CIBC Asset Management Inc increased its holdings in shares of AK Steel Holding Co. (NYSE:AKS) by 68.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 39,756 shares of the basic materials company’s stock after purchasing an additional 16,094 shares during the quarter. CIBC Asset Management Inc’s holdings in AK Steel were worth $225,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors have also made changes to their positions in AKS. State of New Jersey Common Pension Fund D bought a new position in shares of AK Steel during the third quarter valued at $81,614,000. Creative Planning lifted its holdings in shares of AK Steel by 66.7% during the fourth quarter. Creative Planning now owns 2,327,366 shares of the basic materials company’s stock valued at $13,173,000 after purchasing an additional 931,560 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of AK Steel by 14.3% during the second quarter. Dimensional Fund Advisors LP now owns 6,162,355 shares of the basic materials company’s stock valued at $40,489,000 after purchasing an additional 772,725 shares in the last quarter. Benefit Street Partners LLC bought a new position in shares of AK Steel during the second quarter valued at $4,008,000. Finally, Ameriprise Financial Inc. lifted its holdings in shares of AK Steel by 10.8% during the third quarter. Ameriprise Financial Inc. now owns 4,165,221 shares of the basic materials company’s stock valued at $23,284,000 after purchasing an additional 404,540 shares in the last quarter. 64.50% of the stock is currently owned by hedge funds and other institutional investors.
Shares of AK Steel Holding Co. (NYSE AKS) opened at $5.18 on Thursday. The company has a market capitalization of $1,524.04, a price-to-earnings ratio of 14.23, a P/E/G ratio of 1.82 and a beta of 2.88. The company has a current ratio of 1.83, a quick ratio of 0.69 and a debt-to-equity ratio of 15.72. AK Steel Holding Co. has a 1 year low of $4.00 and a 1 year high of $9.19.
A number of research analysts have recently issued reports on AKS shares. Jefferies Group reaffirmed a “buy” rating on shares of AK Steel in a report on Friday, November 10th. Longbow Research raised AK Steel from a “neutral” rating to a “buy” rating and upped their price target for the company from $5.53 to $7.00 in a report on Wednesday, December 20th. Zacks Investment Research raised AK Steel from a “hold” rating to a “buy” rating and set a $7.50 price target on the stock in a report on Monday, January 8th. TheStreet downgraded AK Steel from a “c” rating to a “d+” rating in a report on Tuesday, October 31st. Finally, Morgan Stanley lowered their price target on AK Steel from $7.00 to $6.50 and set an “equal weight” rating on the stock in a report on Wednesday, January 31st. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $6.88.
About AK Steel
AK Steel Holding Corporation is a producer of flat-rolled carbon, stainless and electrical steels, and tubular products through its subsidiary, AK Steel Corporation (AK Steel). The Company also operates blast furnaces and electric arc furnaces. As of December 31, 2016, its operations included eight steelmaking and finishing plants, two coke plants and two tube manufacturing plants across states, including Indiana, Kentucky, Michigan, Ohio, Pennsylvania and West Virginia, and a tube manufacturing plant in Mexico.
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