Royce & Associates LP Trims Stock Position in AK Steel Holding Co. (NYSE:AKS)

Royce & Associates LP cut its position in AK Steel Holding Co. (NYSE:AKS) by 32.6% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 856,549 shares of the basic materials company’s stock after selling 414,760 shares during the period. Royce & Associates LP owned about 0.27% of AK Steel worth $2,356,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of AKS. Magnus Financial Group LLC raised its position in shares of AK Steel by 127.7% in the 1st quarter. Magnus Financial Group LLC now owns 40,682 shares of the basic materials company’s stock valued at $112,000 after buying an additional 22,812 shares in the last quarter. Piedmont Investment Advisors Inc. increased its position in AK Steel by 7.1% during the 1st quarter. Piedmont Investment Advisors Inc. now owns 80,425 shares of the basic materials company’s stock worth $221,000 after purchasing an additional 5,346 shares in the last quarter. HighPoint Advisor Group LLC acquired a new position in AK Steel during the 1st quarter worth approximately $61,000. Leisure Capital Management increased its position in AK Steel by 71.6% during the 1st quarter. Leisure Capital Management now owns 74,289 shares of the basic materials company’s stock worth $204,000 after purchasing an additional 31,006 shares in the last quarter. Finally, Systematic Financial Management LP acquired a new position in AK Steel during the 1st quarter worth approximately $1,154,000. Institutional investors and hedge funds own 60.80% of the company’s stock.

AKS traded up $0.09 during trading on Friday, hitting $2.37. 12,356,560 shares of the company’s stock were exchanged, compared to its average volume of 8,994,646. The company has a current ratio of 2.05, a quick ratio of 0.78 and a debt-to-equity ratio of 5.25. The firm’s 50 day moving average price is $2.12. AK Steel Holding Co. has a fifty-two week low of $1.66 and a fifty-two week high of $5.40. The company has a market cap of $729.16 million, a PE ratio of 3.70, a P/E/G ratio of 1.23 and a beta of 2.86.

AK Steel (NYSE:AKS) last announced its earnings results on Monday, April 29th. The basic materials company reported $0.23 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.13 by $0.10. The company had revenue of $1.70 billion during 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 firm’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.09 earnings per share. As a group, research analysts expect that AK Steel Holding Co. will post 0.38 earnings per share for the current year.

A number of equities research analysts have weighed in on the stock. Deutsche Bank set a $2.00 target price on shares of AK Steel and gave the stock a “hold” rating in a report on Thursday, May 30th. Credit Suisse Group lowered shares of AK Steel from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $3.50 to $2.05 in a report on Thursday, May 23rd. Bank of America reaffirmed an “underperform” rating and issued a $2.00 price objective on shares of AK Steel in a research note on Friday, May 31st. Finally, Goldman Sachs Group reduced their price objective on shares of AK Steel from $2.25 to $1.50 and set a “buy” rating on the stock in a research note on Tuesday, June 4th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $2.69.

About AK Steel

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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Institutional Ownership by Quarter for AK Steel (NYSE:AKS)

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