Bank of America lowered shares of AK Steel (NYSE:AKS) from a buy rating to an underperform rating in a research report released on Wednesday, January 31st, Marketbeat Ratings reports. Bank of America currently has $5.50 target price on the basic materials company’s stock, down from their previous target price of $8.00.
Several other research firms have also recently weighed in on AKS. Jefferies Group cut AK Steel from a buy rating to a hold rating and cut their price objective for the stock from $6.64 to $6.50 in a research report on Tuesday, January 9th. Zacks Investment Research cut AK Steel from a buy rating to a hold rating in a research report on Wednesday, January 17th. Cowen restated a hold rating and set a $7.00 price target on shares of AK Steel in a research note on Thursday, January 4th. BMO Capital Markets restated a hold rating and set a $7.00 price target on shares of AK Steel in a research note on Thursday, October 5th. Finally, Longbow Research reiterated a neutral rating on shares of AK Steel in a research note on Tuesday, October 3rd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. AK Steel currently has a consensus rating of Hold and a consensus price target of $6.88.
Shares of AK Steel (NYSE:AKS) opened at $5.18 on Wednesday. The stock has a market capitalization of $1,630.00, a price-to-earnings ratio of 259.00, a P/E/G ratio of 1.79 and a beta of 2.87. AK Steel has a 12-month low of $4.00 and a 12-month high of $9.19. The company has a current ratio of 1.83, a quick ratio of 0.69 and a debt-to-equity ratio of 15.72.
AK Steel (NYSE:AKS) last announced its quarterly earnings results on Tuesday, January 30th. The basic materials company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.07. AK Steel had a return on equity of 70.67% and a net margin of 0.16%. The company had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $1.46 billion. During the same quarter in the previous year, the firm earned $0.25 earnings per share. The business’s quarterly revenue was up 5.4% compared to the same quarter last year. equities analysts forecast that AK Steel will post 0.53 EPS for the current year.
Hedge funds have recently bought and sold shares of the company. New Jersey Better Educational Savings Trust acquired a new position in shares of AK Steel in the 3rd quarter valued at $1,118,000. Northern Trust Corp lifted its stake in shares of AK Steel by 3.6% in the 2nd quarter. Northern Trust Corp now owns 3,829,715 shares of the basic materials company’s stock valued at $25,160,000 after purchasing an additional 132,062 shares during the period. Stevens Capital Management LP acquired a new position in shares of AK Steel in the 3rd quarter valued at $488,000. BW Gestao de Investimentos Ltda. acquired a new position in shares of AK Steel in the 2nd quarter valued at $9,855,000. Finally, Benefit Street Partners LLC acquired a new stake in AK Steel during the 2nd quarter worth $4,008,000. 64.50% of the stock is currently owned by institutional investors.
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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.
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