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.

AK Steel (NYSE:AKS) last released its earnings results on Wednesday, October 30th. The basic materials company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.03). AK Steel had a return on equity of 42.48% and a net margin of 1.50%. The firm had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.64 billion. During the same period last year, the business earned $0.21 earnings per share. The business’s revenue was down 11.5% on a year-over-year basis. On average, equities research analysts anticipate that AK Steel Holding Co. will post 0.36 earnings per share for the current year.

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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Institutional Ownership by Quarter for AK Steel (NYSE:AKS)

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