An issue of AK Steel Holding (NYSE:AKS) bonds rose 0.8% as a percentage of their face value during trading on Monday. The high-yield issue of debt has a 6.375% coupon and is set to mature on October 15, 2025. The bonds in the issue are now trading at $93.00 and were trading at $92.22 one week ago. Price moves in a company’s bonds in credit markets often anticipate parallel moves in its share price.
A number of equities analysts have recently weighed in on AKS shares. Vetr cut shares of AK Steel from a “strong-buy” rating to a “buy” rating and set a $6.34 price target on the stock. in a research note on Thursday, March 8th. Morgan Stanley decreased their price target on shares of AK Steel from $6.50 to $6.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 17th. Jefferies Group reaffirmed a “hold” rating and set a $6.00 price target on shares of AK Steel in a research note on Tuesday, January 30th. ValuEngine upgraded shares of AK Steel from a “sell” rating to a “hold” rating in a report on Wednesday, March 14th. Finally, Cowen reiterated a “hold” rating and set a $5.50 price objective on shares of AK Steel in a report on Wednesday, January 31st. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $6.27.
Shares of AK Steel traded down $0.06, reaching $4.50, during trading hours on Wednesday, MarketBeat Ratings reports. 9,083,025 shares of the company’s stock were exchanged, compared to its average volume of 18,663,627. AK Steel Holding has a fifty-two week low of $4.00 and a fifty-two week high of $7.04. The firm has a market cap of $1.41 billion, a PE ratio of 14.52, a price-to-earnings-growth ratio of 1.36 and a beta of 2.89. The company has a quick ratio of 0.76, a current ratio of 2.09 and a debt-to-equity ratio of 6.34.
In other news, Chairman James A. Thomson sold 10,270 shares of the company’s stock in a transaction on Tuesday, May 8th. The stock was sold at an average price of $4.45, for a total transaction of $45,701.50. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.13% of the stock is currently owned by corporate insiders.
Several institutional investors have recently made changes to their positions in AKS. Louisiana State Employees Retirement System increased its holdings in shares of AK Steel by 6.1% in the fourth quarter. Louisiana State Employees Retirement System now owns 135,400 shares of the basic materials company’s stock worth $766,000 after acquiring an additional 7,800 shares in the last quarter. Schwab Charles Investment Management Inc. grew its stake in AK Steel by 1.6% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 1,866,605 shares of the basic materials company’s stock valued at $10,565,000 after purchasing an additional 29,300 shares in the last quarter. Steward Partners Investment Advisory LLC grew its stake in AK Steel by 3,981.3% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 32,650 shares of the basic materials company’s stock valued at $184,000 after purchasing an additional 31,850 shares in the last quarter. Bowling Portfolio Management LLC grew its stake in AK Steel by 812.4% in the fourth quarter. Bowling Portfolio Management LLC now owns 109,657 shares of the basic materials company’s stock valued at $621,000 after purchasing an additional 97,638 shares in the last quarter. Finally, Commerzbank Aktiengesellschaft FI lifted its position in shares of AK Steel by 15.8% in the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 584,423 shares of the basic materials company’s stock valued at $3,308,000 after buying an additional 79,692 shares during the last quarter. Institutional investors own 63.73% of the company’s stock.
About AK Steel
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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