Short Interest in AK Steel Holding Corporation (AKS) Drops By 14.7%

AK Steel Holding Corporation (NYSE:AKS) was the target of a large decline in short interest in October. As of October 31st, there was short interest totalling 49,407,518 shares, a decline of 14.7% from the October 13th total of 57,920,185 shares. Approximately 16.0% of the company’s stock are sold short. Based on an average trading volume of 22,004,973 shares, the short-interest ratio is currently 2.2 days.

A number of hedge funds have recently added to or reduced their stakes in AKS. State of New Jersey Common Pension Fund D acquired a new position in shares of AK Steel Holding Corporation during the third quarter valued at about $81,614,000. Dimensional Fund Advisors LP raised its position in shares of AK Steel Holding Corporation by 82.5% during the first quarter. Dimensional Fund Advisors LP now owns 5,389,630 shares of the basic materials company’s stock valued at $38,751,000 after buying an additional 2,436,564 shares during the last quarter. BW Gestao de Investimentos Ltda. acquired a new position in shares of AK Steel Holding Corporation during the second quarter valued at about $9,855,000. Teacher Retirement System of Texas raised its position in shares of AK Steel Holding Corporation by 138.7% during the second quarter. Teacher Retirement System of Texas now owns 1,881,542 shares of the basic materials company’s stock valued at $12,362,000 after buying an additional 1,093,353 shares during the last quarter. Finally, Brandywine Global Investment Management LLC acquired a new position in shares of AK Steel Holding Corporation during the second quarter valued at about $5,860,000. Institutional investors own 72.55% of the company’s stock.

Shares of AK Steel Holding Corporation (NYSE:AKS) opened at $4.14 on Wednesday. The company has a current ratio of 1.92, a quick ratio of 0.75 and a debt-to-equity ratio of 11.89. AK Steel Holding Corporation has a fifty-two week low of $4.05 and a fifty-two week high of $11.39. The stock has a market cap of $1,310.00, a PE ratio of 6.51, a price-to-earnings-growth ratio of 2.97 and a beta of 2.93.

Several equities analysts have recently commented on AKS shares. Zacks Investment Research upgraded shares of AK Steel Holding Corporation from a “sell” rating to a “hold” rating in a report on Thursday, July 20th. ValuEngine cut shares of AK Steel Holding Corporation from a “strong-buy” rating to a “buy” rating in a report on Thursday, July 27th. Longbow Research cut shares of AK Steel Holding Corporation from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $6.20 to $6.24 in a report on Thursday, July 27th. Jefferies Group LLC reiterated a “buy” rating on shares of AK Steel Holding Corporation in a report on Thursday, July 27th. Finally, BMO Capital Markets set a $7.00 price objective on shares of AK Steel Holding Corporation and gave the stock a “hold” rating in a report on Sunday, July 30th. Eleven investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $7.56.

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About AK Steel Holding Corporation

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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