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.
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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