AK Steel Holding Co. (NYSE:AKS) Sees Large Drop in Short Interest

AK Steel Holding Co. (NYSE:AKS) was the recipient of a significant decrease in short interest in August. As of August 31st, there was short interest totalling 29,172,000 shares, a decrease of 29.7% from the July 31st total of 41,476,000 shares. Approximately 9.4% of the shares of the company are short sold. Based on an average trading volume of 8,690,000 shares, the short-interest ratio is currently 3.4 days.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in AKS. Naples Global Advisors LLC bought a new position in AK Steel in the second quarter valued at $25,000. Janney Montgomery Scott LLC bought a new position in AK Steel in the first quarter valued at $33,000. Nomura Asset Management Co. Ltd. bought a new position in AK Steel in the first quarter valued at $42,000. Mercer Global Advisors Inc. ADV bought a new position in AK Steel in the first quarter valued at $45,000. Finally, HighPoint Advisor Group LLC bought a new position in AK Steel in the first quarter valued at $61,000. 62.09% of the stock is currently owned by institutional investors and hedge funds.

Shares of AK Steel stock traded up $0.03 during trading on Friday, hitting $2.85. The stock had a trading volume of 248,583 shares, compared to its average volume of 7,317,032. The firm has a market cap of $898.55 million, a price-to-earnings ratio of 4.45, a P/E/G ratio of 1.24 and a beta of 3.08. AK Steel has a 12 month low of $1.66 and a 12 month high of $5.11. The business’s 50-day moving average is $2.41 and its 200 day moving average is $2.43. The company has a current ratio of 2.02, a quick ratio of 0.76 and a debt-to-equity ratio of 4.54.

AK Steel (NYSE:AKS) last released its quarterly earnings results on Monday, July 29th. The basic materials company reported $0.21 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.15. The firm had revenue of $1.68 billion for the quarter, compared to analysts’ expectations of $1.73 billion. AK Steel had a net margin of 2.40% and a return on equity of 57.52%. The business’s quarterly revenue was down 3.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.18 earnings per share. As a group, equities analysts expect that AK Steel will post 0.42 EPS for the current year.

AKS has been the topic of several recent research reports. BMO Capital Markets set a $3.00 target price on AK Steel and gave the stock a “hold” rating in a research report on Wednesday, July 31st. Goldman Sachs Group decreased their price target on shares of AK Steel from $2.25 to $1.50 and set a “buy” rating on the stock in a report on Tuesday, June 4th. Cowen reaffirmed a “market perform” rating and issued a $2.40 price target (up previously from $1.90) on shares of AK Steel in a report on Wednesday, July 31st. Bank of America reaffirmed an “underperform” rating and issued a $2.00 price target on shares of AK Steel in a report on Friday, May 31st. Finally, Credit Suisse Group cut shares of AK Steel from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $3.50 to $2.05 in a report on Thursday, May 23rd. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and one has assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $2.73.

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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