AK Steel (NYSE:AKS) Stock Price Up 3.8%
AK Steel Holding Co. (NYSE:AKS) was up 3.8% during trading on Wednesday . The stock traded as high as $2.63 and last traded at $2.71, approximately 428,102 shares changed hands during mid-day trading. A decline of 94% from the average daily volume of 7,196,513 shares. The stock had previously closed at $2.61.
A number of equities research analysts recently weighed in on the stock. Goldman Sachs Group lowered their price objective on shares of AK Steel from $2.25 to $1.50 and set a “buy” rating for the company in a research report on Tuesday, June 4th. Credit Suisse Group cut shares of AK Steel from a “neutral” rating to an “underperform” rating and cut their target price for the stock from $3.50 to $2.05 in a report on Thursday, May 23rd. BMO Capital Markets set a $3.00 target price on AK Steel and gave the company a “hold” rating in a research note on Wednesday, July 31st. Deutsche Bank set a $2.00 target price on AK Steel and gave the company a “hold” rating in a report on Thursday, May 30th. Finally, Citigroup set a $3.00 price target on AK Steel and gave the stock a “hold” rating in a research report on Wednesday, July 31st. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and one has assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $2.73.
The company has a debt-to-equity ratio of 4.54, a quick ratio of 0.76 and a current ratio of 2.02. The stock has a market capitalization of $816.29 million, a price-to-earnings ratio of 4.39, a price-to-earnings-growth ratio of 1.16 and a beta of 3.08. The business’s 50 day simple moving average is $2.40 and its 200-day simple moving average is $2.43.
Institutional investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP lifted its stake in shares of AK Steel by 5.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 7,423,378 shares of the basic materials company’s stock worth $16,703,000 after acquiring an additional 368,190 shares during the period. Mercer Global Advisors Inc. ADV bought a new stake in shares of AK Steel in the 1st quarter worth $45,000. Bank of Montreal Can lifted its holdings in shares of AK Steel by 170.4% in the first quarter. Bank of Montreal Can now owns 37,268 shares of the basic materials company’s stock valued at $103,000 after buying an additional 23,485 shares during the period. SG Americas Securities LLC acquired a new stake in shares of AK Steel in the first quarter valued at $915,000. Finally, Janney Montgomery Scott LLC bought a new position in AK Steel during the first quarter valued at about $33,000. 62.09% of the stock is currently owned by hedge funds and other institutional investors.
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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