Zacks Investment Research upgraded shares of AK Steel (NYSE:AKS) from a hold rating to a buy rating in a research report report published on Monday morning. Zacks Investment Research currently has $7.50 target price on the basic materials company’s stock.

According to Zacks, “AK Steel should benefit from the strength in the automotive market and the Precision Partners acquisition. The company’s sustained initiatives to manage costs should also support its bottom line. The acquisition of the Severstal Dearborn plant is expected to boost AK Steel’s future earnings and improve its credit profile and liquidity. The buyout has provided the company an access to highly modernized and upgraded steelmaking equipment and facilities. “

Several other brokerages have also recently weighed in on AKS. Longbow Research reaffirmed a neutral rating on shares of AK Steel in a research note on Tuesday, October 3rd. Cowen reaffirmed a hold rating and set a $6.00 price target on shares of AK Steel in a research note on Tuesday, October 24th. BMO Capital Markets reissued a hold rating on shares of AK Steel in a research note on Thursday, November 2nd. JPMorgan Chase & Co. decreased their target price on shares of AK Steel from $8.00 to $6.00 and set a neutral rating for the company in a research note on Wednesday, November 1st. Finally, Citigroup decreased their target price on shares of AK Steel from $7.00 to $5.00 and set a neutral rating for the company in a research note on Thursday, November 2nd. Eight analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. AK Steel presently has a consensus rating of Buy and an average target price of $7.54.

Shares of AK Steel (NYSE AKS) traded down $0.09 during mid-day trading on Monday, reaching $6.34. 8,580,000 shares of the company’s stock traded hands, compared to its average volume of 16,070,000. The company has a quick ratio of 0.75, a current ratio of 1.92 and a debt-to-equity ratio of 11.89. The firm has a market cap of $2,000.00, a P/E ratio of 42.27, a P/E/G ratio of 2.08 and a beta of 2.90. AK Steel has a 52-week low of $4.00 and a 52-week high of $10.78.

Institutional investors have recently made changes to their positions in the business. Crow Point Partners LLC acquired a new stake in AK Steel during the 4th quarter valued at $110,000. Riverhead Capital Management LLC lifted its holdings in AK Steel by 74.4% during the 2nd quarter. Riverhead Capital Management LLC now owns 17,616 shares of the basic materials company’s stock valued at $116,000 after purchasing an additional 7,516 shares during the last quarter. MML Investors Services LLC acquired a new stake in AK Steel during the 2nd quarter valued at $141,000. Raymond James Financial Services Advisors Inc. lifted its holdings in AK Steel by 0.9% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 21,887 shares of the basic materials company’s stock valued at $144,000 after purchasing an additional 193 shares during the last quarter. Finally, IPG Investment Advisors LLC acquired a new stake in AK Steel during the 3rd quarter valued at $145,000. 65.25% of the stock is owned by institutional investors and hedge funds.

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AK Steel Company Profile

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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