Credit Suisse Group Upgrades AK Steel (NYSE:AKS) to Outperform

Credit Suisse Group upgraded shares of AK Steel (NYSE:AKS) from a neutral rating to an outperform rating in a report released on Tuesday, November 21st, Marketbeat.com reports. Credit Suisse Group currently has $7.00 price objective on the basic materials company’s stock, up from their prior price objective of $6.00.

Other analysts have also recently issued reports about the stock. Clarkson Capital upgraded shares of AK Steel from a neutral rating to a buy rating in a report on Wednesday, July 26th. KeyCorp restated a hold rating on shares of AK Steel in a research report on Tuesday, September 19th. Longbow Research downgraded shares of AK Steel from a buy rating to a neutral rating and upped their price target for the company from $6.20 to $6.24 in a research report on Thursday, July 27th. Macquarie initiated coverage on shares of AK Steel in a research report on Wednesday, September 6th. They issued an outperform rating and a $7.00 price target for the company. Finally, Jefferies Group restated a buy rating on shares of AK Steel in a research report on Monday, September 18th. Nine research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. The company has an average rating of Buy and an average target price of $7.46.

Shares of AK Steel (NYSE:AKS) traded up $0.15 during trading hours on Tuesday, reaching $5.18. 26,032,803 shares of the company were exchanged, compared to its average volume of 18,750,996. The company has a market capitalization of $1,630.00, a PE ratio of 7.42, a price-to-earnings-growth ratio of 3.88 and a beta of 2.89. AK Steel has a 1 year low of $4.00 and a 1 year high of $11.39. The company has a quick ratio of 0.75, a current ratio of 1.92 and a debt-to-equity ratio of 11.89.

A number of large investors have recently bought and sold shares of AKS. State of New Jersey Common Pension Fund D acquired a new position in AK Steel in the 3rd quarter valued at $81,614,000. Dimensional Fund Advisors LP grew its stake in AK Steel by 82.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 5,389,630 shares of the basic materials company’s stock valued at $38,751,000 after buying an additional 2,436,564 shares during the last quarter. BW Gestao de Investimentos Ltda. acquired a new position in AK Steel in the 2nd quarter valued at $9,855,000. Teacher Retirement System of Texas grew its stake in AK Steel by 138.7% in the 2nd quarter. Teacher Retirement System of Texas now owns 1,881,542 shares of the basic materials company’s stock valued at $12,362,000 after buying an additional 1,093,353 shares during the last quarter. Finally, Brandywine Global Investment Management LLC acquired a new position in AK Steel in the 2nd quarter valued at $5,860,000. Institutional investors and hedge funds own 65.14% of the company’s stock.

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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.

Analyst Recommendations for AK Steel (NYSE:AKS)

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