AK Steel (NYSE:AKS) Sees Strong Trading Volume

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AK Steel Holding Co. (NYSE:AKS) shares saw unusually-strong trading volume on Tuesday . Approximately 42,614,783 shares were traded during mid-day trading, an increase of 379% from the previous session’s volume of 8,898,271 shares.The stock last traded at $3.01 and had previously closed at $2.89.

AKS has been the subject of a number of recent analyst reports. UBS Group reiterated a “sell” rating and issued a $2.00 target price (down previously from $2.25) on shares of AK Steel in a research report on Thursday, November 14th. Exane BNP Paribas began coverage on shares of AK Steel in a research report on Thursday, November 14th. They set an “underperform” rating and a $2.00 price target on the stock. JPMorgan Chase & Co. downgraded shares of AK Steel from an “overweight” rating to an “underweight” rating in a research report on Monday, September 23rd. Finally, ValuEngine raised shares of AK Steel from a “strong sell” rating to a “sell” rating in a research note on Wednesday, October 2nd. Six investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $2.44.

The company has a 50 day moving average of $2.61 and a two-hundred day moving average of $2.37. The firm has a market cap of $873.32 million, a P/E ratio of 4.70, a PEG ratio of 1.54 and a beta of 3.14. The company has a quick ratio of 0.70, a current ratio of 2.06 and a debt-to-equity ratio of 4.77.

AK Steel (NYSE:AKS) last issued its quarterly earnings results on Wednesday, October 30th. The basic materials company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.04 by ($0.03). AK Steel had a return on equity of 42.48% and a net margin of 1.50%. The business had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.64 billion. During the same quarter last year, the firm posted $0.21 earnings per share. AK Steel’s revenue was down 11.5% compared to the same quarter last year. Research analysts expect that AK Steel Holding Co. will post 0.36 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Nuveen Asset Management LLC bought a new stake in shares of AK Steel in the 2nd quarter worth approximately $19,294,000. Point72 Asset Management L.P. acquired a new stake in AK Steel during the second quarter valued at approximately $5,514,000. Renaissance Technologies LLC acquired a new stake in AK Steel during the second quarter valued at approximately $4,893,000. Invesco Ltd. boosted its holdings in AK Steel by 227.8% during the second quarter. Invesco Ltd. now owns 2,157,060 shares of the basic materials company’s stock worth $5,112,000 after buying an additional 1,498,960 shares in the last quarter. Finally, Morgan Stanley boosted its holdings in AK Steel by 125.4% during the second quarter. Morgan Stanley now owns 2,431,379 shares of the basic materials company’s stock worth $5,763,000 after buying an additional 1,352,519 shares in the last quarter. 59.33% of the stock is currently owned by institutional investors.

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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