AK Steel (NYSE:AKS) Shares Gap Down to $2.52

AK Steel Holding Co. (NYSE:AKS)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $2.63, but opened at $2.52. AK Steel shares last traded at $2.47, with a volume of 13,088,673 shares.

A number of analysts recently issued reports on the company. Bank of America reissued an “underperform” rating and set a $2.00 price objective on shares of AK Steel in a research report on Friday, May 31st. Deutsche Bank set a $2.00 price objective on AK Steel and gave the stock a “hold” rating in a research report on Thursday, May 30th. Citigroup set a $3.00 price objective on AK Steel and gave the stock a “hold” rating in a research report on Wednesday, July 31st. Credit Suisse Group downgraded AK Steel from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $3.50 to $2.05 in a research report on Thursday, May 23rd. Finally, BMO Capital Markets set a $3.00 price objective on AK Steel and gave the stock a “hold” rating in a research report on Wednesday, July 31st. Three analysts have rated the stock with a sell rating, ten have given a hold rating and one has issued a buy rating to the stock. AK Steel has a consensus rating of “Hold” and an average target price of $2.73.

The business has a fifty day moving average of $2.43 and a 200 day moving average of $2.41. The company has a market capitalization of $803.63 million, a PE ratio of 3.86, a PEG ratio of 1.33 and a beta of 3.08. The company has a current ratio of 2.02, a quick ratio of 0.76 and a debt-to-equity ratio of 4.54.

AK Steel (NYSE:AKS) last announced its earnings results on Monday, July 29th. The basic materials company reported $0.21 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.15. AK Steel had a return on equity of 57.52% and a net margin of 2.40%. The company had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.73 billion. During the same period last year, the business posted $0.18 EPS. AK Steel’s revenue for the quarter was down 3.8% on a year-over-year basis. Equities analysts forecast that AK Steel Holding Co. will post 0.42 EPS for the current fiscal year.

A number of institutional investors have recently made changes to their positions in AKS. Naples Global Advisors LLC purchased a new position in AK Steel during the 2nd quarter valued at about $25,000. Janney Montgomery Scott LLC purchased a new position in shares of AK Steel in the 1st quarter valued at about $33,000. Nomura Asset Management Co. Ltd. purchased a new position in shares of AK Steel in the 1st quarter valued at about $42,000. HighPoint Advisor Group LLC purchased a new position in shares of AK Steel in the 1st quarter valued at about $61,000. Finally, Public Employees Retirement System of Ohio boosted its stake in shares of AK Steel by 27.4% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 30,376 shares of the basic materials company’s stock valued at $72,000 after buying an additional 6,526 shares during the period. Institutional investors own 61.63% of the company’s stock.

AK Steel Company Profile (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.

Further Reading: What Does a Sell-Side Analyst Rating Mean?

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