 0.77 per share, equivalent to an annualised USD 3.08 and a dividend yield of about 1.7 per cent.