AK Steel Holding Corp. (AKS) Upgraded to “Buy” by Zacks Investment Research
AK Steel Holding Corp. (NYSE:AKS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday. The brokerage presently has a $5.25 target price on the stock. Zacks Investment Research’s target price would suggest a potential upside of 13.39% from the stock’s previous close.
According to Zacks, “Estimates for AK Steel have been going up lately. AK Steel should benefit from the strength in the automotive market and higher shipments of carbon steel products to automakers in 2016. It should also gain from the synergies of its acquisition of Severstal Dearborn. Favorable pricing trend for key raw materials is also expected to support its results this year.”
Other equities research analysts also recently issued research reports about the stock. Jefferies Group reaffirmed a “hold” rating on shares of AK Steel Holding Corp. in a research report on Saturday, October 1st. Credit Suisse Group AG set a $8.00 target price on shares of AK Steel Holding Corp. and gave the company a “buy” rating in a research note on Saturday, October 8th. Deutsche Bank AG reissued a “sell” rating on shares of AK Steel Holding Corp. in a research note on Thursday, July 7th. JPMorgan Chase & Co. boosted their target price on shares of AK Steel Holding Corp. from $6.00 to $8.50 and gave the company an “overweight” rating in a research note on Wednesday, July 27th. Finally, Cowen and Company boosted their target price on shares of AK Steel Holding Corp. from $5.00 to $7.00 and gave the company a “market perform” rating in a research note on Wednesday, July 27th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, five 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 an average price target of $5.35.
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Shares of AK Steel Holding Corp. (NYSE:AKS) traded up 3.3434% on Wednesday, hitting $4.7848. 5,412,110 shares of the stock were exchanged. The company’s market cap is $1.14 billion. The firm’s 50-day moving average is $4.57 and its 200-day moving average is $4.73. AK Steel Holding Corp. has a one year low of $1.64 and a one year high of $7.09.
AK Steel Holding Corp. (NYSE:AKS) last announced its quarterly earnings data on Tuesday, July 26th. The company reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates 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 business earned $1.49 billion during the quarter, compared to the consensus estimate of $1.53 billion. During the same quarter in the prior year, the firm earned ($0.36) EPS. The company’s revenue for the quarter was down 11.7% compared to the same quarter last year. On average, equities analysts forecast that AK Steel Holding Corp. will post $0.32 EPS for the current fiscal year.
In other news, Director Vicente Wright sold 27,000 shares of the business’s stock in a transaction that occurred on Thursday, July 28th. The shares were sold at an average price of $6.70, for a total transaction of $180,900.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 1.80% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the stock. Jacobs Levy Equity Management Inc. purchased a new stake in AK Steel Holding Corp. during the first quarter worth about $2,042,000. Kennedy Capital Management Inc. purchased a new stake in AK Steel Holding Corp. during the first quarter worth about $1,009,000. HBK Investments L P raised its stake in AK Steel Holding Corp. by 167.1% in the first quarter. HBK Investments L P now owns 389,600 shares of the company’s stock worth $1,609,000 after buying an additional 243,757 shares in the last quarter. State Street Corp raised its stake in AK Steel Holding Corp. by 2.0% in the first quarter. State Street Corp now owns 8,477,471 shares of the company’s stock worth $35,010,000 after buying an additional 164,136 shares in the last quarter. Finally, Canada Pension Plan Investment Board purchased a new stake in AK Steel Holding Corp. during the first quarter worth about $2,152,000. Institutional investors and hedge funds own 68.75% of the company’s stock.
AK Steel Holding Corp. Company Profile
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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