Commerzbank Aktiengesellschaft FI Decreases Position in AK Steel Holding Corporation (AKS)
Commerzbank Aktiengesellschaft FI reduced its stake in shares of AK Steel Holding Corporation (NYSE:AKS) by 10.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 504,731 shares of the basic materials company’s stock after selling 60,344 shares during the quarter. Commerzbank Aktiengesellschaft FI owned approximately 0.16% of AK Steel worth $2,821,000 as of its most recent filing with the SEC.
Several other hedge funds also recently bought and sold shares of the stock. State of New Jersey Common Pension Fund D acquired a new stake in AK Steel in the third quarter valued at approximately $81,614,000. BW Gestao de Investimentos Ltda. acquired a new stake in shares of AK Steel in the second quarter worth $9,855,000. Teacher Retirement System of Texas lifted its stake in shares of AK Steel by 138.7% in the second quarter. Teacher Retirement System of Texas now owns 1,881,542 shares of the basic materials company’s stock worth $12,362,000 after buying an additional 1,093,353 shares during the last quarter. Brandywine Global Investment Management LLC acquired a new stake in shares of AK Steel in the second quarter worth $5,860,000. Finally, Ameriprise Financial Inc. lifted its stake in shares of AK Steel by 29.9% in the second quarter. Ameriprise Financial Inc. now owns 3,760,681 shares of the basic materials company’s stock worth $24,709,000 after buying an additional 865,110 shares during the last quarter. Institutional investors and hedge funds own 65.14% of the company’s stock.
A number of brokerages have recently weighed in on AKS. Macquarie began coverage on shares of AK Steel in a research note on Wednesday, September 6th. They issued an “outperform” rating and a $7.00 price objective for the company. Bank of America restated a “buy” rating and issued a $9.00 price objective on shares of AK Steel in a research note on Wednesday, September 6th. Credit Suisse Group upgraded shares of AK Steel from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $6.00 to $7.00 in a research note on Tuesday, November 21st. Jefferies Group restated a “buy” rating on shares of AK Steel in a research note on Monday, September 18th. Finally, BMO Capital Markets reduced their price objective on shares of AK Steel from $7.00 to $5.00 and set a “market perform” rating for the company in a research note on Wednesday, November 1st. Ten analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $7.38.
AK Steel Holding Corporation (NYSE:AKS) opened at $4.96 on Tuesday. AK Steel Holding Corporation has a 52-week low of $4.00 and a 52-week high of $11.39. The stock has a market cap of $1,539.76, a price-to-earnings ratio of 7.52, a P/E/G ratio of 3.94 and a beta of 2.89. The company has a debt-to-equity ratio of 11.89, a quick ratio of 0.75 and a current ratio of 1.92.
About AK Steel
AK Steel Holding Corporation is a producer of flat-rolled carbon, stainless and electrical steels, and tubular products through its subsidiary, AK Steel Corporation (AK Steel). The Company also operates blast furnaces and electric arc furnaces. As of December 31, 2016, its operations included eight steelmaking and finishing plants, two coke plants and two tube manufacturing plants across states, including Indiana, Kentucky, Michigan, Ohio, Pennsylvania and West Virginia, and a tube manufacturing plant in Mexico.
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