Zacks Investment Research upgraded shares of AK Steel (NYSE:AKS) from a sell rating to a hold rating in a research note published on Wednesday, November 22nd.
According to Zacks, “AK Steel’s adjusted earnings and sales for the third quarter missed the respective Zacks Earnings estimate. AK Steel should benefit from the strength in the automotive market and the Precision Partners acquisition. The company’s sustained initiatives to manage costs should also support its bottom line. However, the company has underperformed the industry it belongs to over the last six months. AK Steel faces weakness in electrical steel pricing due to global overcapacity. It is also exposed to raw material pricing pressure. The U.S. steel industry is also not out of the woods yet as evident from high levels of imports. Some additional headwinds are expected to come from spending associated with planned maintenance outages.”
Several other research analysts also recently weighed in on AKS. Barclays restated an equal weight rating and issued a $7.00 target price (down from $8.00) on shares of AK Steel in a research note on Wednesday, August 9th. Clarkson Capital upgraded shares of AK Steel from a neutral rating to a buy rating in a research note on Wednesday, July 26th. ValuEngine upgraded shares of AK Steel from a buy rating to a strong-buy rating in a research note on Tuesday, August 22nd. BMO Capital Markets decreased their target price on shares of AK Steel from $7.00 to $5.00 and set a market perform rating for the company in a research note on Wednesday, November 1st. Finally, KeyCorp restated a hold rating on shares of AK Steel in a research note on Tuesday, September 19th. Nine analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of Buy and an average target price of $7.46.
Shares of AK Steel (NYSE:AKS) opened at $5.18 on Wednesday. The company has a debt-to-equity ratio of 11.89, a quick ratio of 0.75 and a current ratio of 1.92. AK Steel has a 52 week low of $4.00 and a 52 week high of $11.39. The stock has a market cap of $1,630.00, a P/E ratio of 7.42, a price-to-earnings-growth ratio of 3.88 and a beta of 2.89.
Several large investors have recently modified their holdings of AKS. Alps Advisors Inc. raised its holdings in shares of AK Steel by 35.0% during the second quarter. Alps Advisors Inc. now owns 17,639 shares of the basic materials company’s stock worth $116,000 after purchasing an additional 4,573 shares during the period. Riverhead Capital Management LLC raised its holdings in shares of AK Steel by 74.4% during the second quarter. Riverhead Capital Management LLC now owns 17,616 shares of the basic materials company’s stock worth $116,000 after purchasing an additional 7,516 shares during the period. World Asset Management Inc raised its holdings in shares of AK Steel by 2.5% during the second quarter. World Asset Management Inc now owns 20,471 shares of the basic materials company’s stock worth $134,000 after purchasing an additional 502 shares during the period. Fox Run Management L.L.C. acquired a new stake in shares of AK Steel during the second quarter worth $135,000. Finally, MML Investors Services LLC acquired a new stake in shares of AK Steel during the second quarter worth $141,000. 65.14% of the stock is currently owned by institutional investors.
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AK Steel Company Profile
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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