AK Steel (AKS) Debt Trading 0.8% Lower

An issue of AK Steel Holding Co. (NYSE:AKS) debt fell 0.8% against its face value during trading on Thursday. The debt issue has a 6.375% coupon and will mature on October 15, 2025. The debt is now trading at $86.25 and was trading at $88.82 last week. Price changes in a company’s debt in credit markets often predict parallel changes in its share price.

A number of research firms have recently issued reports on AKS. ValuEngine upgraded AK Steel from a “strong sell” rating to a “sell” rating in a report on Monday, July 30th. Morgan Stanley upgraded AK Steel from an “equal weight” rating to an “overweight” rating and cut their price objective for the stock from $6.00 to $5.50 in a report on Monday, August 27th. Seaport Global Securities initiated coverage on AK Steel in a report on Thursday, October 11th. They set a “neutral” rating and a $5.00 price objective for the company. Clarkson Capital upgraded AK Steel from a “neutral” rating to a “buy” rating in a report on Tuesday, September 11th. Finally, Zacks Investment Research upgraded AK Steel from a “sell” rating to a “hold” rating in a report on Monday, November 12th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $5.36.

Shares of NYSE:AKS traded up $0.07 during midday trading on Thursday, hitting $3.54. 5,012,815 shares of the stock were exchanged, compared to its average volume of 12,601,277. The company has a current ratio of 2.03, a quick ratio of 0.77 and a debt-to-equity ratio of 4.65. AK Steel Holding Co. has a 52-week low of $3.37 and a 52-week high of $6.80. The firm has a market cap of $1.09 billion, a price-to-earnings ratio of 11.42, a P/E/G ratio of 1.15 and a beta of 2.85.

AK Steel (NYSE:AKS) last announced its quarterly earnings data on Thursday, October 25th. The basic materials company reported $0.21 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.23 by ($0.02). AK Steel had a return on equity of 45.52% and a net margin of 0.67%. The firm had revenue of $1.74 billion for the quarter, compared to analysts’ expectations of $1.82 billion. On average, sell-side analysts forecast that AK Steel Holding Co. will post 0.6 EPS for the current year.

A number of hedge funds and other institutional investors have recently bought and sold shares of AKS. Principal Financial Group Inc. raised its holdings in AK Steel by 2.4% during the first quarter. Principal Financial Group Inc. now owns 2,446,168 shares of the basic materials company’s stock valued at $11,081,000 after buying an additional 57,228 shares in the last quarter. Hartford Investment Management Co. bought a new position in AK Steel during the second quarter valued at about $145,000. Wedge Capital Management L L P NC bought a new position in AK Steel during the second quarter valued at about $433,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new position in AK Steel during the second quarter valued at about $289,000. Finally, Wedbush Securities Inc. raised its holdings in AK Steel by 41.5% during the second quarter. Wedbush Securities Inc. now owns 78,460 shares of the basic materials company’s stock valued at $341,000 after buying an additional 23,000 shares in the last quarter. Institutional investors own 66.53% of the company’s stock.

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AK Steel Company Profile (NYSE:AKS)

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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