Shares of AK Steel Holding Co. (NYSE:AKS) dropped 3% during mid-day trading on Tuesday . The company traded as low as $1.99 and last traded at $1.93. Approximately 545,445 shares traded hands during mid-day trading, a decline of 93% from the average daily volume of 8,128,129 shares. The stock had previously closed at $1.99.
Several brokerages recently issued reports on AKS. Deutsche Bank cut their price objective on AK Steel to $2.50 and set a “hold” rating for the company in a report on Tuesday, February 5th. Bank of America lowered AK Steel from a “buy” rating to an “underperform” rating and cut their price objective for the stock from $5.00 to $2.50 in a report on Wednesday, January 30th. TheStreet upgraded AK Steel from a “d+” rating to a “c-” rating in a report on Thursday, February 21st. Longbow Research lowered AK Steel from a “buy” rating to a “neutral” rating and set a $2.77 price objective for the company. in a report on Wednesday, January 30th. Finally, Credit Suisse Group lowered AK Steel from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $3.50 to $2.05 in a report on Thursday, May 23rd. Three analysts have rated the stock with a sell rating and eight have issued a hold rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $2.93.
The company has a debt-to-equity ratio of 5.25, a current ratio of 2.05 and a quick ratio of 0.78. The firm has a market capitalization of $604.22 million, a PE ratio of 2.72, a price-to-earnings-growth ratio of 0.85 and a beta of 2.73.
Institutional investors have recently bought and sold shares of the business. Stratos Wealth Partners LTD. acquired a new position in AK Steel during the fourth quarter worth $25,000. Convergence Investment Partners LLC acquired a new position in AK Steel during the first quarter worth $30,000. Janney Montgomery Scott LLC acquired a new position in AK Steel during the first quarter worth $33,000. Northwestern Mutual Wealth Management Co. increased its position in AK Steel by 54.6% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 12,737 shares of the basic materials company’s stock worth $35,000 after buying an additional 4,500 shares during the last quarter. Finally, Claybrook Capital LLC acquired a new position in AK Steel during the fourth quarter worth $38,000. 60.81% of the stock is currently owned by hedge funds and other institutional investors.
About AK Steel (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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