KeyCorp Weighs in on AK Steel Holding Corp.’s FY2016 Earnings (AKS)
AK Steel Holding Corp. (NYSE:AKS) – Stock analysts at KeyCorp increased their FY2016 earnings estimates for AK Steel Holding Corp. in a research report issued on Wednesday. KeyCorp analyst P. Gibbs now forecasts that the firm will post earnings per share of $0.34 for the year, up from their previous forecast of $0.32. KeyCorp has a “Underweight” rating and a $4.00 price objective on the stock. KeyCorp also issued estimates for AK Steel Holding Corp.’s Q4 2016 earnings at $0.09 EPS.
Other research analysts have also issued reports about the company. Rosenblatt Securities initiated coverage on AK Steel Holding Corp. in a research report on Monday, August 22nd. They set a “buy” rating and a $6.00 target price for the company. Credit Suisse Group AG set a $8.00 target price on AK Steel Holding Corp. and gave the stock a “buy” rating in a research report on Saturday, October 8th. Zacks Investment Research raised AK Steel Holding Corp. from a “hold” rating to a “buy” rating and set a $5.25 target price for the company in a research report on Wednesday, October 19th. Bank of America Corp. raised AK Steel Holding Corp. from an “underperform” rating to a “buy” rating and set a $8.00 target price for the company in a research report on Wednesday, October 26th. Finally, Jefferies Group raised AK Steel Holding Corp. from a “hold” rating to a “buy” rating and raised their target price for the stock from $4.50 to $6.25 in a research report on Friday, October 28th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $6.46.
Shares of AK Steel Holding Corp. (NYSE:AKS) opened at 8.89 on Monday. AK Steel Holding Corp. has a one year low of $1.64 and a one year high of $8.98. The stock has a 50 day moving average price of $5.83 and a 200-day moving average price of $5.05. The company’s market capitalization is $2.12 billion.
AK Steel Holding Corp. (NYSE:AKS) last issued its quarterly earnings results on Tuesday, October 25th. The company reported $0.21 EPS for the quarter, beating analysts’ consensus estimates of $0.13 by $0.08. The company had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.47 billion. AK Steel Holding Corp. had a negative return on equity of 24.32% and a negative net margin of 1.54%. The company’s quarterly revenue was down 15.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.04 earnings per share.
Several hedge funds have recently modified their holdings of AKS. Vanguard Group Inc. increased its stake in shares of 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 in the last quarter. Anchor Bolt Capital LP bought a new position in AK Steel Holding Corp. during the second quarter worth about $21,206,000. JPMorgan Chase & Co. increased its position in AK Steel Holding Corp. by 395.7% in the third quarter. JPMorgan Chase & Co. now owns 5,307,865 shares of the company’s stock worth $25,637,000 after buying an additional 4,237,133 shares during the period. BlackRock Fund Advisors increased its position 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 worth $71,211,000 after buying an additional 4,235,960 shares during the period. Finally, Victory Capital Management Inc. bought a new position in AK Steel Holding Corp. during the third quarter worth about $19,565,000. Institutional investors own 56.63% of the company’s stock.
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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