Comerica Bank lessened its holdings in AK Steel Holding Co. (NYSE:AKS) by 5.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 296,204 shares of the basic materials company’s stock after selling 16,446 shares during the quarter. Comerica Bank owned 0.09% of AK Steel worth $675,000 as of its most recent SEC filing.
Other institutional investors have also made changes to their positions in the company. Merriman Wealth Management LLC grew its holdings in shares of AK Steel by 5.0% in the 2nd quarter. Merriman Wealth Management LLC now owns 4,208,800 shares of the basic materials company’s stock worth $9,975,000 after purchasing an additional 200,000 shares during the last quarter. Advisor Group Inc. grew its holdings in shares of AK Steel by 12.4% in the 2nd quarter. Advisor Group Inc. now owns 59,232 shares of the basic materials company’s stock worth $138,000 after purchasing an additional 6,521 shares during the last quarter. Municipal Employees Retirement System of Michigan grew its holdings in shares of AK Steel by 153.7% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 234,690 shares of the basic materials company’s stock worth $556,000 after purchasing an additional 142,200 shares during the last quarter. Aperio Group LLC lifted its position in AK Steel by 52.0% during the 2nd quarter. Aperio Group LLC now owns 171,058 shares of the basic materials company’s stock worth $405,000 after buying an additional 58,504 shares in the last quarter. Finally, First Trust Advisors LP lifted its position in AK Steel by 86.6% during the 2nd quarter. First Trust Advisors LP now owns 350,290 shares of the basic materials company’s stock worth $830,000 after buying an additional 162,611 shares in the last quarter. 62.09% of the stock is currently owned by hedge funds and other institutional investors.
AK Steel stock traded down $0.04 during trading hours on Friday, reaching $2.78. 492,688 shares of the company’s stock traded hands, compared to its average volume of 7,317,032. The firm has a market capitalization of $876.50 million, a price-to-earnings ratio of 4.38, a PEG ratio of 1.24 and a beta of 3.08. AK Steel Holding Co. has a fifty-two week low of $1.66 and a fifty-two week high of $5.11. The firm’s 50 day moving average is $2.41 and its 200-day moving average is $2.43. The company has a debt-to-equity ratio of 4.54, a quick ratio of 0.76 and a current ratio of 2.02.
AK Steel (NYSE:AKS) last released its quarterly earnings data on Monday, July 29th. The basic materials company reported $0.21 EPS for the quarter, beating the consensus estimate of $0.06 by $0.15. AK Steel had a return on equity of 57.52% and a net margin of 2.40%. The company had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same quarter in the prior year, the firm posted $0.18 EPS. The firm’s revenue for the quarter was down 3.8% compared to the same quarter last year. Analysts predict that AK Steel Holding Co. will post 0.42 EPS for the current year.
AKS has been the topic of several research reports. Bank of America reiterated an “underperform” rating and set a $2.00 price target on shares of AK Steel in a research report on Friday, May 31st. Credit Suisse Group downgraded shares of AK Steel from a “neutral” rating to an “underperform” rating and reduced their price target for the stock from $3.50 to $2.05 in a research report on Thursday, May 23rd. BMO Capital Markets set a $3.00 price target on shares of AK Steel and gave the stock a “hold” rating in a research report on Wednesday, July 31st. Goldman Sachs Group reduced their price target on shares of AK Steel from $2.25 to $1.50 and set a “buy” rating on the stock in a research report on Tuesday, June 4th. Finally, Deutsche Bank set a $2.00 price target on shares of AK Steel and gave the stock a “hold” rating in a research report on Thursday, May 30th. Three analysts have rated the stock with a sell rating, ten have given a hold rating and one has issued a buy rating to the company’s stock. AK Steel presently has an average rating of “Hold” and an average price target of $2.73.
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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