Zacks Investment Research upgraded shares of AK Steel (NYSE:AKS) from a hold rating to a buy rating in a research note issued to investors on Monday, January 8th. Zacks Investment Research currently has $7.50 price target 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 research firms have also recently weighed in on AKS. Cowen reaffirmed a hold rating and set a $7.00 target price on shares of AK Steel in a research note on Thursday, January 4th. BMO Capital Markets reaffirmed a hold rating and set a $7.00 target price on shares of AK Steel in a research note on Thursday, October 5th. Longbow Research reissued a neutral rating on shares of AK Steel in a research note on Tuesday, October 3rd. KeyCorp reissued a hold rating on shares of AK Steel in a research note on Tuesday, September 19th. Finally, Jefferies Group reissued a buy rating on shares of AK Steel in a research note on Monday, September 18th. Nine investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of Buy and an average price target of $7.54.
AK Steel (NYSE AKS) traded down $0.07 on Monday, reaching $6.58. 5,007,805 shares of the company traded hands, compared to its average volume of 17,130,000. The stock has a market capitalization of $2,080.00, a PE ratio of 43.87, a price-to-earnings-growth ratio of 1.53 and a beta of 2.90. AK Steel has a 52 week low of $4.00 and a 52 week high of $10.26. The company has a quick ratio of 0.75, a current ratio of 1.92 and a debt-to-equity ratio of 11.89.
AK Steel (NYSE:AKS) last posted its earnings results on Tuesday, October 31st. The basic materials company reported $0.02 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.03 by ($0.01). AK Steel had a net margin of 0.92% and a return on equity of 140.37%. analysts anticipate that AK Steel will post 0.26 earnings per share for the current year.
Several institutional investors have recently added to or reduced their stakes in the company. State of New Jersey Common Pension Fund D bought a new stake in shares of AK Steel in the 3rd quarter worth about $81,614,000. Dimensional Fund Advisors LP lifted its holdings in shares of AK Steel by 14.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 6,162,355 shares of the basic materials company’s stock worth $40,489,000 after acquiring an additional 772,725 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of AK Steel by 3.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 4,458,105 shares of the basic materials company’s stock worth $29,290,000 after acquiring an additional 166,605 shares during the last quarter. Ameriprise Financial Inc. lifted its holdings in shares of AK Steel by 10.8% in the 3rd quarter. Ameriprise Financial Inc. now owns 4,165,221 shares of the basic materials company’s stock worth $23,284,000 after acquiring an additional 404,540 shares during the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of AK Steel by 3.6% in the 2nd quarter. Northern Trust Corp now owns 3,829,715 shares of the basic materials company’s stock worth $25,160,000 after acquiring an additional 132,062 shares during the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.
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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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