Zacks Investment Research upgraded shares of AK Steel (NYSE:AKS) from a hold rating to a buy rating in a research note released on Monday, January 8th. They currently have $7.50 price objective on the basic materials company’s stock.
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 equities analysts also recently issued reports on AKS. Jefferies Group reaffirmed a buy rating on shares of AK Steel in a report on Monday, September 18th. KeyCorp reaffirmed a hold rating on shares of AK Steel in a report on Tuesday, September 19th. Longbow Research reissued a neutral rating on shares of AK Steel in a report on Tuesday, October 3rd. BMO Capital Markets reissued a hold rating and issued a $7.00 price target on shares of AK Steel in a report on Thursday, October 5th. Finally, Cowen reissued a hold rating and issued a $6.00 price target on shares of AK Steel in a report on Tuesday, October 24th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. AK Steel currently has an average rating of Hold and a consensus price target of $6.88.
Shares of AK Steel (NYSE AKS) traded down $0.06 during mid-day trading on Monday, reaching $5.00. 29,858,480 shares of the company’s stock were exchanged, compared to its average volume of 19,640,000. The company has a quick ratio of 0.75, a current ratio of 1.83 and a debt-to-equity ratio of 15.72. The company has a market cap of $1,570.00, a price-to-earnings ratio of 250.00, a PEG ratio of 1.34 and a beta of 2.90. AK Steel has a fifty-two week low of $4.00 and a fifty-two week high of $9.19.
AK Steel (NYSE:AKS) last posted its quarterly earnings data on Tuesday, October 31st. The basic materials company reported $0.02 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.03 by ($0.01). The firm had revenue of $1.49 billion for the quarter, compared to analysts’ expectations of $1.50 billion. AK Steel had a return on equity of 70.67% and a net margin of 0.16%. research analysts anticipate that AK Steel will post 0.82 EPS for the current year.
A number of institutional investors have recently made changes to their positions in AKS. State of New Jersey Common Pension Fund D bought a new stake in AK Steel in the 3rd quarter valued at about $81,614,000. BW Gestao de Investimentos Ltda. bought a new stake in AK Steel in the 2nd quarter valued at about $9,855,000. Creative Planning increased its position 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 buying an additional 931,560 shares during the period. Brandywine Global Investment Management LLC bought a new stake in shares of AK Steel during the second quarter valued at about $5,860,000. Finally, Ameriprise Financial Inc. increased its position in shares of AK Steel by 29.9% during the second quarter. Ameriprise Financial Inc. now owns 3,760,681 shares of the basic materials company’s stock valued at $24,709,000 after buying an additional 865,110 shares during the period. Institutional investors and hedge funds own 65.39% of the company’s stock.
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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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