AK Steel Holding Corporation (AKS) Given Market Perform Rating at Cowen Inc

AK Steel Holding Corporation (NYSE:AKS)‘s stock had its “market perform” rating restated by stock analysts at Cowen Inc in a note issued to investors on Monday, November 6th, Marketbeat reports. They currently have a $4.00 price target on the basic materials company’s stock, down from their previous price target of $6.00. Cowen Inc’s target price would suggest a potential downside of 18.03% from the company’s previous close.

Several other equities research analysts have also commented on AKS. Barclays PLC reiterated an “equal weight” rating and issued a $7.00 price objective (down previously from $8.00) on shares of AK Steel in a research note on Wednesday, August 9th. Clarkson Capital upgraded shares of AK Steel from a “neutral” rating to a “buy” rating in a research note on Wednesday, July 26th. ValuEngine upgraded shares of AK Steel from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, August 22nd. BMO Capital Markets decreased their price objective on shares of AK Steel from $7.00 to $5.00 and set a “market perform” rating for the company in a research note on Wednesday, November 1st. Finally, KeyCorp reiterated a “hold” rating on shares of AK Steel in a research note on Tuesday, September 19th. Ten research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $7.38.

AK Steel (NYSE:AKS) traded up $0.01 during trading hours on Monday, reaching $4.88. 5,630,000 shares of the company’s stock traded hands, compared to its average volume of 19,410,000. The company has a debt-to-equity ratio of 11.89, a quick ratio of 0.75 and a current ratio of 1.92. The stock has a market cap of $1,540.00, a price-to-earnings ratio of 7.51, a price-to-earnings-growth ratio of 3.93 and a beta of 2.93. AK Steel has a 52-week low of $4.00 and a 52-week high of $11.39.

Several hedge funds have recently modified their holdings of AKS. Archford Capital Strategies LLC grew its stake in AK Steel by 12,352.2% in the 2nd quarter. Archford Capital Strategies LLC now owns 14,320 shares of the basic materials company’s stock valued at $1,909,000 after buying an additional 14,205 shares in the last quarter. Stifel Financial Corp purchased a new position in AK Steel in the 1st quarter valued at approximately $110,000. Riverhead Capital Management LLC grew its stake in AK Steel by 74.4% in the 2nd quarter. Riverhead Capital Management LLC now owns 17,616 shares of the basic materials company’s stock valued at $116,000 after buying an additional 7,516 shares in the last quarter. Alps Advisors Inc. grew its stake in AK Steel by 35.0% in the 2nd quarter. Alps Advisors Inc. now owns 17,639 shares of the basic materials company’s stock valued at $116,000 after buying an additional 4,573 shares in the last quarter. Finally, World Asset Management Inc grew its stake in AK Steel by 2.5% in the 2nd quarter. World Asset Management Inc now owns 20,471 shares of the basic materials company’s stock valued at $134,000 after buying an additional 502 shares in the last quarter. Institutional investors own 67.92% of the company’s stock.

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About AK Steel

AK Steel Holding Corporation is a producer of flat-rolled carbon, stainless and electrical steels, and tubular products through its subsidiary, AK Steel Corporation (AK Steel). The Company also operates blast furnaces and electric arc furnaces. As of December 31, 2016, its operations included eight steelmaking and finishing plants, two coke plants and two tube manufacturing plants across states, including Indiana, Kentucky, Michigan, Ohio, Pennsylvania and West Virginia, and a tube manufacturing plant in Mexico.

Analyst Recommendations for AK Steel (NYSE:AKS)

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