Century Aluminum Stock Market Value
| CENX Stock | USD 17.42 0.09 0.51% |
| Symbol | Century |
Century Aluminum Price To Book Ratio
Is Century Aluminum's industry expected to grow? Or is there an opportunity to expand the business' product line in the future? Factors like these will boost the valuation of Century Aluminum. If investors know Century will grow in the future, the company's valuation will be higher. The financial industry is built on trying to define current growth potential and future valuation accurately. All the valuation information about Century Aluminum listed above have to be considered, but the key to understanding future value is determining which factors weigh more heavily than others.
Quarterly Earnings Growth (0.80) | Earnings Share (0.47) | Revenue Per Share 23.652 | Quarterly Revenue Growth (0.03) | Return On Assets 0.012 |
The market value of Century Aluminum is measured differently than its book value, which is the value of Century that is recorded on the company's balance sheet. Investors also form their own opinion of Century Aluminum's value that differs from its market value or its book value, called intrinsic value, which is Century Aluminum's true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because Century Aluminum's market value can be influenced by many factors that don't directly affect Century Aluminum's underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between Century Aluminum's value and its price as these two are different measures arrived at by different means. Investors typically determine if Century Aluminum is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Century Aluminum's price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.
Century Aluminum 'What if' Analysis
In the world of financial modeling, what-if analysis is part of sensitivity analysis performed to test how changes in assumptions impact individual outputs in a model. When applied to Century Aluminum's stock what-if analysis refers to the analyzing how the change in your past investing horizon will affect the profitability against the current market value of Century Aluminum.
| 03/19/2024 |
| 04/18/2024 |
If you would invest 0.00 in Century Aluminum on March 19, 2024 and sell it all today you would earn a total of 0.00 from holding Century Aluminum or generate 0.0% return on investment in Century Aluminum over 30 days. Century Aluminum is related to or competes with Immutep, Home Federal, Anheuser Busch, Marker Therapeutics, Betterware, Formula Systems, and Provident Bancorp. Century Aluminum Company, together with its subsidiaries, produces standard-grade and value-added primary aluminum produ... More
Century Aluminum Upside/Downside Indicators
Understanding different market momentum indicators often help investors to time their next move. Potential upside and downside technical ratios enable traders to measure Century Aluminum's stock current market value against overall market sentiment and can be a good tool during both bulling and bearish trends. Here we outline some of the essential indicators to assess Century Aluminum upside and downside potential and time the market with a certain degree of confidence.
| Downside Deviation | 2.94 | |||
| Information Ratio | 0.2094 | |||
| Maximum Drawdown | 18.49 | |||
| Value At Risk | (4.13) | |||
| Potential Upside | 5.64 |
Century Aluminum Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for Century Aluminum's investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as Century Aluminum's standard deviation. In reality, there are many statistical measures that can use Century Aluminum historical prices to predict the future Century Aluminum's volatility.| Risk Adjusted Performance | 0.1503 | |||
| Jensen Alpha | 0.6777 | |||
| Total Risk Alpha | 0.5208 | |||
| Sortino Ratio | 0.2463 | |||
| Treynor Ratio | 0.3774 |
Sophisticated investors, who have witnessed many market ups and downs, anticipate that the market will even out over time. This tendency of Century Aluminum's price to converge to an average value over time is called mean reversion. However, historically, high market prices usually discourage investors that believe in mean reversion to invest, while low prices are viewed as an opportunity to buy.
Century Aluminum Backtested Returns
Century Aluminum appears to be somewhat reliable, given 3 months investment horizon. Century Aluminum secures Sharpe Ratio (or Efficiency) of 0.27, which signifies that the company had a 0.27% return per unit of risk over the last 3 months. By analyzing Century Aluminum's technical indicators, you can evaluate if the expected return of 0.92% is justified by implied risk. Please makes use of Century Aluminum's Mean Deviation of 2.78, risk adjusted performance of 0.1503, and Downside Deviation of 2.94 to double-check if our risk estimates are consistent with your expectations. On a scale of 0 to 100, Century Aluminum holds a performance score of 20. The firm shows a Beta (market volatility) of 2.04, which signifies a somewhat significant risk relative to the market. As the market goes up, the company is expected to outperform it. However, if the market returns are negative, Century Aluminum will likely underperform. Please check Century Aluminum's maximum drawdown, as well as the relationship between the skewness and day typical price , to make a quick decision on whether Century Aluminum's price patterns will revert.
Auto-correlation | 0.62 |
Good predictability
Century Aluminum has good predictability. Overlapping area represents the amount of predictability between Century Aluminum time series from 19th of March 2024 to 3rd of April 2024 and 3rd of April 2024 to 18th of April 2024. The more autocorrelation exist between current time interval and its lagged values, the more accurately you can make projection about the future pattern of Century Aluminum price movement. The serial correlation of 0.62 indicates that roughly 62.0% of current Century Aluminum price fluctuation can be explain by its past prices.
| Correlation Coefficient | 0.62 | |
| Spearman Rank Test | 0.6 | |
| Residual Average | 0.0 | |
| Price Variance | 0.22 |
Century Aluminum lagged returns against current returns
Autocorrelation, which is Century Aluminum stock's lagged correlation, explains the relationship between observations of its time series of returns over different periods of time. The observations are said to be independent if autocorrelation is zero. Autocorrelation is calculated as a function of mean and variance and can have practical application in predicting Century Aluminum's stock expected returns. We can calculate the autocorrelation of Century Aluminum returns to help us make a trade decision. For example, suppose you find that Century Aluminum has exhibited high autocorrelation historically, and you observe that the stock is moving up for the past few days. In that case, you can expect the price movement to match the lagging time series.
Current and Lagged Values |
| Timeline |
Century Aluminum regressed lagged prices vs. current prices
Serial correlation can be approximated by using the Durbin-Watson (DW) test. The correlation can be either positive or negative. If Century Aluminum stock is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if Century Aluminum stock is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in Century Aluminum stock over time.
Current vs Lagged Prices |
| Timeline |
Century Aluminum Lagged Returns
When evaluating Century Aluminum's market value, investors can use the concept of autocorrelation to see how much of an impact past prices of Century Aluminum stock have on its future price. Century Aluminum autocorrelation represents the degree of similarity between a given time horizon and a lagged version of the same horizon over the previous time interval. In other words, Century Aluminum autocorrelation shows the relationship between Century Aluminum stock current value and its past values and can show if there is a momentum factor associated with investing in Century Aluminum.
Regressed Prices |
| Timeline |
Pair Trading with Century Aluminum
One of the main advantages of trading using pair correlations is that every trade hedges away some risk. Because there are two separate transactions required, even if Century Aluminum position performs unexpectedly, the other equity can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Century Aluminum will appreciate offsetting losses from the drop in the long position's value.Moving together with Century Stock
| 0.97 | AA | Alcoa Corp Financial Report 17th of July 2024 | PairCorr |
| 0.92 | KALU | Kaiser Aluminum Earnings Call This Week | PairCorr |
| 0.89 | CSTM | Constellium Nv Earnings Call This Week | PairCorr |
Moving against Century Stock
| 0.72 | X | United States Steel Earnings Call This Week | PairCorr |
| 0.7 | NC | NACCO Industries | PairCorr |
| 0.67 | VALE | Vale SA ADR Earnings Call This Week | PairCorr |
The ability to find closely correlated positions to Century Aluminum could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Century Aluminum when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Century Aluminum - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Century Aluminum to buy it.
The correlation of Century Aluminum is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Century Aluminum moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Century Aluminum moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Correlation analysis and pair trading evaluation for Century Aluminum can also be used as hedging techniques within a particular sector or industry or even over random equities to generate a better risk-adjusted return on your portfolios.Check out Century Aluminum Correlation, Century Aluminum Volatility and Century Aluminum Alpha and Beta module to complement your research on Century Aluminum. For more information on how to buy Century Stock please use our How to Invest in Century Aluminum guide.You can also try the Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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When running Century Aluminum's price analysis, check to measure Century Aluminum's market volatility, profitability, liquidity, solvency, efficiency, growth potential, financial leverage, and other vital indicators. We have many different tools that can be utilized to determine how healthy Century Aluminum is operating at the current time. Most of Century Aluminum's value examination focuses on studying past and present price action to predict the probability of Century Aluminum's future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move Century Aluminum's price. Additionally, you may evaluate how the addition of Century Aluminum to your portfolios can decrease your overall portfolio volatility.
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Century Aluminum technical stock analysis exercises models and trading practices based on price and volume transformations, such as the moving averages, relative strength index, regressions, price and return correlations, business cycles, stock market cycles, or different charting patterns.