Kaiser Aluminum (NASDAQ:KALU) Stock Price Down 4.5% on Disappointing Earnings

Kaiser Aluminum Co. (NASDAQ:KALU - Get Free Report)'s stock price was down 4.5% during mid-day trading on Thursday after the company announced weaker than expected quarterly earnings. The company traded as low as $64.51 and last traded at $64.51. Approximately 52,595 shares were traded during mid-day trading, a decline of 63% from the average daily volume of 140,688 shares. The stock had previously closed at $67.55.

The industrial products company reported $0.51 earnings per share for the quarter, missing analysts' consensus estimates of $0.69 by ($0.18). Kaiser Aluminum had a return on equity of 6.84% and a net margin of 1.37%. The business had revenue of $748.00 million for the quarter, compared to analyst estimates of $793.30 million. During the same quarter in the previous year, the business posted $0.46 earnings per share. The business's revenue was up .5% on a year-over-year basis.

Kaiser Aluminum Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Friday, October 25th will be issued a dividend of $0.77 per share. The ex-dividend date is Friday, October 25th. This represents a $3.08 dividend on an annualized basis and a yield of 4.58%. Kaiser Aluminum's payout ratio is currently 89.53%.

Wall Street Analysts Forecast Growth

Separately, Benchmark increased their price target on Kaiser Aluminum from $84.00 to $100.00 and gave the stock a "buy" rating in a report on Friday, July 12th.

Insider Transactions at Kaiser Aluminum

In related news, CEO Keith Harvey acquired 2,588 shares of the business's stock in a transaction dated Monday, July 29th. The shares were bought at an average price of $77.23 per share, with a total value of $199,871.24. Following the transaction, the chief executive officer now directly owns 103,550 shares of the company's stock, valued at $7,997,166.50. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 1.50% of the company's stock.

Hedge Funds Weigh In On Kaiser Aluminum

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Everence Capital Management Inc. lifted its position in Kaiser Aluminum by 89.3% in the 3rd quarter. Everence Capital Management Inc. now owns 4,580 shares of the industrial products company's stock valued at $332,000 after acquiring an additional 2,160 shares in the last quarter. nVerses Capital LLC bought a new position in Kaiser Aluminum in the 3rd quarter valued at about $65,000. CWM LLC lifted its position in Kaiser Aluminum by 125.3% in the 3rd quarter. CWM LLC now owns 1,282 shares of the industrial products company's stock valued at $93,000 after acquiring an additional 713 shares in the last quarter. Truist Financial Corp bought a new position in Kaiser Aluminum in the 2nd quarter valued at about $340,000. Finally, Algert Global LLC lifted its position in Kaiser Aluminum by 26.2% in the 2nd quarter. Algert Global LLC now owns 60,647 shares of the industrial products company's stock valued at $5,331,000 after acquiring an additional 12,584 shares in the last quarter. Institutional investors own 99.29% of the company's stock.

Kaiser Aluminum Stock Performance

The firm has a market cap of $1.08 billion, a P/E ratio of 19.57 and a beta of 1.33. The company has a current ratio of 2.55, a quick ratio of 1.42 and a debt-to-equity ratio of 1.57. The company's 50-day moving average is $71.23 and its two-hundred day moving average is $83.20.

About Kaiser Aluminum

Kaiser Aluminum Corporation, together with its subsidiaries, engages in manufacture and sale of semi-fabricated specialty aluminum mill products in the United States and internationally. It offers rolled, extruded, and drawn aluminum products used for aerospace and defense, aluminum beverage and food packaging, automotive and general engineering products.