An issue of AK Steel Holding Co. (NYSE:AKS) debt rose 1.4% as a percentage of its face value during trading on Friday. The debt issue has a 7% coupon and will mature on March 15, 2027. The debt is now trading at $101.50 and was trading at $99.88 one week ago. Price moves in a company’s debt in credit markets sometimes anticipate parallel moves in its share price.
A number of analysts recently issued reports on AKS shares. Zacks Investment Research raised AK Steel Holding from a “hold” rating to a “buy” rating and set a $11.00 target price for the company in a research report on Wednesday, January 4th. Credit Suisse Group AG cut AK Steel Holding from an “outperform” rating to a “neutral” rating and upped their target price for the company from $8.00 to $9.50 in a research report on Thursday, January 12th. Citigroup Inc cut AK Steel Holding from a “neutral” rating to a “sell” rating and set a $8.00 target price for the company. in a research report on Thursday, January 19th. Vetr raised AK Steel Holding from a “buy” rating to a “strong-buy” rating and set a $10.52 target price for the company in a research report on Monday, January 23rd. Finally, Jefferies Group LLC reissued a “buy” rating and issued a $11.50 target price on shares of AK Steel Holding in a research report on Wednesday, January 25th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $8.22.
AK Steel Holding Co. (NYSE:AKS) traded down 2.419% during mid-day trading on Friday, hitting $6.655. The stock had a trading volume of 12,849,428 shares. The stock’s market cap is $2.09 billion. AK Steel Holding Co. has a 12-month low of $3.31 and a 12-month high of $11.39. The company has a 50-day moving average of $7.40 and a 200-day moving average of $7.96.
AK Steel Holding (NYSE:AKS) last announced its quarterly earnings results on Tuesday, January 24th. The basic materials company reported $0.25 earnings per share for the quarter, topping analysts’ consensus estimates of $0.07 by $0.18. The company had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.42 billion. AK Steel Holding had a negative net margin of 0.13% and a negative return on equity of 47.34%. The business’s quarterly revenue was down 8.0% compared to the same quarter last year. During the same period last year, the firm posted $0.30 earnings per share. On average, analysts anticipate that AK Steel Holding Co. will post $0.68 earnings per share for the current fiscal year.
Several institutional investors have recently made changes to their positions in the company. FMR LLC purchased a new position in shares of AK Steel Holding during the fourth quarter worth $49,391,000. JPMorgan Chase & Co. raised its stake in shares of AK Steel Holding by 395.7% in the third quarter. JPMorgan Chase & Co. now owns 5,307,865 shares of the basic materials company’s stock worth $25,637,000 after buying an additional 4,237,133 shares during the last quarter. Teachers Advisors LLC raised its stake in shares of AK Steel Holding by 172.4% in the fourth quarter. Teachers Advisors LLC now owns 4,963,762 shares of the basic materials company’s stock worth $50,680,000 after buying an additional 3,141,703 shares during the last quarter. Norges Bank bought a new stake in shares of AK Steel Holding during the fourth quarter worth approximately $30,527,000. Finally, Rothschild Asset Management Inc. bought a new stake in shares of AK Steel Holding during the third quarter worth approximately $13,695,000. 62.21% of the stock is currently owned by institutional investors.
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AK Steel Holding 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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