AK Steel (NYSE:AKS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The firm currently has a $3.25 target price on the basic materials company’s stock. Zacks Investment Research‘s price target suggests a potential upside of 8.33% from the stock’s current price.
According to Zacks, “AK Steel swung to profit in fourth-quarter 2018. Adjusted earnings beat the Zacks Consensus Estimate while sales trailed the same. AK Steel is expected to benefit from the strength in the automotive market and the Precision Partners acquisition. The buyout of Precision Partners has boosted its portfolio of high-value products and processes. The company’s sustained initiatives to manage costs should also support its bottom line.”
AKS has been the topic of a number of other reports. Deutsche Bank cut their target price on shares of AK Steel to $2.50 and set a “hold” rating on the stock in a research note on Tuesday, February 5th. ValuEngine lowered shares of AK Steel from a “sell” rating to a “strong sell” rating in a research note on Wednesday, October 24th. Morgan Stanley lowered shares of AK Steel from an “overweight” rating to an “equal weight” rating and set a $2.80 price target on the stock. in a research note on Monday, January 28th. Clarkson Capital lowered shares of AK Steel from a “buy” rating to a “neutral” rating in a research note on Wednesday, January 16th. Finally, Bank of America lowered shares of AK Steel from a “buy” rating to an “underperform” rating and dropped their price target for the company from $5.00 to $2.50 in a research note on Wednesday, January 30th. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $3.76.
AK Steel (NYSE:AKS) last released its earnings results on Monday, January 28th. The basic materials company reported $0.16 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.11 by $0.05. AK Steel had a net margin of 2.73% and a return on equity of 54.01%. The firm had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.70 billion. During the same period in the prior year, the firm earned ($0.06) earnings per share. The business’s quarterly revenue was up 12.1% compared to the same quarter last year. Equities analysts forecast that AK Steel will post 0.56 EPS for the current fiscal year.
In other AK Steel news, CEO Roger K. Newport bought 10,000 shares of the stock in a transaction dated Tuesday, November 27th. The shares were acquired at an average cost of $3.03 per share, for a total transaction of $30,300.00. Following the completion of the transaction, the chief executive officer now owns 461,297 shares in the company, valued at approximately $1,397,729.91. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 1.13% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Parametrica Management Ltd purchased a new position in shares of AK Steel during the fourth quarter worth approximately $107,000. Rafferty Asset Management LLC purchased a new position in shares of AK Steel during the fourth quarter worth approximately $437,000. Commonwealth Equity Services LLC grew its position in shares of AK Steel by 692.9% during the fourth quarter. Commonwealth Equity Services LLC now owns 241,062 shares of the basic materials company’s stock worth $542,000 after acquiring an additional 210,658 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in shares of AK Steel by 19.0% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 68,981 shares of the basic materials company’s stock worth $155,000 after acquiring an additional 11,024 shares during the last quarter. Finally, Texas Permanent School Fund grew its position in shares of AK Steel by 4.0% during the fourth quarter. Texas Permanent School Fund now owns 206,487 shares of the basic materials company’s stock worth $465,000 after acquiring an additional 7,966 shares during the last quarter. Institutional investors and hedge funds own 65.71% of the company’s stock.
About AK Steel
AK Steel Holding Corporation, through its subsidiary, AK Steel Corporation, produces flat-rolled carbon, stainless, and electrical steels, and tubular 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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