Wedge Capital Management L L P NC lessened its holdings in AK Steel Holding Co. (NYSE:AKS) by 37.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 76,311 shares of the basic materials company’s stock after selling 45,691 shares during the period. Wedge Capital Management L L P NC’s holdings in AK Steel were worth $173,000 at the end of the most recent quarter.
A number of other large investors have also recently bought and sold shares of AKS. Financial Advocates Investment Management grew its position in shares of AK Steel by 133.8% during the 2nd quarter. Financial Advocates Investment Management now owns 33,725 shares of the basic materials company’s stock valued at $80,000 after acquiring an additional 19,300 shares during the period. Pinebridge Investments L.P. raised its position in shares of AK Steel by 248.9% during the 2nd quarter. Pinebridge Investments L.P. now owns 366,240 shares of the basic materials company’s stock valued at $868,000 after buying an additional 261,282 shares in the last quarter. Advisor Group Inc. raised its position in shares of AK Steel by 12.4% during the 2nd quarter. Advisor Group Inc. now owns 59,232 shares of the basic materials company’s stock valued at $138,000 after buying an additional 6,521 shares in the last quarter. Exane Derivatives purchased a new stake in shares of AK Steel during the 2nd quarter valued at $121,000. Finally, Aperio Group LLC raised its position in shares of AK Steel by 52.0% during the 2nd quarter. Aperio Group LLC now owns 171,058 shares of the basic materials company’s stock valued at $405,000 after buying an additional 58,504 shares in the last quarter. Hedge funds and other institutional investors own 56.81% of the company’s stock.
A number of research firms have issued reports on AKS. Cowen restated a “market perform” rating and issued a $2.40 price objective (up previously from $1.90) on shares of AK Steel in a research report on Wednesday, July 31st. Citigroup set a $3.00 target price on shares of AK Steel and gave the stock a “hold” rating in a report on Wednesday, July 31st. BMO Capital Markets set a $3.00 price objective on shares of AK Steel and gave the company a “hold” rating in a report on Wednesday, July 31st. JPMorgan Chase & Co. cut shares of AK Steel from an “overweight” rating to an “underweight” rating in a report on Monday, September 23rd. Finally, ValuEngine raised shares of AK Steel from a “strong sell” rating to a “sell” rating in a report on Wednesday, October 2nd. Four research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the company’s stock. AK Steel has an average rating of “Hold” and an average price target of $2.52.
AK Steel (NYSE:AKS) last issued its earnings results on Wednesday, October 30th. The basic materials company reported $0.01 EPS for the quarter, missing the Zacks’ consensus estimate of $0.04 by ($0.03). AK Steel had a net margin of 1.50% and a return on equity of 42.48%. The business had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.64 billion. During the same quarter last year, the company earned $0.21 earnings per share. AK Steel’s quarterly revenue was down 11.5% on a year-over-year basis. As a group, analysts predict that AK Steel Holding Co. will post 0.36 EPS for the current fiscal year.
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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