AK Steel (AKS) Debt Trading 4.1% Higher

An issue of AK Steel Holding Co. (NYSE:AKS) bonds rose 4.1% against their face value during trading on Friday. The debt issue has a 7% coupon and will mature on March 15, 2027. The bonds in the issue are now trading at $104.00 and were trading at $99.63 last week. Price moves in a company’s bonds in credit markets sometimes predict parallel moves in its stock price.

Several research firms recently weighed in on AKS. Cowen restated a “hold” rating and set a $5.50 price target on shares of AK Steel in a report on Wednesday, January 31st. Morgan Stanley cut their price target on shares of AK Steel from $7.00 to $6.50 and set an “equal weight” rating on the stock in a report on Wednesday, January 31st. Bank of America cut shares of AK Steel from a “buy” rating to an “underperform” rating and cut their price target for the stock from $8.00 to $5.50 in a report on Wednesday, January 31st. Jefferies Group restated a “hold” rating and set a $6.00 price target on shares of AK Steel in a report on Tuesday, January 30th. Finally, Zacks Investment Research cut shares of AK Steel from a “buy” rating to a “hold” rating in a report on Wednesday, January 17th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $6.88.

AK Steel Holding Co. (NYSE:AKS) opened at $5.96 on Friday. The company has a debt-to-equity ratio of 15.72, a current ratio of 1.83 and a quick ratio of 0.69. The firm has a market cap of $1,880.00, a PE ratio of 298.00, a price-to-earnings-growth ratio of 2.24 and a beta of 2.87. AK Steel Holding Co. has a 52 week low of $4.00 and a 52 week high of $9.19.

AK Steel (NYSE:AKS) last released its earnings results on Tuesday, January 30th. The basic materials company reported ($0.06) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.13) by $0.07. The firm had revenue of $1.50 billion for the quarter, compared to analysts’ expectations of $1.46 billion. AK Steel had a net margin of 0.16% and a return on equity of 70.67%. The company’s quarterly revenue was up 5.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.25 earnings per share. equities research analysts anticipate that AK Steel Holding Co. will post 0.53 EPS for the current year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in AKS. Northern Trust Corp boosted its stake in AK Steel by 3.6% in the second quarter. Northern Trust Corp now owns 3,829,715 shares of the basic materials company’s stock valued at $25,160,000 after acquiring an additional 132,062 shares during the last quarter. Parametric Portfolio Associates LLC boosted its stake in AK Steel by 9.1% in the second quarter. Parametric Portfolio Associates LLC now owns 475,697 shares of the basic materials company’s stock valued at $3,125,000 after acquiring an additional 39,824 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in AK Steel by 14.3% in the second quarter. Dimensional Fund Advisors LP now owns 6,162,355 shares of the basic materials company’s stock valued at $40,489,000 after acquiring an additional 772,725 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of AK Steel by 2.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 245,143 shares of the basic materials company’s stock valued at $1,611,000 after buying an additional 5,008 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. lifted its stake in shares of AK Steel by 0.9% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 21,887 shares of the basic materials company’s stock valued at $144,000 after buying an additional 193 shares in the last quarter. Hedge funds and other institutional investors own 64.50% 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.

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