AK Steel (AKS) Shares Down 3%

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.

AK Steel (NYSE:AKS) last posted its earnings results on Monday, April 29th. The basic materials company reported $0.23 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.13 by $0.10. The firm had revenue of $1.70 billion for the quarter, compared to the consensus estimate of $1.75 billion. AK Steel had a net margin of 2.23% and a return on equity of 61.44%. The business’s quarterly revenue was up 2.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.09 earnings per share. Sell-side analysts expect that AK Steel Holding Co. will post 0.45 EPS for the current fiscal year.

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.

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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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