Kaiser Aluminum Corp
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Materials : Metals & Mining | Small Cap Value
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. The Company offers its products for various end market applications, such as aerospace and high strength (Aero/HS products); automotive (Automotive Extrusions); general engineering (GE products), and other industrial (Other products). The Company's fabricated aluminum mill products include flat-rolled (plate and sheet), extruded (rod, bar, hollows and shapes), drawn (rod, bar, pipe and tube) and cast aluminum products.

Closing Price
$74.00
Day's Change
1.90 (2.64%)
Bid
--
Ask
--
B/A Size
--
Day's High
76.70
Day's Low
73.56
Volume
(Below Average)
Volume:
127,827

10-day average volume:
142,944
127,827

UPDATE: Bed Bath & Beyond has so many ways it can improve, analysts can't help but be bullish

7:39 am ET January 10, 2020 (MarketWatch)
Print

By Tonya Garcia, MarketWatch

Bed Bath & Beyond shares slumped 19% after Mark Tritton's first quarterly earnings report

Bed Bath & Beyond Inc. didn't give analysts too many reasons to be upbeat after reporting a third-quarter loss, revenue miss and pulling its guidance.

But analysts say there are so many ways the home goods retailer can improve, the only way is up from here.

Former Target Corp. (TGT) executive Mark Tritton (http://www.marketwatch.com/story/bed-bath-beyonds-new-ceo-expected-to-repeat-the-private-label-success-he-had-at-target-2019-10-10) made his debut on the earnings call as Bed Bath & Beyond chief executive, and while he didn't offer specifics, he outlined some places where the company is looking for improvement.

One of the first objectives is in digital, with plans to shift from a reserve-online-pickup-in-store model to a buy-online-pickup-in-store model, which has worked well for Tritton's former employer, Walmart Inc. (WMT) and other retailers.

See:As Amazon races to deliver in a day, Target drives digital customers to stores (http://www.marketwatch.com/story/as-amazon-races-to-deliver-in-a-day-target-drives-digital-customers-to-stores-2019-11-20)

Bed Bath & Beyond (BBBY) also recently announced a major shakeup in the executive ranks. And on Monday, the company announced a $250 million real estate sale-leaseback (http://www.marketwatch.com/story/bed-bath-beyond-stock-rises-after-250-million-real-estate-transaction-closes-2020-01-06)transaction.

"While Bed Bath & Beyond is facing near-term challenges, we expect the new board and management team to find assets to monetize (like property), non-core businesses to sell (most likely Personalization Mall and/or World Market), costs to cut in the hundreds of millions of dollars), and merchandising and sourcing opportunities(in the hundreds of basis points)," wrote KeyBanc Capital Markets analysts led by Bradley Thomas.

An increasing number of companies are choosing to lease rather than own their real estate because it's cheaper, according to Chris Burbach, sponsor to the NetLease Corporate Real Estate ETF (NETL) .

"By choosing to lease the real estate they sold, Bed Bath & Beyond has done the right thing for shareholders by unlocking capital that can be more efficiently put to work in much needed-growth initiatives, or if those don't exist, give it back to shareholders," he said.

Read:Bed Bath & Beyond shares soar after restructuring, but it might mean trouble for the holiday season (http://www.marketwatch.com/story/bed-bath-beyond-shares-soar-after-restructuring-but-it-might-mean-trouble-for-the-holiday-season-2019-12-18)

Tritton listed five areas for the company to focus on during the earnings call, including price and product, but KeyBanc warns that competition is intense.

"Ultimately, however, in the near-term and mid-term, we see more reasons for incremental enthusiasm in the business than downside," analysts said.

KeyBanc rates Bed Bath & Beyond overweight with an $18 price target.

"The transformation will be neither easy nor linear, but we believe the company has a better chance of success than most given its venerable new leadership (with more executive hires to come), board support and engagement, strong cash flow and a solid balance sheet," wrote Wedbush analysts led by Seth Basham.

There was also some good news to report from the most recent quarter.

"Moreover, the company reported +7.1% comps for the Thanksgiving to Cyber Monday holiday period, further indicating it has the potential to drive traffic and sales growth in the future," Wedbush said.

Don't miss:Kohl's needs more than an Amazon partnership to grow sales (http://www.marketwatch.com/story/kohls-needs-more-than-an-amazon-partnership-to-grow-sales-2020-01-07)

Wedbush rates Bed Bath & Beyond stock outperform with an $18 price target.

Bed Bath & Beyond had an adjusted loss (http://www.marketwatch.com/story/bed-bath-beyond-misses-street-view-pulls-full-year-guidance-2020-01-08) of 38 cents per share and revenue of $2.76 billion, down from $3.03 last year. The FactSet consensus was for a profit of 2 cents per share and sales of $2.85 billion.

Bed Bath & Beyond has an average hold rating and average $15.10 price target, according to 20 analysts polled by FactSet.

The stock is up nearly 6% over the past year, but took a 19% tumble in Thursday trading. The S&P 500 index has gained 26.1% over the last 12 months.

Credit Suisse analysts led by Seth Sigman take a more cautious stance given the hurdles the retailer faces.

"Q3 is not a reflection of new leadership, and on its own, it does not change the opportunity ahead to address these issues," analysts said. "But, it points to how difficult it may be as EBITDA continues on its sharp downward trajectory, with a major transition period ahead."

That EBITDA decline will also impact the company's ability to make the investments that these new corporate pillar require, Credit Suisse added.

Credit Suisse rates Bed Bath & Beyond stock neutral with an $11 price target, down from $14.

-Tonya Garcia; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

January 10, 2020 07:39 ET (12:39 GMT)

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