Insider Buying: Mark G. Essig Buys 25,000 Shares of AK Steel Holding Stock (AKS)
AK Steel Holding (NYSE:AKS) Director Mark G. Essig acquired 25,000 shares of the company’s stock on the open market in a transaction dated Wednesday, August 13th. The shares were purchased at an average price of $9.80 per share, for a total transaction of $245,000.00. Following the completion of the transaction, the director now directly owns 44,060 shares in the company, valued at approximately $431,788. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Shares of AK Steel Holding (NYSE:AKS) traded down 1.64% during mid-day trading on Friday, hitting $9.59. The stock had a trading volume of 7,014,141 shares. AK Steel Holding has a 52 week low of $3.30 and a 52 week high of $9.90. The stock’s 50-day moving average is $8.7 and its 200-day moving average is $7.24. The company’s market cap is $1.312 billion.
AK Steel Holding (NYSE:AKS) last announced its earnings results on Tuesday, July 29th. The company reported ($0.13) earnings per share for the quarter, missing the analysts’ consensus estimate of ($0.04) by $0.09. The company had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.51 billion. During the same quarter last year, the company posted ($0.30) earnings per share. AK Steel Holding’s revenue was up 8.9% compared to the same quarter last year. On average, analysts predict that AK Steel Holding will post $0.01 earnings per share for the current fiscal year.
A number of research firms have recently commented on AKS. Analysts at Deutsche Bank reiterated a “hold” rating on shares of AK Steel Holding in a research note on Thursday, August 7th. They now have a $8.00 price target on the stock, up previously from $6.00. Separately, analysts at Jefferies Group raised their price target on shares of AK Steel Holding from $7.00 to $9.00 in a research note on Thursday, July 31st. They now have a “hold” rating on the stock. Finally, analysts at Macquarie reiterated an “outperform” rating on shares of AK Steel Holding in a research note on Wednesday, July 30th. They now have a $12.00 price target on the stock, up previously from $11.00. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $9.29.
AK Steel Holding Corporation (NYSE:AKS) is an integrated producer of flat-rolled carbon, stainless and electrical steels and tubular products through its wholly-owned subsidiary, AK Steel Corporation (AK Steel and, together with AK Holding, the Company).
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