AK Steel (AKS) Stock Rating Upgraded by Zacks Investment Research

AK Steel (NYSE:AKS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Monday. The brokerage presently has a $7.50 price target on the basic materials company’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 23.15% from the company’s current price.

According to Zacks, “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. The acquisition of the Severstal Dearborn plant is expected to boost AK Steel’s future earnings and improve its credit profile and liquidity. The buyout has provided the company an access to highly modernized and upgraded steelmaking equipment and facilities. “

A number of other analysts have also commented on AKS. Jefferies Group reiterated a “buy” rating on shares of AK Steel in a research note on Monday, September 18th. KeyCorp reiterated a “hold” rating on shares of AK Steel in a research note on Tuesday, September 19th. Longbow Research restated a “neutral” rating on shares of AK Steel in a research report on Tuesday, October 3rd. BMO Capital Markets restated a “hold” rating and set a $7.00 target price on shares of AK Steel in a research report on Thursday, October 5th. Finally, Cowen restated a “hold” rating and set a $6.00 target price on shares of AK Steel in a research report on Tuesday, October 24th. Eight investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. AK Steel presently has an average rating of “Buy” and an average target price of $7.54.

Shares of AK Steel (NYSE AKS) opened at $6.09 on Monday. AK Steel has a 12 month low of $4.00 and a 12 month high of $11.28. The company has a market cap of $1,920.00, a P/E ratio of 40.60, a PEG ratio of 2.08 and a beta of 2.90. The company has a quick ratio of 0.75, a current ratio of 1.92 and a debt-to-equity ratio of 11.89.

Several institutional investors and hedge funds have recently bought and sold shares of AKS. Schwab Charles Investment Management Inc. boosted its position in shares of AK Steel by 14.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,733,785 shares of the basic materials company’s stock worth $11,391,000 after purchasing an additional 223,432 shares during the period. Marshall Wace North America L.P. bought a new position in shares of AK Steel in the second quarter worth approximately $357,000. State Board of Administration of Florida Retirement System boosted its position in shares of AK Steel by 36.1% in the second quarter. State Board of Administration of Florida Retirement System now owns 156,436 shares of the basic materials company’s stock worth $1,028,000 after purchasing an additional 41,484 shares during the period. Cambridge Investment Research Advisors Inc. bought a new position in shares of AK Steel in the second quarter worth approximately $402,000. Finally, Swiss National Bank boosted its position in shares of AK Steel by 2.7% in the second quarter. Swiss National Bank now owns 530,000 shares of the basic materials company’s stock worth $3,482,000 after purchasing an additional 14,100 shares during the period. Institutional investors and hedge funds own 65.25% 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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