AK Steel Holding Corp. (AKS) Bond Prices Rise 1%
An issue of AK Steel Holding Corp. (NYSE:AKS) bonds rose 1% as a percentage of their face value during trading on Wednesday. The high-yield issue of debt has a 7.625% coupon and is set to mature on May 15, 2020. The bonds in the issue are now trading at $95.25 and were trading at $95.75 last week. Price moves in a company’s bonds in credit markets often predict parallel moves in its share price.
AKS has been the subject of several recent research reports. Credit Suisse Group AG raised shares of AK Steel Holding Corp. from an “underperform” rating to an “outperform” rating and increased their target price for the company from $3.50 to $7.00 in a research note on Wednesday, June 8th. Jefferies Group increased their target price on shares of AK Steel Holding Corp. from $4.25 to $5.00 and gave the company a “hold” rating in a research note on Friday, June 10th. Bank of America Corp. reissued a “sell” rating on shares of AK Steel Holding Corp. in a research note on Thursday, June 16th. Zacks Investment Research raised shares of AK Steel Holding Corp. from a “hold” rating to a “buy” rating and set a $4.50 target price for the company in a research note on Tuesday, June 28th. Finally, Deutsche Bank AG reissued a “sell” rating on shares of AK Steel Holding Corp. in a research note on Thursday, July 7th. Four investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. AK Steel Holding Corp. has an average rating of “Hold” and a consensus price target of $5.05.
AK Steel Holding Corp. (NYSE:AKS) opened at 4.72 on Thursday. The stock’s 50 day moving average is $4.82 and its 200 day moving average is $4.64. AK Steel Holding Corp. has a 52 week low of $1.64 and a 52 week high of $7.09. The firm’s market cap is $1.12 billion.
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AK Steel Holding Corp. (NYSE:AKS) last issued its earnings results on Tuesday, July 26th. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.10. The company had revenue of $1.49 billion for the quarter, compared to analyst estimates of $1.53 billion. AK Steel Holding Corp. had a negative net margin of 2.18% and a negative return on equity of 12.89%. The company’s revenue for the quarter was down 11.7% on a year-over-year basis. During the same quarter last year, the firm earned ($0.36) EPS. Equities research analysts expect that AK Steel Holding Corp. will post $0.32 EPS for the current year.
In other news, Director Vicente Wright sold 27,000 shares of the firm’s stock in a transaction dated Thursday, July 28th. The shares were sold at an average price of $6.70, for a total value of $180,900.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 1.80% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. TIAA CREF Investment Management LLC raised its position in shares of AK Steel Holding Corp. by 68.7% in the first quarter. TIAA CREF Investment Management LLC now owns 801,885 shares of the company’s stock valued at $3,312,000 after buying an additional 326,668 shares during the period. Teachers Advisors Inc. raised its position in AK Steel Holding Corp. by 793.3% in the first quarter. Teachers Advisors Inc. now owns 2,405,707 shares of the company’s stock valued at $9,936,000 after buying an additional 2,136,400 shares during the last quarter. Prudential Financial Inc. raised its position in AK Steel Holding Corp. by 4.1% in the first quarter. Prudential Financial Inc. now owns 422,629 shares of the company’s stock valued at $1,745,000 after buying an additional 16,600 shares during the last quarter. BlackRock Inc. raised its position in AK Steel Holding Corp. by 61.5% in the first quarter. BlackRock Inc. now owns 24,495 shares of the company’s stock valued at $101,000 after buying an additional 9,327 shares during the last quarter. Finally, BlackRock Group LTD raised its position in AK Steel Holding Corp. by 6.8% in the first quarter. BlackRock Group LTD now owns 230,615 shares of the company’s stock valued at $952,000 after buying an additional 14,775 shares during the last quarter. 68.71% of the stock is currently owned by institutional investors.
About AK Steel Holding Corp.
AK Steel Holding Corporation is an integrated producer of flat-rolled carbon, stainless and electrical steels and tubular products through its subsidiary, AK Steel Corporation (AK Steel). The Company operates approximately eight steelmaking and finishing plants, over two coke plants and approximately two tube manufacturing plants across states, which include Indiana, Kentucky, Michigan, Ohio, Pennsylvania and West Virginia.
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