Short Interest in AK Steel Holding Co. (NYSE:AKS) Drops By 11.8%

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AK Steel Holding Co. (NYSE:AKS) saw a large decrease in short interest during the month of July. As of July 31st, there was short interest totalling 41,476,000 shares, a decrease of 11.8% from the June 30th total of 47,024,200 shares. Based on an average daily trading volume, of 8,520,000 shares, the days-to-cover ratio is presently 4.9 days. Approximately 13.4% of the company’s stock are sold short.

Several equities research analysts have recently commented on the company. Bank of America reissued an “underperform” rating and issued a $2.00 price objective on shares of AK Steel in a report on Friday, May 31st. BMO Capital Markets set a $3.00 price objective on AK Steel and gave the company a “hold” rating in a report on Wednesday, July 31st. Citigroup set a $3.00 price objective on AK Steel and gave the company a “hold” rating in a report on Wednesday, July 31st. Deutsche Bank set a $2.00 price objective on AK Steel and gave the company a “hold” rating in a report on Thursday, May 30th. Finally, Cowen reissued a “market perform” rating and issued a $2.40 price objective (up previously from $1.90) on shares of AK Steel in a report on Wednesday, July 31st. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has issued a buy rating to the company’s stock. AK Steel has a consensus rating of “Hold” and an average target price of $2.73.

Shares of AK Steel stock opened at $2.24 on Friday. The business has a fifty day simple moving average of $2.40 and a two-hundred day simple moving average of $2.52. AK Steel has a 1 year low of $1.66 and a 1 year high of $5.11. The company has a market capitalization of $756.17 million, a price-to-earnings ratio of 3.50, a P/E/G ratio of 1.12 and a beta of 3.07. The company has a debt-to-equity ratio of 4.54, a current ratio of 2.02 and a quick ratio of 0.76.

AK Steel (NYSE:AKS) last announced its quarterly earnings results on Monday, July 29th. The basic materials company reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.15. AK Steel had a return on equity of 57.52% and a net margin of 2.40%. The business had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same quarter last year, the firm posted $0.18 EPS. The company’s quarterly revenue was down 3.8% on a year-over-year basis. As a group, equities analysts anticipate that AK Steel will post 0.42 earnings per share for the current fiscal year.

Institutional investors have recently made changes to their positions in the business. Bank of Montreal Can lifted its holdings in AK Steel by 170.4% during the 1st quarter. Bank of Montreal Can now owns 37,268 shares of the basic materials company’s stock valued at $103,000 after purchasing an additional 23,485 shares during the last quarter. Systematic Financial Management LP acquired a new stake in shares of AK Steel during the first quarter worth $1,154,000. Teza Capital Management LLC lifted its holdings in shares of AK Steel by 59.7% during the first quarter. Teza Capital Management LLC now owns 222,343 shares of the basic materials company’s stock worth $611,000 after buying an additional 83,079 shares in the last quarter. Norges Bank acquired a new stake in shares of AK Steel during the fourth quarter worth $2,751,000. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of AK Steel by 5.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 7,423,378 shares of the basic materials company’s stock worth $16,703,000 after buying an additional 368,190 shares in the last quarter. 60.63% of the stock is owned by institutional investors and hedge funds.

AK Steel Company Profile

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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