Century Aluminum Co (NASDAQ:CENX) shares have surged to a 52-week high, reaching a price level of $24.34 USD, with a market capitalization now standing at $2.2 billion. InvestingPro analysis indicates the stock is trading at an attractive P/E ratio of 6.85, though current levels suggest the stock may be overvalued. This milestone underscores a period of robust performance for the company, reflecting investor confidence and a favorable market environment for aluminum producers. Over the past year, Century Aluminum has witnessed a remarkable turnaround, with its stock value surging 86.82% year-to-date, despite operating with relatively thin gross profit margins of 7.52%. For deeper insights into CENX's performance metrics and growth potential, InvestingPro subscribers can access 11 additional expert tips and comprehensive financial analysis. This significant one-year change highlights the company's resilience and adaptability in navigating market challenges, as well as its strategic initiatives that have resonated well with investors and the broader industry.
In other recent news, Century Aluminum has seen a series of promising developments. The company reported robust third-quarter earnings with an adjusted EBITDA of $104 million, due to improved aluminum prices and the benefit of new Section 45X tax credits. Additionally, Century Aluminum recorded shipments of approximately 169,000 tons and net sales of $539 million.
Wolfe Research upgraded Century Aluminum from Peerperform to Outperform, establishing a new price target of $27.00. The upgrade reflects a positive outlook based on higher commodity price forecasts for aluminum. BMO Capital also adjusted its price target on Century Aluminum's shares to $18.00, up from the previous $16.00, while maintaining a Market Perform rating.
Century Aluminum is currently undergoing a strategic alternatives review for the idled Hawesville smelter, which could impact future operations and financial outcomes. The company is also considering the potential redevelopment of its Hawesville facility and the competitive cost structure of the Jamalco alumina asset. These recent developments underscore the company's proactive measures and strategic foresight.
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