AK Steel Holding Corp. (AKS) Bond Prices Rise 1.5%
An issue of AK Steel Holding Corp. (NYSE:AKS) debt rose 1.5% as a percentage of its face value during trading on Tuesday. The high-yield issue of debt has a 7.625% coupon and is set to mature on October 1, 2021. The debt is now trading at $95.75 and was trading at $95.75 last week. Price changes in a company’s debt in credit markets sometimes anticipate parallel changes in its share price.
AKS has been the subject of a number of research reports. KeyCorp cut AK Steel Holding Corp. from a “sector weight” rating to an “underweight” rating and reduced their price objective for the company from $5.15 to $4.00 in a research note on Friday, August 19th. Vetr raised AK Steel Holding Corp. from a “hold” rating to a “strong-buy” rating and set a $5.78 price objective for the company in a research note on Wednesday, August 24th. Deutsche Bank AG raised AK Steel Holding Corp. from a “sell” rating to a “hold” rating and raised their price objective for the company from $1.64 to $4.83 in a research note on Monday, October 3rd. Zacks Investment Research cut AK Steel Holding Corp. from a “buy” rating to a “hold” rating in a research note on Tuesday, August 16th. Finally, TheStreet cut AK Steel Holding Corp. from a “hold” rating to a “sell” rating in a research note on Monday, August 29th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $5.30.
Shares of AK Steel Holding Corp. (NYSE:AKS) opened at 4.63 on Wednesday. The company’s 50-day moving average is $4.57 and its 200 day moving average is $4.73. The stock’s market cap is $1.10 billion. AK Steel Holding Corp. has a 52 week low of $1.64 and a 52 week high of $7.09.
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AK Steel Holding Corp. (NYSE:AKS) last issued its quarterly earnings data on Tuesday, July 26th. The company reported $0.08 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.02) by $0.10. AK Steel Holding Corp. had a negative net margin of 2.18% and a negative return on equity of 12.89%. The company had revenue of $1.49 billion for the quarter, compared to the consensus estimate of $1.53 billion. During the same period last year, the firm posted ($0.36) EPS. AK Steel Holding Corp.’s revenue for the quarter was down 11.7% on a year-over-year basis. Analysts forecast that AK Steel Holding Corp. will post $0.32 earnings per share for the current fiscal year.
In other AK Steel Holding Corp. news, Director Vicente Wright sold 27,000 shares of the firm’s stock in a transaction on Thursday, July 28th. The shares were sold at an average price of $6.70, for a total transaction of $180,900.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 1.80% of the company’s stock.
Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of AK Steel Holding Corp. by 76.0% in the second quarter. Vanguard Group Inc. now owns 25,910,412 shares of the company’s stock valued at $120,742,000 after buying an additional 11,192,363 shares during the last quarter. Anchor Bolt Capital LP purchased a new stake in shares of AK Steel Holding Corp. during the second quarter valued at $21,206,000. BlackRock Fund Advisors increased its stake in shares of AK Steel Holding Corp. by 38.4% in the second quarter. BlackRock Fund Advisors now owns 15,281,224 shares of the company’s stock valued at $71,211,000 after buying an additional 4,235,960 shares during the last quarter. Old Mutual Global Investors UK Ltd. purchased a new stake in shares of AK Steel Holding Corp. during the second quarter valued at $14,342,000. Finally, Marketfield Asset Management LLC purchased a new stake in shares of AK Steel Holding Corp. during the second quarter valued at $12,848,000. 68.75% of the stock is currently owned by institutional investors and hedge funds.
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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