AK Steel (NYSE:AKS) Shares Up 5.5%

AK Steel Holding Co. (NYSE:AKS) shot up 5.5% during trading on Thursday . The company traded as high as $2.35 and last traded at $2.29, 12,692,531 shares changed hands during trading. An increase of 43% from the average session volume of 8,875,191 shares. The stock had previously closed at $2.17.

A number of brokerages have recently commented on AKS. Credit Suisse Group lowered AK Steel from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $3.50 to $2.05 in a report on Thursday, May 23rd. Citigroup set a $3.00 price objective on AK Steel and gave the company a “hold” rating in a report on Wednesday, July 31st. BMO Capital Markets set a $3.00 price objective on AK Steel and gave the company a “hold” rating in a report on Wednesday, July 31st. Bank of America reissued an “underperform” rating and set a $2.00 price objective on shares of AK Steel in a report on Friday, May 31st. Finally, Goldman Sachs Group lowered their price objective on AK Steel from $2.25 to $1.50 and set a “buy” rating on the stock in a report on Tuesday, June 4th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and one has given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $2.73.

The firm has a 50 day moving average of $2.40 and a two-hundred day moving average of $2.45. The stock has a market cap of $708.71 million, a P/E ratio of 3.56, a P/E/G ratio of 1.03 and a beta of 3.08. The company has a debt-to-equity ratio of 4.54, a quick ratio of 0.76 and a current ratio of 2.02.

AK Steel (NYSE:AKS) last announced its quarterly earnings data on Monday, July 29th. The basic materials company reported $0.21 EPS for the quarter, topping the Zacks’ consensus estimate of $0.06 by $0.15. AK Steel had a return on equity of 57.52% and a net margin of 2.40%. The company had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same quarter last year, the company earned $0.18 EPS. The company’s quarterly revenue was down 3.8% on a year-over-year basis. On average, sell-side analysts anticipate that AK Steel Holding Co. will post 0.42 EPS for the current fiscal year.

Several hedge funds have recently made changes to their positions in the business. Naples Global Advisors LLC acquired a new position in shares of AK Steel in the 2nd quarter worth approximately $25,000. Convergence Investment Partners LLC acquired a new position in shares of AK Steel in the 1st quarter worth approximately $30,000. Janney Montgomery Scott LLC acquired a new position in shares of AK Steel in the 1st quarter worth approximately $33,000. Nomura Asset Management Co. Ltd. acquired a new position in shares of AK Steel in the 1st quarter worth approximately $42,000. Finally, Mercer Global Advisors Inc. ADV acquired a new position in shares of AK Steel in the 1st quarter worth approximately $45,000. Institutional investors own 61.84% of the company’s stock.

AK Steel Company Profile (NYSE:AKS)

AK Steel Holding Corporation, through its subsidiary, AK Steel Corporation, produces flat-rolled carbon, and stainless and electrical steel 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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