AK Steel Holding Corp. (AKS) Debt Trading 0.8% Lower
An issue of AK Steel Holding Corp. (NYSE:AKS) bonds fell 0.8% against their face value during trading on Friday. The high-yield debt issue has a 7.5% coupon and will mature on July 15, 2023. The debt is now trading at $105.00 and was trading at $106.50 one week ago. Price moves in a company’s bonds in credit markets sometimes anticipate parallel moves in its share price.
A number of analysts have recently issued reports on the company. Cowen and Company lifted their price target on AK Steel Holding Corp. from $5.00 to $7.00 and gave the company a “market perform” rating in a research report on Wednesday, July 27th. Jefferies Group lifted their price target on AK Steel Holding Corp. from $5.00 to $5.50 and gave the company a “hold” rating in a research report on Wednesday, July 27th. JPMorgan Chase & Co. raised their price objective on AK Steel Holding Corp. from $6.00 to $8.50 and gave the company an “overweight” rating in a report on Wednesday, July 27th. Barclays PLC raised their price objective on AK Steel Holding Corp. from $5.00 to $6.00 and gave the company an “equal weight” rating in a report on Wednesday, August 3rd. Finally, Zacks Investment Research cut AK Steel Holding Corp. from a “buy” rating to a “hold” rating in a report on Tuesday, August 16th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. AK Steel Holding Corp. has a consensus rating of “Hold” and an average target price of $5.30.
AK Steel Holding Corp. (NYSE:AKS) opened at 4.51 on Friday. The stock’s market capitalization is $1.07 billion. The stock’s 50 day moving average price is $4.57 and its 200 day moving average price is $4.72. AK Steel Holding Corp. has a 1-year low of $1.64 and a 1-year high of $7.09.
AK Steel Holding Corp. (NYSE:AKS) last announced its quarterly earnings results on Tuesday, July 26th. The company reported $0.08 EPS for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.10. AK Steel Holding Corp. had a negative return on equity of 12.89% and a negative net margin of 2.18%. The company earned $1.49 billion during the quarter, compared to analyst estimates of $1.53 billion. During the same period in the prior year, the company earned ($0.36) earnings per share. The firm’s revenue was down 11.7% on a year-over-year basis. On average, equities research analysts predict that AK Steel Holding Corp. will post $0.32 earnings per share for the current fiscal year.
In other news, Director Vicente Wright sold 27,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 28th. The stock was sold at an average price of $6.70, for a total value of $180,900.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.80% of the company’s stock.
Several large investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in AK Steel Holding Corp. by 76.0% in the second quarter. Vanguard Group Inc. now owns 25,910,412 shares of the company’s stock valued at $120,742,000 after buying an additional 11,192,363 shares during the last quarter. Anchor Bolt Capital LP bought a new stake in AK Steel Holding Corp. during the second quarter valued at about $21,206,000. BlackRock Fund Advisors raised its stake in AK Steel Holding Corp. by 38.4% in the second quarter. BlackRock Fund Advisors now owns 15,281,224 shares of the company’s stock valued at $71,211,000 after buying an additional 4,235,960 shares during the last quarter. Old Mutual Global Investors UK Ltd. bought a new stake in AK Steel Holding Corp. during the second quarter valued at about $14,342,000. Finally, Marketfield Asset Management LLC bought a new stake in AK Steel Holding Corp. during the second quarter valued at about $12,848,000. 68.71% of the stock is owned by institutional investors and hedge funds.
About AK Steel Holding Corp.
AK Steel Holding Corporation is an integrated producer of flat-rolled carbon, stainless and electrical steels and tubular products through its subsidiary, AK Steel Corporation (AK Steel). The Company operates approximately eight steelmaking and finishing plants, over two coke plants and approximately two tube manufacturing plants across states, which include Indiana, Kentucky, Michigan, Ohio, Pennsylvania and West Virginia.
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