Sunbelt Securities Inc. Invests $27,000 in AK Steel Holding Co. (NYSE:AKS)
Sunbelt Securities Inc. acquired a new stake in AK Steel Holding Co. (NYSE:AKS) in the 3rd quarter, HoldingsChannel.com reports. The fund acquired 11,940 shares of the basic materials company’s stock, valued at approximately $27,000.
A number of other hedge funds have also recently made changes to their positions in the stock. BlackRock Inc. grew its holdings in AK Steel by 1.2% during the second quarter. BlackRock Inc. now owns 46,654,485 shares of the basic materials company’s stock worth $110,570,000 after acquiring an additional 567,604 shares during the period. Merriman Wealth Management LLC boosted its position in shares of AK Steel by 5.0% during the 2nd quarter. Merriman Wealth Management LLC now owns 4,208,800 shares of the basic materials company’s stock valued at $9,975,000 after purchasing an additional 200,000 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of AK Steel by 1.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,987,933 shares of the basic materials company’s stock valued at $9,452,000 after purchasing an additional 39,944 shares in the last quarter. Northern Trust Corp grew its stake in shares of AK Steel by 4.0% in the 2nd quarter. Northern Trust Corp now owns 3,966,860 shares of the basic materials company’s stock worth $9,401,000 after purchasing an additional 150,846 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of AK Steel by 12.8% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 3,484,151 shares of the basic materials company’s stock worth $8,258,000 after purchasing an additional 394,546 shares during the last quarter. 59.33% of the stock is owned by institutional investors and hedge funds.
AKS stock opened at $2.89 on Tuesday. AK Steel Holding Co. has a one year low of $1.66 and a one year high of $3.30. The firm has a 50-day moving average of $2.60 and a two-hundred day moving average of $2.37. The firm has a market capitalization of $873.32 million, a PE ratio of 4.52, a P/E/G ratio of 1.54 and a beta of 3.14. The company has a current ratio of 2.06, a quick ratio of 0.70 and a debt-to-equity ratio of 4.77.
AKS has been the subject of several recent research reports. Exane BNP Paribas initiated coverage on shares of AK Steel in a research note on Thursday, November 14th. They set an “underperform” rating and a $2.00 target price for the company. JPMorgan Chase & Co. cut shares of AK Steel from an “overweight” rating to an “underweight” rating in a report on Monday, September 23rd. ValuEngine upgraded shares of AK Steel from a “strong sell” rating to a “sell” rating in a research report on Wednesday, October 2nd. Finally, UBS Group reaffirmed a “sell” rating and issued a $2.00 price target (down previously from $2.25) on shares of AK Steel in a report on Thursday, November 14th. Six research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $2.44.
About AK Steel
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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