AK Steel (NYSE:AKS) Shares Gap Down to $2.52

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AK Steel Holding Co. (NYSE:AKS)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $2.63, but opened at $2.52. AK Steel shares last traded at $2.47, with a volume of 13,088,673 shares changing hands.

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

The company has a current ratio of 2.02, a quick ratio of 0.76 and a debt-to-equity ratio of 4.54. The firm has a market capitalization of $797.29 million, a price-to-earnings ratio of 3.80, a price-to-earnings-growth ratio of 1.20 and a beta of 3.08. The company has a 50-day moving average of $2.42 and a 200-day moving average of $2.41.

AK Steel (NYSE:AKS) last posted its quarterly earnings results on Monday, July 29th. The basic materials company reported $0.21 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.06 by $0.15. The business had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.73 billion. AK Steel had a return on equity of 57.52% and a net margin of 2.40%. The business’s revenue was down 3.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.18 EPS. On average, research analysts forecast that AK Steel Holding Co. will post 0.42 earnings per share for the current year.

Several hedge funds have recently bought and sold shares of the stock. Naples Global Advisors LLC acquired a new stake in AK Steel in the second quarter worth $25,000. Janney Montgomery Scott LLC acquired a new stake in AK Steel in the first quarter worth $33,000. Nomura Asset Management Co. Ltd. acquired a new stake in AK Steel in the first quarter worth $42,000. Public Employees Retirement System of Ohio increased its position in AK Steel by 27.4% in the second quarter. Public Employees Retirement System of Ohio now owns 30,376 shares of the basic materials company’s stock worth $72,000 after buying an additional 6,526 shares during the period. Finally, Financial Advocates Investment Management increased its position in AK Steel by 133.8% in the second quarter. Financial Advocates Investment Management now owns 33,725 shares of the basic materials company’s stock worth $80,000 after buying an additional 19,300 shares during the period. 61.63% of the stock is currently owned by institutional investors and hedge funds.

About AK Steel (NYSE:AKS)

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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