Seaport Global Securities Begins Coverage on AK Steel (AKS)

Equities research analysts at Seaport Global Securities began coverage on shares of AK Steel (NYSE:AKS) in a research note issued to investors on Thursday, MarketBeat.com reports. The brokerage set a “neutral” rating and a $5.00 price target on the basic materials company’s stock. Seaport Global Securities’ price target indicates a potential upside of 7.99% from the stock’s current price.

A number of other brokerages have also recently weighed in on AKS. Clarkson Capital upgraded AK Steel from a “neutral” rating to a “buy” rating in a research report on Tuesday, September 11th. Bank of America upgraded AK Steel from an “underperform” rating to a “buy” rating and set a $6.00 price target on the stock in a research report on Friday, September 7th. Zacks Investment Research upgraded AK Steel from a “hold” rating to a “buy” rating and set a $5.00 price target on the stock in a research report on Tuesday, July 17th. ValuEngine cut AK Steel from a “sell” rating to a “strong sell” rating in a research report on Tuesday, July 24th. Finally, Morgan Stanley cut AK Steel to a “buy” rating in a research report on Tuesday, August 28th. Three analysts have rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $5.37.

Shares of NYSE:AKS opened at $4.63 on Thursday. AK Steel has a fifty-two week low of $4.00 and a fifty-two week high of $6.80. The firm has a market capitalization of $1.55 billion, a price-to-earnings ratio of 14.94, a P/E/G ratio of 1.35 and a beta of 2.82. The company has a current ratio of 2.01, a quick ratio of 0.76 and a debt-to-equity ratio of 5.49.

AK Steel (NYSE:AKS) last announced its quarterly earnings results on Monday, July 30th. The basic materials company reported $0.22 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.01). AK Steel had a negative net margin of 0.44% and a positive return on equity of 33.56%. The company had revenue of $1.75 billion during the quarter, compared to the consensus estimate of $1.75 billion. During the same quarter last year, the company earned $0.19 earnings per share. The business’s revenue was up 12.2% on a year-over-year basis. As a group, research analysts predict that AK Steel will post 0.73 EPS for the current fiscal year.

In other AK Steel news, CEO Roger K. Newport bought 10,000 shares of the firm’s stock in a transaction dated Wednesday, August 15th. The shares were bought at an average price of $4.03 per share, for a total transaction of $40,300.00. Following the completion of the acquisition, the chief executive officer now owns 451,297 shares of the company’s stock, valued at $1,818,726.91. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.13% of the stock is currently owned by corporate insiders.

Several hedge funds have recently made changes to their positions in AKS. BlackRock Inc. grew its holdings in shares of AK Steel by 5.8% during the second quarter. BlackRock Inc. now owns 45,024,836 shares of the basic materials company’s stock worth $195,407,000 after purchasing an additional 2,453,702 shares during the last quarter. Polar Asset Management Partners Inc. bought a new stake in shares of AK Steel during the first quarter worth $6,771,000. JPMorgan Chase & Co. grew its holdings in shares of AK Steel by 16.9% during the first quarter. JPMorgan Chase & Co. now owns 4,789,705 shares of the basic materials company’s stock worth $21,698,000 after purchasing an additional 691,938 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of AK Steel by 11.0% during the first quarter. Dimensional Fund Advisors LP now owns 6,897,010 shares of the basic materials company’s stock valued at $31,243,000 after acquiring an additional 680,933 shares during the period. Finally, Hsbc Holdings PLC lifted its stake in shares of AK Steel by 1,128.2% during the first quarter. Hsbc Holdings PLC now owns 326,795 shares of the basic materials company’s stock valued at $1,480,000 after acquiring an additional 300,188 shares during the period. Institutional investors own 64.97% of the company’s stock.

About AK Steel

AK Steel Holding Corporation, through its subsidiary, AK Steel Corporation, produces flat-rolled carbon, stainless, and electrical steels, and tubular products in the United States and internationally. It produces flat-rolled carbon steel products, including coated, cold-rolled, and hot-rolled carbon steel products; grain-oriented specialty stainless and electrical steels; and carbon and stainless steel tubing products.

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