RBC Boosts Stake in Kaiser Aluminum Amid Strong Earnings
Royal Bank of Canada (RBC) has significantly increased its stake in Kaiser Aluminum Corporation (KALU), purchasing an additional 11,769 shares in the first quarter. This marks a 98.5% increase in RBC's holdings in KALU. The bank now owns approximately 23,714 shares of KALU stock, worth $2.86 million at the end of the most recent reporting period.
This is not an isolated instance of increased investment in KALU. Several other institutional investors and hedge funds have also boosted their positions in the company during the same quarter. Farther Finance Advisors LLC, for example, lifted its stake by 389.3%, while Global Retirement Partners LLC saw a 408.3% increase.
Kaiser Aluminum reported strong earnings in its most recent quarter, beating analysts' estimates with $5.53 earnings per share. The company's revenue was up 52.7% compared to the same period last year. With a current market capitalization of $2.97 billion and a beta of 1.61, KALU is an attractive option for investors seeking exposure to the industrial products sector.