AK Steel (NYSE:AKS) Shares Down 5.5%

AK Steel Holding Co. (NYSE:AKS)’s share price dropped 5.5% during mid-day trading on Thursday . The company traded as low as $2.33 and last traded at $2.25, approximately 318,595 shares traded hands during mid-day trading. A decline of 97% from the average daily volume of 10,836,199 shares. The stock had previously closed at $2.38.

AKS has been the subject of a number of research reports. Goldman Sachs Group cut their price objective on shares of AK Steel from $2.25 to $1.50 and set a “buy” rating for the company in a research note on Tuesday, June 4th. BMO Capital Markets set a $3.00 price objective on shares of AK Steel and gave the company a “hold” rating in a research note on Wednesday, July 31st. Bank of America reaffirmed an “underperform” rating and issued a $2.00 price objective on shares of AK Steel in a research note on Friday, May 31st. Cowen reaffirmed a “market perform” rating and issued a $2.40 price objective (up previously from $1.90) on shares of AK Steel in a research note on Wednesday, July 31st. Finally, Deutsche Bank set a $2.00 price objective on shares of AK Steel and gave the company a “hold” rating in a research note on Thursday, May 30th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has assigned a buy rating to the stock. AK Steel presently has a consensus rating of “Hold” and an average price target of $2.73.

The firm has a market cap of $756.17 million, a PE ratio of 3.50, a PEG ratio of 1.12 and a beta of 3.07. The company has a debt-to-equity ratio of 4.54, a quick ratio of 0.76 and a current ratio of 2.02. The company’s 50-day simple moving average is $2.40 and its two-hundred day simple moving average is $2.52.

AK Steel (NYSE:AKS) last announced its quarterly earnings results on Monday, July 29th. The basic materials company reported $0.21 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.06 by $0.15. The business had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.73 billion. AK Steel had a net margin of 2.40% and a return on equity of 57.52%. The firm’s revenue for the quarter was down 3.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.18 EPS. On average, analysts expect that AK Steel Holding Co. will post 0.42 EPS for the current year.

A number of institutional investors and hedge funds have recently made changes to their positions in AKS. Dimensional Fund Advisors LP increased its stake in shares of AK Steel by 5.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 7,423,378 shares of the basic materials company’s stock worth $16,703,000 after purchasing an additional 368,190 shares during the period. Geode Capital Management LLC increased its stake in shares of AK Steel by 5.9% in the fourth quarter. Geode Capital Management LLC now owns 3,250,537 shares of the basic materials company’s stock worth $7,313,000 after purchasing an additional 181,124 shares during the period. Municipal Employees Retirement System of Michigan bought a new position in shares of AK Steel in the fourth quarter worth about $205,000. Norges Bank bought a new position in shares of AK Steel in the fourth quarter worth about $2,751,000. Finally, Wedbush Securities Inc. increased its stake in shares of AK Steel by 29.0% in the first quarter. Wedbush Securities Inc. now owns 144,410 shares of the basic materials company’s stock worth $397,000 after purchasing an additional 32,505 shares during the period. 60.63% of the stock is owned by institutional investors and hedge funds.

AK Steel Company Profile (NYSE:AKS)

AK Steel Holding Corporation, through its subsidiary, AK Steel Corporation, produces flat-rolled carbon, and stainless and electrical steel products in the United States and internationally. It produces flat-rolled carbon steel products, including coated, cold-rolled, and hot-rolled carbon steel products; grain-oriented specialty stainless and electrical steels; and carbon and stainless steel tubing products.

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