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.
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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