Granite Investment Partners LLC Acquires 4,212 Shares of Kaiser Aluminum Corporation (KALU)

Granite Investment Partners LLC raised its stake in shares of Kaiser Aluminum Corporation (NASDAQ:KALU) by 3.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 142,256 shares of the industrial products company’s stock after buying an additional 4,212 shares during the period. Granite Investment Partners LLC’s holdings in Kaiser Aluminum Corporation were worth $12,593,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. Comerica Bank raised its position in Kaiser Aluminum Corporation by 1.6% in the first quarter. Comerica Bank now owns 19,420 shares of the industrial products company’s stock valued at $1,642,000 after buying an additional 313 shares in the last quarter. Suntrust Banks Inc. boosted its stake in shares of Kaiser Aluminum Corporation by 10.0% in the first quarter. Suntrust Banks Inc. now owns 26,922 shares of the industrial products company’s stock valued at $2,150,000 after buying an additional 2,442 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Kaiser Aluminum Corporation by 1.5% in the first quarter. Bank of New York Mellon Corp now owns 338,868 shares of the industrial products company’s stock valued at $27,075,000 after buying an additional 5,069 shares during the last quarter. First Trust Advisors LP boosted its stake in shares of Kaiser Aluminum Corporation by 69.3% in the first quarter. First Trust Advisors LP now owns 30,799 shares of the industrial products company’s stock valued at $2,461,000 after buying an additional 12,610 shares during the last quarter. Finally, Great West Life Assurance Co. Can boosted its stake in shares of Kaiser Aluminum Corporation by 4.8% in the first quarter. Great West Life Assurance Co. Can now owns 24,761 shares of the industrial products company’s stock valued at $1,977,000 after buying an additional 1,143 shares during the last quarter. 98.74% of the stock is currently owned by institutional investors.

Shares of Kaiser Aluminum Corporation (NASDAQ KALU) opened at 96.59 on Thursday. Kaiser Aluminum Corporation has a 52-week low of $69.41 and a 52-week high of $98.72. The stock has a 50 day moving average of $92.40 and a 200 day moving average of $83.90. The stock has a market capitalization of $1.63 billion, a PE ratio of 21.21 and a beta of 0.54.

Kaiser Aluminum Corporation (NASDAQ:KALU) last released its quarterly earnings data on Wednesday, July 19th. The industrial products company reported $1.47 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.01 by $0.46. Kaiser Aluminum Corporation had a net margin of 5.87% and a return on equity of 11.71%. The company had revenue of $356 million during the quarter, compared to analyst estimates of $349.62 million. During the same period in the prior year, the firm earned $1.02 earnings per share. The firm’s revenue for the quarter was up 6.3% compared to the same quarter last year. Analysts forecast that Kaiser Aluminum Corporation will post $5.47 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Thursday, July 27th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.07%. The ex-dividend date is Tuesday, July 25th. Kaiser Aluminum Corporation’s dividend payout ratio (DPR) is presently 44.44%.

Kaiser Aluminum Corporation announced that its board has approved a stock buyback plan on Monday, April 17th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the industrial products company to purchase up to 7.4% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its stock is undervalued.

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Several equities research analysts have weighed in on the stock. Deutsche Bank AG reissued a “buy” rating on shares of Kaiser Aluminum Corporation in a research report on Saturday, June 24th. Cowen and Company reissued an “outperform” rating and set a $96.00 price target (up previously from $92.00) on shares of Kaiser Aluminum Corporation in a research report on Friday, April 21st. BidaskClub cut shares of Kaiser Aluminum Corporation from a “strong-buy” rating to a “buy” rating in a research report on Wednesday. Zacks Investment Research raised shares of Kaiser Aluminum Corporation from a “sell” rating to a “hold” rating in a research report on Friday, July 14th. Finally, Morgan Stanley reissued an “equal weight” rating and set a $87.00 price target (up previously from $80.00) on shares of Kaiser Aluminum Corporation in a research report on Tuesday, July 25th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $96.13.

In other Kaiser Aluminum Corporation news, VP Del L. Miller sold 1,282 shares of the stock in a transaction dated Monday, July 24th. The shares were sold at an average price of $96.81, for a total transaction of $124,110.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jack A. Hockema sold 9,000 shares of the stock in a transaction dated Monday, July 10th. The shares were sold at an average price of $91.18, for a total transaction of $820,620.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 13,599 shares of company stock valued at $1,260,787. 3.00% of the stock is owned by insiders.

Kaiser Aluminum Corporation Company Profile

Kaiser Aluminum Corporation manufactures and sells semi-fabricated specialty aluminum mill products. The Company operates in the Fabricated Products segment. The Company’s Fabricated Products segment focuses on producing rolled, extruded and drawn aluminum products used principally for aerospace and defense, automotive and general engineering products that include consumer durables, electronics, electrical and machinery and equipment applications.

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Institutional Ownership by Quarter for Kaiser Aluminum Corporation (NASDAQ:KALU)

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