Wedbush Securities Inc. lifted its holdings in shares of AK Steel Holding Co. (NYSE:AKS) by 32.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 104,110 shares of the basic materials company’s stock after buying an additional 25,650 shares during the period. Wedbush Securities Inc.’s holdings in AK Steel were worth $510,000 at the end of the most recent quarter.
Other institutional investors have also bought and sold shares of the company. Tower Research Capital LLC TRC boosted its stake in shares of AK Steel by 1,136.9% during the 3rd quarter. Tower Research Capital LLC TRC now owns 22,956 shares of the basic materials company’s stock worth $113,000 after buying an additional 21,100 shares during the last quarter. Centaurus Financial Inc. acquired a new position in shares of AK Steel during the 2nd quarter worth about $117,000. MML Investors Services LLC boosted its stake in shares of AK Steel by 105.9% during the 3rd quarter. MML Investors Services LLC now owns 25,343 shares of the basic materials company’s stock worth $124,000 after buying an additional 13,037 shares during the last quarter. Truepoint Inc. boosted its stake in shares of AK Steel by 21,958.8% during the 2nd quarter. Truepoint Inc. now owns 30,000 shares of the basic materials company’s stock worth $130,000 after buying an additional 29,864 shares during the last quarter. Finally, Laurion Capital Management LP acquired a new position in shares of AK Steel during the 2nd quarter worth about $140,000. Institutional investors own 65.95% of the company’s stock.
AKS has been the subject of a number of recent research reports. Morgan Stanley set a $5.00 price objective on shares of AK Steel and gave the stock a “buy” rating in a research note on Wednesday, November 7th. Clarkson Capital upgraded shares of AK Steel from a “neutral” rating to a “buy” rating in a research note on Tuesday, September 11th. Bank of America upgraded shares of AK Steel from an “underperform” rating to a “buy” rating and set a $6.00 price objective for the company in a research note on Friday, September 7th. ValuEngine cut shares of AK Steel from a “sell” rating to a “strong sell” rating in a report on Wednesday, October 24th. Finally, Seaport Global Securities assumed coverage on shares of AK Steel in a report on Thursday, October 11th. They issued a “neutral” rating and a $5.00 target price on the stock. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $5.24.
AK Steel (NYSE:AKS) last issued its earnings results on Thursday, October 25th. The basic materials company reported $0.21 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.23 by ($0.02). The firm had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.82 billion. AK Steel had a net margin of 0.67% and a return on equity of 45.52%. As a group, equities analysts forecast that AK Steel Holding Co. will post 0.6 earnings per share for the current year.
In other news, CEO Roger K. Newport bought 10,000 shares of the company’s stock in a transaction dated Tuesday, November 27th. The shares were bought at an average cost of $3.03 per share, with a total value of $30,300.00. Following the acquisition, the chief executive officer now owns 461,297 shares in the company, valued at $1,397,729.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.13% of the stock is currently owned by corporate insiders.
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AK Steel Company Profile
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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