Congress Asset Management Co. MA lowered its position in shares of AK Steel Holding Co. (NYSE:AKS) by 9.1% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 822,180 shares of the basic materials company’s stock after selling 82,785 shares during the quarter. Congress Asset Management Co. MA owned 0.26% of AK Steel worth $1,866,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. California Public Employees Retirement System grew its holdings in AK Steel by 41.8% during the third quarter. California Public Employees Retirement System now owns 685,639 shares of the basic materials company’s stock valued at $1,556,000 after purchasing an additional 202,229 shares during the period. State of Tennessee Treasury Department grew its holdings in AK Steel by 94.3% during the third quarter. State of Tennessee Treasury Department now owns 248,609 shares of the basic materials company’s stock valued at $564,000 after purchasing an additional 120,670 shares during the period. Raymond James Trust N.A. acquired a new position in AK Steel during the third quarter valued at approximately $41,000. Rhumbline Advisers grew its holdings in AK Steel by 4.1% during the third quarter. Rhumbline Advisers now owns 1,007,732 shares of the basic materials company’s stock valued at $2,288,000 after purchasing an additional 39,937 shares during the period. Finally, 6 Meridian acquired a new position in AK Steel during the third quarter valued at approximately $222,000. Hedge funds and other institutional investors own 56.81% of the company’s stock.
A number of brokerages recently issued reports on AKS. BMO Capital Markets set a $3.00 price objective on shares of AK Steel and gave the company a “hold” rating in a report on Wednesday, July 31st. ValuEngine raised shares of AK Steel from a “strong sell” rating to a “sell” rating in a research report on Wednesday, October 2nd. Cowen reissued a “market perform” rating and issued a $2.40 price objective (up from $1.90) on shares of AK Steel in a research report on Wednesday, July 31st. JPMorgan Chase & Co. lowered shares of AK Steel from an “overweight” rating to an “underweight” rating in a research report on Monday, September 23rd. Finally, Citigroup set a $3.00 price target on shares of AK Steel and gave the company a “hold” rating in a research note on Wednesday, July 31st. Four research analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $2.52.
AK Steel stock traded up $0.08 during trading hours on Friday, reaching $2.86. 2,809,509 shares of the stock were exchanged, compared to its average volume of 8,831,126. The company has a market cap of $873.32 million, a P/E ratio of 4.46, a price-to-earnings-growth ratio of 1.55 and a beta of 3.04. The company has a current ratio of 2.06, a quick ratio of 0.70 and a debt-to-equity ratio of 4.77. AK Steel Holding Co. has a twelve month low of $1.66 and a twelve month high of $3.96. The stock has a 50 day moving average of $2.43 and a two-hundred day moving average of $2.34.
AK Steel (NYSE:AKS) last announced its quarterly earnings data on Wednesday, October 30th. The basic materials company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.03). The firm had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.64 billion. AK Steel had a return on equity of 42.48% and a net margin of 1.50%. The company’s quarterly revenue was down 11.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.21 earnings per share. On average, analysts expect that AK Steel Holding Co. will post 0.36 earnings per share for the current fiscal year.
About AK Steel
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.
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